Trying to make it in the world today seems like it’s getting harder and more expensive. And though the recent COVID-19 pandemic that the entire world has been affected by has a lot to do with this, there are still ways to navigate the chaos.
Though recent developments in the economy have put pressure on nearly all middle-class families, there are still many lucrative business options that haven’t lost that much steam in the wake of the pandemic or when threatened by any economic downturn.
Choosing the right business path might seem like a daunting task, especially with so many industries being negatively affected by the pandemic, but if you really put your mind to it, you can see through the fog and come out with a viable and actionable plan, especially in an industry that usually sees continual growth.
Here, we’ll focus on a few industries that continue to turn profits despite most issues that arise.
Vacation Rentals
The strange thing about going through hard times is that people tend to spend more money just to take their minds off of their troubles. And taking a vacation is often looked upon as a perfect way to do this.
Investing in rental property in highly trafficked tourist areas can be a great business opportunity. And this is because no matter the state of the world, people still want to get away from everyday life.
For example, despite the shutdown of 2020 and all of the pandemic regulations, many people still travelled around the country looking for things to occupy their idle time. And today, with the high cost of hotels and resorts, having a vacation rental is an extremely attractive option for those not wanting to spend extra money on hotel stays.
Vacation rentals work best when you have a property near abundant attractions or in a region frequented by tourists. So if you can market effectively, you’re sure to see a profit year after year.
Construction
No matter the state of the world or the state of the economy, people still need homes and business spaces to live and work in. And for these reasons, becoming a construction contractor is seen as a profession with plenty of opportunities and appreciating value as time goes on.
Most people who enter into the construction space do so through a few years of on-the-job training, or they learn the ropes through vocational or trade studies. Regardless, just about everyone in the construction business was at one time a general labourer.
But if you have the means and the know-how to get licensed as a contractor and build relationships with other professionals within the community, you can easily establish yourself as a contractor and begin landing higher-paying jobs.
The outlook for contractors today is still above that of most industries, so even in hard times, you’ll likely be able to make ends meet.
Business Content
No matter the business you’re in, you’re going to need to market yourself. And today, the world of marketing is largely about online networking.
As such, in order to network online, you need to have content. And if you can write and produce online content, you’ll be able to tap into a virtually unlimited market of potential.
The amount of content that one business needs when compared to others will vary considerably, but this all depends on the business’s particular marketing plan. Regardless, it’s not uncommon for some freelance copywriters and content creators to bring in 6 figures each year just by writing and producing content for marketing purposes.
However, before you jump into the content game, you’re going to need to hone your writing and marketing skills. So education in this area might be the best strategy going forward.
Truth be told, there are many industries that will always thrive in any situation. But unless you work in one of these main industries, such as healthcare, you’re better off finding a niche in a viable industry with high projections of future growth heading into the future.
