COVID – 19, has majorly impacted, and slowed down the economic growth, physical health, and the mental well-being of many people across the globe. Governments of various nations have taken a temporary measure of lockdown and social distancing to avoid the deadly virus. Many have lost jobs, suffered irrecoverable losses in businesses, and above all, many have lost their lives.
Businesses have suffered major losses and to recuperate, they are seeking business loans to help them come through this ordeal. Many salaried people are also looking for short term goals to help them compensate with the income that has not been paid to them. Sanctioned business loans give them another oppurtunity to survive in this global pandemic.
Some Businesses That Have Suffered Huge Losses Because Of The Lockdown:
- Travel Industry, tour and travel agencies, etc as inter-state and inter-country travel has been restricted.
- Entertainment Industry like Movie Plazas, Children’s Parks, Theme Parks, Events, Malls, Resorts, etc.
- Restaurants and Fine Dining options – Although food at home delivery still has a cope, eating out with family, going to fancy restaurants, and
fine dining has been massively affected.
- Automobile sectors – Two wheelers and Four wheelers are not being bought in the lockdown period as life has come to a standstill.
- Marriage Halls – Any businesses related to weddings, marriage parties, and spaces have suffered.
- Schools and Colleges – Many staff and employees of schools and colleges have suffered due to lack of salaries and the threat of termination.
- Fancy Clothing and Textile Industry – High branded clothes, and accessories are out of demand as lockdown has subsided opportunities of
socialising and people prefer staying at home in their comfort wear.
But still we have not lost much and there are multiple opportunities lurking in the current lockdown market to initiate a new business.
Options That Can Be Converted Into Great Businesses Prospects:
- Online Grocery – Demand for grocery items, fruits, vegetables, dairy products and other provisions needed in the kitchen has risen to anew level since the lockdown since no one wants to take the risk of going out of the house to buy basic requirements.There have been many new vendors who have introduced the business of delivering grocery to the doorstep.
- Online Gaming – With people running out of work, many people pass their time and maintain their sanity by playing recreational games online. Many Gaming Giants have entered the business arena with developed versions of games, making it more lucrative for the common man and is now growing at a fast pace. India, being a young country, wherein almost everyone is equipped with a smartphone, online gaming has become quite a craze among the young and the old.
- Taxi/Cab services – People can make their vehicles and services available for those who want to travel from city to city or state to state since public transport like buses and trains are neither operational nor safe & secure. So, commercialising their vehicle and initiating a taxi service can bring in loads of money and good business.
- Online Learning – With schools being closed, and the stress of following and completing the course structure falling on parents, online learning and online tuitions have become quite a trend in the market. Taking the burden off the parents’ shoulders and taking online learning classes, not only for their curriculum but also for extensive and extended courses like a third language, technology learning, certifications in various courses, and much more are very much in trend.
- Online coaching – Just like curriculum teaching and learning, there are several platforms that require online coaching classes like high-end examinations for various positions in employment. Online workshops, seminars, and tutorials are also prevalent in the market and are catching pace with current needs.
- E-Commerce – To maintain continuity in the current business and updating customers many people are into E-commerce. People market their existing products through various top-notch branded portals available. All they need to do is to plan and adapt to the trend, coordinate with employees, identify the change in consumer demand, be innovative and finally be optimistic.
- Blogging and You-tubing – With lockdown in its full effect, people are hungry for fresh content on the internet to keep them informed and entertained about the current scenario. Blogging and You-tubing are great avenues for additional income since the clippings are entertaining, sharable and enjoyable. All one needs to do, to be prominent blogger and a youtuber, is to be consistent with uploads, share it further for maximum subscriptions, engage with viewers and subscribers and personalise content to be more famous.
- Medicine and Health Care – India has witnessed a 500% spike in the current medical and healthcare consultation, and amenities during lockdown. Besides physical ailments, mental stress and depressive illness are also on a rise and online medical help has been a mandate in such cases. First time users have come forward to avail medical services online. Many sessions are offered free of cost by doctors. Also, paid online portals with good doctor advice on various issues are cropping up during the lockdown.
- COVID 19 accessories – Demand for products like sanitizers, disposable gloves, surgical gowns, masks of all types – even trendy and branded ones), soaps of various flavours, machines for cleaning like dishwashers, vacuum cleaners.etc, tissue paper or toilet paper, touchless dispensers and Ayurvedic sprays & room fresheners are on a manifold rise with a skyrocketing increase to mitigate the effect of COVID – 19.
- Online Marketing and Promotions – There is a dire need for many businesses to communicate with customers and promote their products. For this, they need online marketing strategies to earn good money by just spending a few hours on online portals to market a product. Online marketing also reduces the overall budget by 50% and is more effective during the coronavirus pandemic. Competition level has gone down, and online promotions is a brilliant way to maintain a long term relationship with customers.
- Online Make-Up Artists –Many cosmetic companies and big brands in make-up are looking for strategies to enhance their businesses. Many different forms of make up has been introduced with the advent of the masks and people have got very creative with emphasising more on the eye make-up. So, it is a golden opportunity for young people to introduce new make-up ideas and products through online strategies to promote the same.
- Courier Services – Amid COVID-19, courier services have seen a vital increase due to online shopping, contactless deliveries of various products, books and stationery for students. This is a major source of business in making provisions for the product directly to the customer without any contact. These services will continue even if the lockdown restrictions are lifted.
- Fashion Related Small Scale businesses – The textile and fashion industry is one of the largest and is growing by leaps and bounds. These have a huge potential and demand as small scale fashion is increasing day by day. Online fashion boutiques, blogs and suggestions from online fashion designers, ideas for small occasions is in trend and is faring well. Other work associated with online fashion businesses are tailoring ideas, accessory making like bags, footwear stores, jewellery, and a lot more.
- Health and Fitness – To mitigate the effects of coronavirus, online health and fitness industry has seen tremendous growth. Sessions like physiotherapy and osteopathy, CrossFit, mental health counselling, how-to guides, proper diet, one-to-one sessions with dieticians and medical practitioners and much more can take the online business to a new level.
- Online Yoga Classes – Yoga has been quite popular for many years and courses and sessions which can easily be retrieved and followed by common users are quite a beneficial business for many. Online platform is an easy way to keep one fit during the difficult time of coronavirus.
- Digital Streaming – With multiple entertaining options closed down due to the pandemic, digital streaming and screening of multiple recreational videos or movies is one of the growing businesses in India. Subscriptions can easily be sold to customers who are quite free and can spend a lot of their time watching their favourite movies or other content which can help them pass their time and maintain their sanity during the pandemic.
- Crowdfunding – This is an amazing opportunity for start up ventures during the lockdown who need funds in the from of business loans to help them create an opportunity to earn money. Crowdfunding platforms can connect the businessman to investors and capitalist to fund the start up with business loans and in turn earn a good commission or money for doing he same. This helps three parties simultaneously and is quite in during the lockdown.
- Ghost writing, Freelancers and Article Writing – Social media advertising needs good content and explanation of the product that needs to be sold. Besides websites, blogging, advertising, research, and product explanation needs to be done by professional writers who can earn a decent amount just by rendering their services of writing content. This does not require any investment of capital, but it is only sheer hard work, dedication, use of technology and great writing skills.
- Online Food, Tiffin Servicesand Bakery items – Food remains the ultimate favourite for more than half of the population in India. This is a thriving business which involves in delivery services of food from the vendor to the customer, tiffin services for people who cannot manage making food on their own, bakery items which are needed to change the taste buds and to find small occasions of celebrations and just to satiate the hunger pangs of every India who is sitting at home, working from home and wants good food to enhance his mood.
- Web and Graphic Designing – One can expect a good pay-check with the expertise of designing in graphics using technology. The first thing to do is to find right clients who can use the graphic designs in their businesses and promotions, set the correct pricing, name the business, invite more clients, maintain solid communication with clients and finally deliver high quality designs and products within the timeline specified.
Things To Do
- Observe Customer Demand – To enhance online business it is imperative to understand the market, prevailing competition, and the demand of customers. Only then the products and its marketing can be undertaken.
- Conversion of hobbies into business opportunities – Identify your own passion and hobby which you have been diligently following and convert it into a business mechanism and make it a good source of earning money during these difficult times.
- Look out for current trends and fashions – Understanding the latest trends and fashion and the new demand of people regarding he business one plans to set up is imperative.
- Research in Market – Proper research on how to get the business started, understanding the formalities and legalities involved in it and how to reach the right customer should eb thoroughly researched.
- Massive Use of Technology – Online Business requires knowledge on using online technology and the businessman should be technically savvy to work on it, update and upgrade it as and when required and further promote it to its utmost viability.
- Buy products in bulk to sell – Instead of just doing small business by introducing a few things and getting over with it, it’s better to keep products in bulk to invite customers and keep the business on and moving.
- Productize your service or expertise – Not only physical products but services and expertise should be applied in online business to keep it on the move.
- Grow an audience – Marketing and advertising the product on various social media platforms is a must to grow the customer base and keep the business going.
- Convert an existing business to ecommerce – An existing business can easily be converted into ecommerce just by supplying he current good and products through various online portals which are available in the market with an outreach to millions of people across the country.
- Of there is any investment that needs to be made, several business loan opportunities can be gauged which are initiated by the Government and CII – Confederation of Indian Industry.