Due to the coronavirus outbreak (COVID-19), many businesses have been slowed down greatly by the effects of the global recession it has caused. However, every cloud has a silver lining, as it has been found that a large amount of new money-making businesses and cash cows are continuously being set up, especially in an era where many people are working from home. Let's take a look at hot and trending businesses of the year 2020, and what is, and will be considered the ‘new normal’ during and after the COVID-19 pandemic.

The 'new normal' after COVID-19

Before exploring which businesses are hot and trending in 2020, let’s look at the changes implemented by business executives to cope with the situation during and after the period of the pandemic, or what is also known as the ‘new normal’.

1) Consumers will turn to technology more

Due to the prolonged periods of time spent working from home during lockdown, people are more reliant on technology, thus the usage of technology becomes a routine for many, which may have not been the case prior to the pandemic. As a result, existing businesses that are unable to adapt to technology will disappear.

2) Online trading will grow enormously

The continued growth of technology usage means consumers and producers are more easily connected; combined with the fact that many people have to work from home, and the inconvenience of going outside; online trading has come to meet consumer needs, causing many online platforms to thrive.

3) Money is used more rationally

Due to the economic slowdown during this period and the uncertainty of what the future might hold, most consumers, therefore, use their money more rationally and put more focus on saving rather than spending money. As a result, luxury products and items that are not considered worthwhile may not take priority, and therefore bought less. Household items that are considered to be more worthwhile than beauty related products are, therefore, focused more on.

4) More emphasis on cleanliness

Consumers will pay more attention to hygiene and cleanliness. Activities requiring public gatherings with large numbers of people may not be the solution for the foreseeable future.

5) More focus on personal health and wellbeing

Consumers focus more on their own health and wellbeing, including things like hairdressing, beauty or even booking appointments with doctors, which are made more easily via technology, often online or through applications.

Hot and trending businesses in 2020

1) Catering/food-related businesses

As an army marches on its stomach, no matter where people are, food is considered an important issue that everyone sees the importance of. Therefore, food-related businesses will never lose its importance - whether you are a large restaurant chain or small shop, your business will definitely thrive, given that you provide takeaway services, if your restaurant does not or is not allowed to offer eat-in service to customers.

2) Delivery/courier businesses

As people travel less and work from home for prolonged periods of time, it is vital that some things must be conveyed - whether it be food, appliances or important documents, they all require an intermediary to pass it on from the sender to recipient. Therefore, another popular business field are those related to delivery/courier services.

3) Online businesses

The ‘new normal’ has seen business grow even more, particularly online. However, ‘online’ is not just limited to trade and delivery but also online teaching and entertainment, including movie streaming platforms.

4) Healthcare and wellbeing-related businesses

Another business that is vital during this period is healthcare, as people begin to pay more attention to their own personal hygiene and health; whether it be conventional, modern medicine; traditional medicine or therapy and massage, for example, to treat Office Syndrome, a condition very common today.

Businesses predicted to boom after COVID-19

In addition to the trending businesses of 2020, during the COVID-19 crisis, there are also many potential career paths after COVID-19 that provide good moneymaking opportunities.

1) Hairdressing

As people are unable to leave their homes as freely during COVID-19, and hairdressers and barbers being the first businesses during the epidemic to be shutdown by the measures put in place, to control infection rate, it is certain that people, male or female, will experience long and untidy hair. Even if an effort has been made to self-trim hair, the result would certainly not as satisfying as the professionals. Therefore, after COVID-19 is over, there will definitely be an increase in the demand for hairdressers and barbers.

2) Repair technicians

During the COVID-19 pandemic, one of the most highly demanded occupations are repair technicians, because during this time, if something has been broken, it will pile up at home. Objects that we can repair ourselves are one story but many things still require skilled technicians to take care of, especially complex electrical appliances like computers, televisions or refrigerators.

3) Tour guides

Although it is one of the occupations thought to be most affected by the COVID-19 outbreak, it is a career that will recover almost immediately if lockdown measures, on a national level, are eased and tourism is reopened. This is the case as people have been repressed from going on holidays and travelling for a long time, so they will seize this chance to go out.

4) Cooks/chefs

During the long pause at home, many people may discover a new found skill such as cooking, which they may consider using to expand into their career, which can be easily done from home. Nowadays, even without a physical store, businesses are able to thrive by using food delivery platforms such as websites or applications which enable producers to deliver food directly to consumers, without the extra costs of maintaining a shop or restaurant.

5) Delivery/courier staff

During the COVID-19 crisis, however high up a position in a job, people are being laid off as businesses need to cut down on salary paid to workers. However, for delivery/courier-related jobs an ‘unlimited’ amount of places are open for people to occupy these jobs, as they are an important intermediary that helps convey things from the sender to recipient quickly.

Overall, the most prominent and moneymaking businesses that are emerging in the pandemic are, of course, those that rely on technology and have online platforms.