How to start a new business in Covid-19?
There are no two ways regarding the disruption of the global economy due to coronavirus. The pandemic has hit hard and a lot of businesses went under or are struggling. But during the pandemic, a lot of innovators too had time to come up with new ways to solve critical problems by creating sustainable ventilators, or investing in the healthcare industry by designing masks.
Even a lot of businesses started innovative marketing schemes to ensure their businesses survive, like Swiggy delivering groceries when restaurants were closed. Also, a lot of people have come up with intelligent business ideas during the lockdown period. It was a time when we were shut in our home, giving people ample time to think about what they want in their future. Starting their own business seems to be on top of everyone’s mind. And why not? Being your boss and working at a time which is flexible for you, everyone wants that.
So, if you come up with a business idea during a pandemic, and you want to start a new business in Covid-19, don’t hesitate. If your idea is correct and you do your homework, a business can find success even in the times of a pandemic. You just need to keep ourselves, our loved ones, and our local and global communities safe and supported.
Here are some tips to keep in mind:
Ask the basic questions
Before you start planning a launch, delve into what skills and knowledge you have that can work in your favour. Whatever business idea you come up, you should be able to leverage your skills and knowledge into it. Also, do market research to know if there is an audience for your business in the market or not. Knowing your competition and having competitors is good because that means people are buying products similar to yours. Otherwise, creating an audience from scratch can be difficult.
Once you have these answers, create a checklist using Canva. It will help you understand what all you need- financing, business plan, marketing plan, and so on.
Determine if the business ideas address long-term problems or not
A lot of the businesses ideas like AI in healthcare and online fitness classes and so on are existing due to the pandemic. But you want your business to survive even after the pandemic is over. That is why figuring out whether there will be a need and market for this or not is important for all entrepreneurs.
To do this, you need to look at past market data and see if there was any need or market for your products. How the pandemic has accelerated the need and how it will change the market? It will provide you with better insights about your business.
Make use of digital technology
There is no denying the fact that digital tools and techniques certainly helped a lot of businesses survive this pandemic. So, whatever business you choose for yourself, make sure you have a digital component in it. For instance, if you are thinking of starting a brick or mortar store or an offline business, have an e-commerce website.
Or you can use an online tool to set up your business and provide virtual consultation. Make sure you have enough ways to use digital technology for your business.
Grow your audience
Whether you have a business as of now or you are thinking of launching in a few days, the pandemic is a huge factor. It can make people not come to your business for shopping. Thus, you have to come up with ways to engage and grow your audience. Discount, virtual appointments, easy and safe delivery systems are all part of this.
Also, use social media platforms and websites to promote your business and meet new clients.
Few business ideas for COVID-19
Surgical gown: It is crucial to a PPT kit, and the estimate is that it is worth 7,000 crores. The capital for establishing a low unit is around 40,000.
Hand sanitizer: The huge demand for sanitizer has given a lot of business an option to expand, like pee safe, that came up with a sanitizer.
Online tutorials: If you are an expert in a field, starting an online tutorial business is perfect for you. Even though places are opening up, people are afraid to go out. So, your business can be successful if you cater to the right market.
Healthy snacks: People are looking to get their hands on safe and healthy snacks. It is another business idea that you can achieve moderate investment.
Support each other and make use of technology to create a business that does justice your skills.