COVID-19 has been the toughest challenge for businesses so far as it allowed expenses to roll out either via salaries, overhead costs, deferred payments, continues encouragement to pay taxes on time along with 0 sales from now until the unknown.
Some businesses were able to operate pretty well such as online sellers, Amazon, who reached an all time high of 5%. Others were able to operate in some form such as take out food while the rest was what was described above.
Here’s a list of the businesses of what we think will struggle to recover all the way until 2022:
1. BARS & CLUBS
Given that funds are low for both the citizen and the government, there is little reason to use that on alcoholic beverage though several do not share this view. Since bars provided a social atmosphere, take out is not something that will work. Home gatherings might be a norm so it drinking wont be done in public but when people are drunk, anything is possible
2. RESORTS & SPAS
Addicts will be addicts that’s why they’re called addicts. Some will still feel that they “need” to go to a massage while the rest might be more careful. Given that people’s wallets have tighten, spending time at a resort might be their last resort. Pandemic revealed the importance of savings.
3. EVENTS ORGANIZERS
Weddings – Cancelled
Concerts – Cancelled
No mass gatherings are allowed until there’s a vaccine. Since there are no events that will be allowed, it will be hard for events companies to keep up with their costs.
4. TALENT MANAGEMENT & LIVE PERFORMERS
There might be a chance for TV series or movies to be back but as for musicians, they need a crowd. Musicians who are doing well or come from well off families will just continue from where they picked up but the 90% who live from pay check to pay check, might have found gainful employment and think twice into going back into an industry that could be shutdown by a pandemic.
5. RELIGIOUS ORGANIZATIONS
Church attendance has been an all time high. With church views only showing a very small portion of their congregation participating, it would remain suspect that the church can maintain the same amount of donations per weekend. The church might have to scale down from their mega structures or rented spaces, and focus more onto an online investment, should they know better.
These are businesses/professionals that may get visits but they might decline as well to protect themselves and their families.
2. Tag 2 friends in the comments section.
Deadline will be on May 10, 2020 11:59pm and 5 winners will be announced on May 11, 2020.