The COVID-19 outbreak wreaked havoc on businesses around the world, causing small companies to shut down their operations. But the pandemic wasn’t all bad for every small business owner. Some even found ways to grow through innovation. What’s more, there are many small businesses that are bouncing back after COVID, while a few have even been able to achieve unparalleled success.
But before we proceed, if you’re thinking about starting a business similar to the ones mentioned in this article, take note: every business is unique and will face different challenges en route to success.
For expert guidance to set you on the right path, start by hiring a professional registered agent. They will help you understand all the various steps and procedures to get your business started on the right foot.
What are businesses that are bouncing back after COVID?
The restaurant industry took one of the worst hits during the height of the global pandemic. According to Statista, the US food services industry lost $130 billion in revenue between March and October 2020. This included fast food chains, full-service restaurants, catering services, bakeries, and cafes.
Even with the option of food delivery services and discounted prices, customers still longed for dine-in options at their favorite restaurants. Luckily, with restrictions now allowing indoor dining, and many businesses offering al fresco dining, you can expect restaurants to make a swift recovery post-pandemic.
2. Entertainment industry
The most innovative restaurants still managed to generate some revenue during the COVID outbreak. Sadly, some elements of the entertainment industry had to shut down entirely due to lockdowns and government restrictions. These included movie theaters, concert venues, festivals and sporting events.
Some businesses in the entertainment industry were able to generate revenue from hosting virtual events. Others survived and even thrived by posting content on subscription-based streaming services. Now, movie theater owners in particular are very optimistic about increased ticket sales, especially with multiple highly anticipated films scheduled for release soon.
The hotel industry in the US and around the world has shown a remarkable recovery from the pandemic. In a report published by the American Hotel & Lodging Association (AHLA), room revenue is predicted to approach pre-pandemic levels in 2022. What’s more, occupancy rates are slated to reach around 64% this year, just 2% below 2018 and 2019.
Opening a hotel in the post-pandemic stage can give your business a slight edge over your competitors: You’ll be in a position to tailor the design and services of your hotel to the needs of the ‘new traveler’.
The latest American Express (AMEX) Global Travel Trends Report reports that 86% of respondents are eager to spend big and travel to multiple destinations this year. This signals that investing in the hospitality industry is once again a potentially lucrative business prospect.
The businesses mentioned above are just some of the businesses that are bouncing back after COVID crisis.
Every industry requires time and expertise to achieve a level of success. These sectors offer good prospects for any entrepreneur looking to establish a new business in a post-pandemic world.