7 Industries That Will Never Go Back To Normal | Ryan Daniel Moran

We are not going back to normal. The conversation that has been frequent among consumers and entrepreneurs have been when are we going to go back to the way things were before all of the events of 2020? The answer might scare some people because we're not going back to normal ever. Instead, we're going to be reducing and removing a lot of the things that we used to do that we considered normal but weren't really helping society. And instead we'll be ushering in a new way of doing that will be faster, cheaper and put a lot of people out of business. So in this video, we're going to go through seven ways the world has changed and specifically seven industries that are never going back to normal. Number one, commuting and business travel. As entrepreneurs, we're used to getting on a plane and flying across the country to have a one hour meeting. Except that's probably not going to happen anymore. We have now integrated zoom and video conferencing so deeply into our lives that we no longer want to have the inconvenience of flying across the world to have a face to face meeting. Plus, no one really wants to be in a small office with a mask on. So as a result, we'll default to being behind screens and business travel will dramatically be reduced. Number two, retail, real estate and pricing in general. And yes, these three are all interconnected because we're now seeing that going to retail stores like Barnes and Noble, my favorite place to go. Well, it doesn't matter anymore. We feel the same way about grocery stores, although that too is like my favorite thing to do is to grow, go grocery shopping. Now we have everything delivered we order on Amazon. That trend was already happening, but now it is expedited because leaving our homes is considered a threat to our health in most circles. So the result of that will be we will have an amazing freeing up of retail space. We're going to see a freeing up of resources and prices come way down. With less need for retail, we have less need for commercial real estate. And when you have less need for commercial real estate, the cost of everything come down. The cost of labor, the cost of goods, the cost of transit, all come crashing down. That has a good side to it and a bad side to it. The good news for lower prices is from a consumer perspective, things are cheaper. Standard of living usually comes up during times like this. But the other side is that when prices come down, you have less of a boom in economies. Now one thing that I take issue with regarding how government and people respond to something like this is most people want to stimulate things in order to keep prices higher because that keeps wages higher, it keeps jobs afloat. But in the long term it means that the poorest of people pay higher prices. So in my opinion, when prices come down, it's a resetting of opportunity, especially for those who are at the bottom of the economic ladder. So we should really embrace this type of a change. Number three, office space. We've already seen major tech companies announce that people are no longer required to to report into the office. So we're going to see a dramatic reduction in the needed space. I mean, right now we're in my home recording this. This is kind of normal at this point, but it's going to be really normal for all of the big companies who are now sending their employees to work at home permanently. That is going to put a big crunch on office space which will just like retail, free up a whole lot of land and a whole lot of costs. Now this means commercial real estate is going to really suffer and you're going to see less demand for things like small apartments. There's going to be bigger demand for bigger apartments and bigger homes. We're seeing kind of a return of homesteading of people setting up bigger homes and bigger apartments because they need a space to work. And so we're going to see kind of a restructuring of the majority of people who are now choosing and also forced to work from home. That's gonna have massive implications in how we look at the office and office space. And if I was in commercial real estate right now, I would be really concerned. Number four, mass gatherings and entertainment. I think that the old era of concert venues may be a thing of the past. Instead we'll have streaming concerts and we'll have streaming standup comedy and streaming entertainment. I think instead you will see a premium on in person experiences where you have a limit of a few dozen people at a live event and as a result the price goes way up. But the access to the same type of entertainment or the same type of access, like a one to one interaction with someone will come down. Because of streaming technology. We're seeing zoom replace the workplace and now we're going to see other startups compete to replace the entertainment industry. So a booming industry on the other side of this is going to be online entertainment. So, so look for a few companies to start to land grab at the people who are craving entertainment. The same type of entertainment that they would get from an in person experience. But it move over to a virtual reality experience or even a platform Like Zoom, but specifically for entertainers and creators, that is what is going to put a permanent nail in the coffin to the entertainment industry, at least as we've come to know it. Number five, shopping centers, malls were already on their way out. But because we are doing more online ordering, the natural trajectory of this is going to be that even in the shopping centers that do exist, we're going to need less space and there'll be more fulfillment centers than anything else. If you do go to a shopping center or to a store, you will instead just walk up there and say what you want and they'll go get it for you. So we're going to have much smaller space, we're gonna have an elimination of the shopping center and the way that we shop is going to go almost completely online. This is really inning number three when it comes to online shopping. We're still in the early stages of this transformation. So if you're an entrepreneur and you think you've missed the boat, we're actually just in like the third inning. Inning number four, by the way, is gonna happen when all of these technologies take the opportunities that we have to countries that don't have it right now. You know, there's still half the world that doesn't have high speed Internet access. In fact, it might be more than that right now. So we're still seeing half the world discover what is normal to you and me and those who are watching this video. So this is impossible for most people. We're still in the early stages and there's going to be more disruption coming over the next few years. Number six, this one makes me sad. Say goodbye to your fitness centers and local gyms. They're not coming back. We're not going to have Zumba classes and yoga centers and we're not going to have my beloved Lifetime fitness. Gold's gyms days are numbered. All of these big box gyms, their days are going away. You might see boot camps and things like CrossFit stay afloat a lot longer because they're smaller groups and they're higher prices and you're going to look for that trend to continue. But, but the big box 24 hour fitness, lifetime fitness, these businesses have a very short shelf life and we're now seeing that start to get distributed to things like Zoom Zumba classes, whatever the heck that is and Zoom Pilates classes, which I don't quite get the point. It's the same thing as watching a DVD from like 1997. But anyway, that is going to. Did DVDs exist in 1997. My timeline might be really off on that, but you're going to see Zumba centers go out of business just like DVD distribution companies did and number seven colleges, universities and worship centers. Did anyone think that the university model was working? Did anyone think that going to school and having $100,000 tuition over four years and graduating with a ton of debt was a good model? Was there anybody who was like, yeah, this is actually working really well for us. Education's free. Everything you want to learn is free. And so we are going to see the natural progression of that. So you'll still see private nonprofits who are distributing or controlling information, but it'll be more organizing all of the information that already exists. You won't have a need to go through the same structure, especially in person, that we have become used to. We'll see that replaced with mentorships, with apprenticeships, and with self learning through whatever it is that you want to learn. You know, I have a, I have a five year old who is about to go into kindergarten and we're considering, I mean, is there going to be public school? I mean, we moved specifically to be in a district so that she could go to a great school and now I'm not even sure that school is going to exist. And so we're looking at what is the next model going to be. And it's probably going to be either an in person tutorial for her and a couple other kids and will split the cost with a few families. You'll basically have private homeschooling in a way, or you will have a different type of schooling where you still send your kids somewhere, but it is more of a flexible learning platform. Religious institutions are also under threat. We're almost seeing a return to the underground church as it used to be 100 years ago or even a few decades ago in Asia, where you see churches having to meet in homes or now online and you don't have the giant meeting center, it's no longer necessary. In fact, it hasn't been necessary for a while, but it's been so ritualistic in the way that we do things that we keep doing it. So we're going to see a restructuring of church. I don't think religion is going away anytime soon, but the way that we do it is. And universities are about to die. A lot of these changes are overdue and now we're starting to embrace a lot of the positives of this new way of doing things. And the pace of change is only going to accelerate. It's about to get really real. Like the world's about to get very different. We're about to digitalize everything. In fact, for the first time, I am actually saying I can start to see the utility of something like a cryptocurrency. Because everything's going to be digital. Everything. Your in person experiences are about to be converted over to virtual reality. And guess what? This is the purpose of capitalism. This is the purpose of entrepreneurship. It's to make things faster, easier, cheaper, and to change things. So the tagline of capitalism.com is create change because it's the purpose. The purpose is not to have the world stay the way it is. It is to constantly change and change and change and change. We resist it as human beings because we get defensive of what we've built. But the world's about to be different and we might as well embrace it because us resisting it doesn't change or stop it. Hey, if you can see that the world is changing and you want to be around a group of entrepreneurs that are actively participating in this change, we would love to have you make sure that you are subscribed to the channel and I would invite you to join us inside the 1%, which is our community of entrepreneurs that are actively building businesses and creating change. Thanks for watching this, thanks for being part of the change as an entrepreneur and we'll see you on the next video. Thanks for watching. Sam.