What are profitable businesses during a lockdown?
What’s faster than a recruiter – and more accurate?
First, the lockdown doesn’t affect what business you should start. Business is a long term proposition, and short-term disruptions in supply chains, customer relations, real estate, and other business things will be very short lived.
My advice is always the same. Only go in business if you:
Know something! It’s very difficult to go into business in an area you have little or no expertise in. You have to convince customers to give you money to do something, it should be something you can demonstrate a great deal of value to them doing. The perfect negative example is restaurants.
Everyone wants to own a restaurant. And EVERYONE thinks they know all about restaurants because we’ve all eaten at one, right?
But that’s why most restaurants fail, the owners don’t know anything about the very complex and difficult task of opening and running a restaurant. So what are you an expert at?
HAVE MONEY! You can’t be in business without cash. No one is going to loan your new business money. If you have assets and good credit they may loan YOU money, but that’s also not so good an idea.
You need cash and other liquid assets to survive the lean 3 to 5 years while you’re building a business. Look at businesses now. The ones that are surviving are those with cash to weather this downturn.
Are prepared! You should be prepared for the business to take over your life. You will work much harder than you think.
The real opportunities now are for people who can forsee the long term changes this is all going to bring, and who have the resources to jump in now with new ideas and hang on till the world catches up.