The years 2020 and 2021 have been a roller-coaster ride for the World with lots of ups and downs. This Pandemic has entirely changed the perception of work and life. Economic downfall, loss in businesses, loss of jobs has shaken the World. Blessed ones who still have jobs live in uncertainty. This pandemic has affected the work culture too. Remote working and Online work culture has shown a steep demand.
‘Crisis opens the door for new opportunities’.
This pandemic has also given birth to new business concepts and has amplified the demand for updating the traditional ones.
To start a business in Covid times we need to un-follow old business trends and accept the new normal. Here we’ll discuss few strong business ideas that have marked their importance in this Pandemic.
But what if you are already into some business?
Before moving on to business ideas, let’s discuss existing businesses and the up-gradation required to succeed in Covid times.
- The first thing we have to do is to introduce business to the online platform.
- The next thing to do is to replace the cash payment mode with online payment.
- Introduce home delivery services, wherever possible, to redirect the product into the reach of maximum people.
By upgrading business and customizing the services according to the current scenario, we can grow our business easily.
Planning new business in these testing times is not easy but if we take care of some key points and do proper homework then it’s not difficult too. Look at some important key areas that one should understand before starting a new business.
How to Start a Business – Some Key-points
- Choose a business plan for which you have interest and abilities.
- Analyse the market for the chosen business.
- Success cannot be accomplished without an appropriate business plan. Create an impeccable business plan.
- According to the business plan assess the investment required for the same.
- Prepare legal structure for the business. Get all the necessary legal documents completed that are essential to run your business.
- Get your business registered with Government and IRS.
- To protect your business from untoward things, invest in appropriate business insurance policies.
- Assess team requirement and hire people accordingly.
- Pick the right vendors for raw material supply for your business.
- Plan for marketing and advertising to raise the demand for your product.
Apply these key points while starting a business and you’ll end up making a sound business plan.
Business Ideas for Covid Times
If you have passion and willingness to write then blogging is the right choice for you. Blogging is all about skilfully presenting your knowledge and ideas through effective and striking writing. It is a low-cost business where all you need is an online platform and a passion for writing. Writing skills can be enhanced through many self-education programs. (Check our blog – Self-education – Importance and how to enhance it) One can write blogs on their web page or platforms like WordPress or can write as a freelancer too. It’s an easy and effective way of making money through your skills.
- Earn Through Skills – Work from Home Culture
Nowadays, when everyone is stuck at home, work from home culture has gained a positive approach. People have seen the benefits of work from home culture and many companies have even decided to adopt the same work style even after the pandemic.
Work from home culture has allowed women, home-makers and even students to display their expertise and to transform it into a profitable business. For example-Painting, cooking, singing, baking, handy-craft, music, online teaching and many more such skills are there that can be turned into a successful business at minimum cost.
- Graphic Designer
Graphic designing is all about creating visual content to communicate ideas. It is again a skill-based low-cost business that is in high demand. Graphic designers create brochures, logos, magazines, posters, reports, advertisements, marketing materials and many more. They are sought-after by all the companies for their branding and marketing. The skill required for graphic designing is the ability to create visuals that are spectacular and easily understandable. So, go for it.
Freelancers are self-employed and do not work as an employee of a company, rather they work on contract basis. It provides you freedom and flexibility in work. Freelancing work can be grabbed easily from the market based on the professional skills you are carrying.
- Online Selling
Online selling is a very fast grown business in the last few years. In a survey, it is found that in India 60% of people prefer online shopping. One can easily estimate the chances of success in online selling through this data. We can even choose to work on reselling model or drop-shipping model in online selling.
- Small Scale Business
During the pandemic, the market saw a sudden rise in demand for things that were otherwise never taken as a necessity. Few examples are sanitizers, cleaning chemicals and sprays, dry and wet tissues etc. These businesses are small scale businesses and have a good scope of success.
- Reselling of Old Stuff
De-clutter your house by selling all the non-essential stuff collected at home. It not only generates positivity but money as well. OLX and Quikr are very known examples of reselling business.
- Home Services
Prepare a team, get online bookings and start providing home services to customers. Few examples are car cleaning, laundry service, massage parlours etc.
- Trade and Investment
Good knowledge of stock, trading, financing can be turned into a business that has a high scope of success.
- Web Designer and Developer
Every business has its website to connect with the customers. It opens a good business market for website developers and web designers.
Showcase your knowledge and talent to people through YouTube. Create content using your abilities and connect with the people. It is one of the most popular skill-based, low-cost and high-profit businesses.