With the pandemic still lurking in the corner, it would be a bad idea to go into a business without as much as considering the current customers’ behavior and priorities as well as the predicted market trends of that business. It was sourced from entrepreneurs on reviewsbird.co.uk that turning a blind eye to these factors could cost you a failed business and in some cases bankruptcy.
However, it would be wiser if you avoid investing in the following businesses in 2021.
· Cryptocurrency
Unlike some investment products reviews, you should avoid investing in cryptocurrency in 2021 because even though it might sound promising, it could also be daunting. it’s ever increasing volatility, the market’s high and growing field are the only advantage enticing potential investors right now. There are many controversies surrounding crypto currency at this period, some of which are lack of security, lack of transparency, and decrease in liquidity, to mention but a few. This means the market is constantly opened to new regulations, which subjects it to rapid changes. This indirectly means a higher than average risk for anyone who starts this business in 2021.
· Travel Related Businesses
This business idea is no doubt a very lucrative one, but currently, it is not a good business idea to take up. With the pandemic barely taking a round up, a good number of changes have been made especially when it comes to one-on-one interactions. People are advised to adhere strictly to the pandemic practices of social distancing and as much as possible reduce vacation travels. This doesn’t look so good for the vacation and tourism industry and they might experience instability in 2021 and beyond. Beyond that, even after the pandemic comes to an end, the trauma of COVID-19 might still linger in the population for a while.
You definitely don’t want to wait on this.
· Night Club
Considering how the world has been practicing quarantine and social distancing through the year 2020, starting up a nightclub should be a business idea you avoid in 2021. To be in an environment crowded with many unmasked individuals would be the last thing anyone would think of doing right now. And with everything going on, there’s a slight probability for the second phase of COVID-19. Night clubs are definitely one of the businesses to experience a reduced number of customers or even get abruptly shut down.
· Coffee Shops
The largest percentage of customers who patronize coffee shops are said to be students and employees. With the restrictions laid due to Pandemic, it would be so challenging to run this business if a good number of these employees and students are advised to work and study from home. Most of them could brew their own coffee at home and save themselves some change. This could on the long run lead to a change in customer’s priorities and behavior.
· Events Business
This industry on the other hand, has taken the biggest blow since the dawn of the pandemic. This event encompasses the need to help attendees make travel plans, get essential suppliers, find venues that would fit in with the D-Day properly and a whole lot of things. Unfortunately, the pandemic practices didn’t give room for any of these activities through 2020. So you should understand that until these pandemic come to an end, it would be really difficult, If not impossible, to start an event business.
Conclusion
It is keen to understand that the pandemic has created a new reality for the world. This reality has in turn reshaped all sectors, especially Business sector. So until the work overcomes this pandemic, avoid all business ideas that might not strive at this time.