2020 New Normal Business Ideas

The situation we are in currently is the new normal market factors and businesses that are going to flourish are those that are able to adapt the fastest.

Amid the crisis, opportunity awaits to be seized. So where's the opportunities? It lies in the new normal lifestyles of people which focus on the “essentials” that were forgotten pre-2020-pandemic, but were rudely foisted on the public psyche by the pandemic: the need for fresh, nutritious food; a healthy work-life balance, among others.

A focus on the essentials also means greater focus on keeping healthy and making life simple to allow Filipinos to work and play both in the physical and virtual worlds.

The New Normal Business Ideas

Grocery Service - Existing online players are already benefiting from this but there's still opportunity to compete since the Philippines is an archipelago and there is high demand even in the provinces.

Health products and services - New & Existing Health care instruments, equipment are all the more needed today which includes PPEs, face masks, sanitizers, soaps, and alcohol.

Courier and delivery services - Local logistics and supply chains will expand including door to door deliveries. It could be purchasing day-to-day items like hardware, gadgets, clothing or even food. With people’s cravings, food delivery demand will grow.

Also with time, although global travel slows down, but global deliveries due to e-commerce will continue, if not grow further.

Local Manufacturing - As the world adjust and diversify it's logistics and supply chain, the Philippines is bound to gain some benefits out of it but at the same time local manufacturing for local consumption is now needed more than ever as countries move towards sustainability and self sufficiency.

Independent education providers - This could be via online teaching, tutoring or coaching. Ed-Tech will also gain a boost as many education institutions are forced to invest and adapt to the new normal. This will also benefit multiple industries such as:
- Health & Fitness: Online fitness coaching
- Art: Online art guidance, recorded or live-streamed
- Gardening, building, online events and just about every other skills

Entertainment - People will always look for something to entertain themselves.
- Content creators
- E-Sports and gaming
- Production companies and Celebrities move to online set-up

Return to Agriculture - Although not like before, but due to the lock-down and pandemic, many have considered doing backyard farming as well as urban farming. Some will focus on a certain crop and perhaps sell those locally or for their own consumption.

Micro-Power generation - As people have to adapt to job loss, displacement and the like economic factors, many are looking for opportunities to save and earn money. PHL have one of the most expensive electricity in SEA so investing in some solar panels at home can be an opportunity to save money and also earn from surplus energy selling it back to the grid.

Income stream diversification
- Hunkering down may be the preferred strategy in tough economic times, but companies that recognize the opportunities and modify their business model can actually grow. Many struggling companies right now can choose to add another income stream to their bottom line or perhaps completely transform their company into something different in response to market changes.

Those who take the initiative, respond decisively to the challenge, differentiate themselves from less fleet-footed competitors, and execute their strategies with single-minded determination can still expect to grow. For those companies, the new normal and its new realities present a once-in-a-lifetime opportunity.

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2020 New Normal Business Ideas 2020 New Normal Business Ideas Reviewed by Vernon Joseph Go on Wednesday, June 03, 2020 Rating: 5

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