"Survivors": how people make money in a crisis
03-Aug-2020 10:58

"Survivors": how people make money in a crisis


The crisis caused by the COVID-19 pandemic has "gone" through everyone - both employees and business owners. But while some have given up or decided to wait through difficult times, others have found a new way to make money and, conversely, have accelerated. We have prepared for you several examples of how entrepreneurs started earning money during the crisis in a new niche or with a new product and managed to achieve excellent results.

Example 1: Moving your business online

Many business owners self-isolated for the quarantine period because their business depended on customer traffic. But there are those who just changed the direction and moved their business online. For example, one owner of a flower shop ordered the development of a website and organized the delivery of flowers, and this brought him not only the opportunity to "survive" the crisis, but also make good money. Now that the "offline" store reopened, online delivery remains one of the areas of his business that generates significant profits.

Example 2: Transition to the production of a new product

After the quarantine was introduced, a Latvian company, an industrial equipment manufacturer, faced cancellation of orders by many customers. Then they decided to produce new products that are now in great demand - face shields and contactless hand sanitizers.

Example 3: Providing your services "remotely"

Some beauty salons decided to work with clients "remotely" during the quarantine. So, they launched master classes in which the experts told and showed how to do coloring or manicure. They also started selling sets, with the help of which customers were able to dye their own hair at home in the desired shade. The kits included everything needed for the procedure and detailed instructions. After the quarantine was softened, this service has remained popular among customers who do not have time to go to the salon regularly.

Example 4: Starting a new business

There are those brave men who risked launching a brand new business during the crisis. For example, Latvia has launched a line of home clothes called Quarantino. These are home clothes in which office workers work remotely and feel comfortable. It is made in a casual style, at the same time cozy and decorated with themed "quarantine" inscriptions (for example, "Wake me up when the quarantine is over").

Example 5: Starting a remote business in telecommunications

It was during the quarantine period that many of our clients started their business in telecommunications, namely, in GSM termination. This is a remote business that does not provide for physical contacts and allows you to conduct all business processes remotely. It's very relevant now, during a pandemic. At the same time, start-up investments for such business are minimal and quickly pay off.

Load up with examples of entrepreneurs who "survived" the crisis, and start your profitable business now!

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