- Some companies have seen their products and services in higher demand due to the conditions brought on by COVID-19
- However, any businesses set up solely in response to current conditions will likely become irrelevant if they are not positioned for future demand
- Companies like Zoom and Peloton were able to benefit from pandemic conditions, but were set up based on long-term expectations
Let’s say the COVID-19 pandemic has inspired you to start a business capitalizing on the sudden widespread use of face masks. Many people have started using these masks as a fashion statement, and a wide variety of designs are available. Perhaps you’ve come up with the idea to launch an online marketplace to sell a curated selection of masks to customers.
This company may have done brisk sales during the past few months, but the recent announcement that Pfizer has developed a candidate COVID-19 vaccine that is 90 percent effective would be an alarming sign for your business prospects. If the vaccine is approved and widely distributed, many of the safety restrictions that have become the norm in 2020 will be lifted – and there will be little or no demand for a boutique mask vendor.
The COVID-19 pandemic has led many businesses to adjust their business models, including the sale of new products and new ways of delivering their services. But a company whose offerings are solely geared to the pandemic won’t be well-positioned for long-term success.
A recent article on Inc.com says any looks at some of the companies that have been more successful during COVID-19, including the teleconferencing company Zoom and the home fitness company Peloton. Both were set up well before the pandemic and saw their popularity increase as people found themselves unable to work at their office or go to the gym. The companies saw their stock values decline on the news of a potential vaccine and may face increased competition from new competitors, but their business models also allow for continued implementation beyond the pandemic.
