The Australian economy wasn’t affected as severely as other markets worldwide. Nevertheless, some places have seen huge drops in sales.
The typical consumer isn’t responsible for keeping companies in the business. Customers respond to businesses that cater best to their needs. As an SME owner, if you aren’t meeting those needs, you are the one in the wrong. The customer is always right, after all.
It has come to our attention in the wake of Covid-19 that several businesses made it through the pandemic unscathed. However, with supply chain difficulties again imminent thanks to the Omicron variant, we can expect that even more companies will close their doors for good.
We researched a few sectors of industry which are still doing well. We wanted to prepare new business owners by giving insight into the best markets to offer start-ups in right now. So here are some of the market sectors that are still thriving, post-pandemic.
Sectors Experiencing a Boom
There are some areas of the market experiencing unrivaled growth at the moment. So while we balance between Omicron and Delta, here’s where the market is lying.
1 – Law
Law will always be a steady area of industry. You may think of it as a civil matter, and it is, but the law is a business, too. Consider lawyers Sutherland; think about consultations and advisers, too. There are many areas of law that are still thriving even though the pandemic has been around for years now. The legal market in Australia is always in need of new lawyers, so if you are looking for an area to retrain in, this is a safe bet.
2 – Agriculture
Would you believe us if we told you that two of Australia’s most significant growth markets are Rice and Cotton growing? These two crops alone have boosted the output of the entire country’s GDP. Rice Growing saw a 403.5% increase last year, and Cotton Growing has experienced a 240.9% boom. If you are a farmer in Australia, switching to these two crops could see you capitalizing on that growth. Pulse and Cereal Grain Growing are also on the rise.
3 – Healthcare
The healthcare industry is experiencing a global boom, and it’s no wonder. If Covid-19 has taught us anything about our society, it doesn’t have enough doctors and nurses. In several countries around the globe, governments brought in the army to help with delivering vaccinations and controlling lockdowns. This isn’t set to go away unless we see a massive staff migration into the healthcare industry. This will be long-term growth in an evergreen niche, too, so don’t miss out.
4 – Online Retail
The internet has kept us connected throughout the whole pandemic process. We haven’t been able to travel to visit our relatives, but we have had the power of computers to connect us. Online retail has had a massive boom because of this. You don’t spread germs when you shop online.
The Future Economic Climate of Australia is Promising
Australia has come through this virus well so far. Let us hope it continues if Omicron is as bad as they say.