2020 has been a year that has brought unexpected events to all. Right when we think we are out of the woods something new happens, leaving us to adapt and overcome. This has set investors in a mindset of constantly looking for business opportunities in Mexico. The ratification of the USMCA can be among the answers they are looking for.
These are some examples of what Mexico excels at during the pandemic
According to El Financiero, some of the business areas that were most successful even under the COVID effects were:
- Warehouse and storage
- Retailing and distribution
- Manufacturing industry
This makes a stronger case of the USMCA bringing great business opportunities in Mexico. Producing and exporting from this country to North America can open a whole new chapter for your company.
Furthermore, Mexico and Canada had a meeting during the ratification of the USMCA to explore business opportunities in Mexico that both countries could take. Mexico – Canada market affairs can be dated back to 1944.
According to the Mexican ambassador in Canada, Juan José Gómez Camacho, “this has led both countries to develop a dynamic and strategic bond across the bilateral, trilateral, regional, and multilateral ambits.”
Although, the pandemic has changed the rules on how to work. This raises the question. Are business opportunities during COVID the same as before?
What are some business opportunities during COVID?
Venture possibilities during the pandemic have their quirks, nevertheless, nothing there isn’t to master. With everyone isolating and keeping social distancing, there was a big question. What are the best business opportunities during COVID? In Mexico and the world, e-commerce is the first item that comes to mind.
From selling locally to exporting, online sales are through the roof. According to Statista, online retailers web pages had an astonishing traffic increase. In June 2020, worldwide visits reached 21.96 billion. This is an even bigger number than holiday season 2019.
But this business opportunity brought an increase in demand that had some challenges for these retailers’ logistics. Suddenly, their warehouse storage was not enough and some shipping distances increased. Luckily, there are some steps to prevent these:
- Set your supply chain closer to the market you are aiming to.
- Look for an industrial park developer that can suit all your needs to aid with storage.
- Prepare for a digital-first future by investing in e-commerce tools and infrastructure.
That is one of the greatest examples of a business opportunity during COVID and how to handle its challenges. Furthermore, the ratification of the USMCA can improve these venture possibilities by removing tariffs when exporting to the USA and Canada.
How can business opportunities be identified?
Perception on identifying business opportunities during COVID has been somewhat tarnished. Yes, adapting to this new normality has shaken us a bit more than we wanted, but it’s not impossible. Identifying these venture possibilities requires a keen eye and taking these steps in mind:
- Identify problems to be able to create and sell a solution.
- Be on the lookout for supply and demand gaps. This can help you identify if there is more room for business in a certain market.
- Act swiftly and make sure not to lose quality in the process, as doing this will damage your market’s perception of your business or product.
- Know when and where to start your company’s new project. Having a great plan but not executing when it was best will most likely not give the best results.
- Check the availability of resources in your business’ area and capitalize on them.
- Complement, adapt, and reshape your existing line of products or services. Maybe your business is already offering something that would only solve half a problem, this wouldn’t be optimal. Enhance said product or service to go the extra mile.
There are many business opportunities in Mexico for those who know how to look. The USMCA opens even more by allowing free trade with the USA and Canada. Playing your cards right could take your company to a whole new level during these harsh times.
There are many business opportunities in Mexico waiting for your company. These might be turbulent times, but crysis always comes with new possibilities. Thus, here at VYNMSA we would like to assist you in settling in this country.
With over 30 years of experience, we are one of the leading industrial real estate developers in Mexico and have delivered over 500 projects to fully satisfied customers. We are fully equipped to assist you in developing your BTS projects, with lease and sale solutions that always have a win-win approach.
We also have around 20 inventory buildings ready for immediate occupancy, which is a total space of 2 million SqFt across Northeast and Central Mexico.
Contact us and bring your company to Mexico with VYNMSA to start taking advantage of the business opportunities this country has to offer.