You’ve probably heard how many small businesses struggled due to Covid-19. Maybe you even saw your favorite local retailer close down. Now, thanks to the introduction of vaccines, and government aid in the form of stimulus checks, we might be seeing some of those familiar faces again.
One study of Yelp data found that over 260,000 businesses have reopened after having closed temporarily due to Covid-19. Many of these businesses have thrived thanks to vaccines, which facilitated the removal of the many regulations 一 such as strict social distancing, limited venue occupancy, and mandatory masking. They have also made use of the CARES Act, which provides funding specifically for small businesses, as well as giving local consumers more money to spend.
New businesses have taken advantage of the same opportunities; the same Yelp study finds that, over the one-year period of the pandemic, around half a million new businesses opened. Many of these novel enterprises are centered around home improvement, and other similar local and professional categories. Entrepreneurs have changed the inconvenient reality of working from home into a lucrative opportunity to cater towards home offices.
Similarly, data indicates that food delivery services increased 128 percent. Noting that many individuals now prefer not to leave their homes, whether, for reasons of safety or convenience, business owners have made it a priority to invest in delivery infrastructure. Using these technological innovations, many small businesses in the food industry have been able to make pandemic operations safe and profitable.
While not every corner store and side-alley restaurant we used to love and frequent will open again, the future is bright for small businesses in America. Covid-19 was a major disturbance, but it also fostered innovation and technological advancement. Chances are, many of the shops you’ve been longing to visit will soon be back and better.
Source Study: Yelp – The Yelp Economic Average