As India’s GDP fell by 23.9 per cent in the first quarter of 2020-21, stating that the economy is undergoing a “financial crisis” is quite an understatement. In fact, the crisis is one of the most severe in the living memory of most of us. Some experts have likened this to the Great Depression of the 1930s. One could have never imagined that a virus starting from China’s Hubei province would bring the wheels of global economy to an abrupt halt. Global economies are reeling under the impact of the pandemic, further raising doubts about the livelihood of millions as the world is racing against time to find a vaccination against the fatal disease. The number of deaths has surpassed 8 lakh and is racing towards a million. A vaccine normally takes a couple of years before it is administered to humans after three levels of clinical trials. Even as researchers are struggling to achieve the same amount of work in less time, there is no concrete timeline for the same.
The government has unveiled guidelines for every sector to be operational in new normal times. After keeping nearly 1.3 billion people under lockdown starting on March 24 and ending after more than two months on May 31, the government has started to relax most restrictions to bring the economy back on track. Although workplaces have devised ways and means to stay productive in such times, there are massive job losses as well.
As they say out of adversities come opportunities, and several business ideas can be developed today. We have to lead our lives and divert our energies in finding solutions to problems that are crippling the system now.
It’s the right time to look out for innovative business ideas and implement them to lead the economy towards ‘Atma Nirbhar Bharat’. For this, one needs to carefully study the sectors in which there are maximum opportunities and dig deeper into it to be able to devise ideas.
With most people working from home, most opportunities arise in the digital domain and the significance of digital skills cannot be undermined in new normal times.
We look at some of the trending business ideas that can be easily explored in these times.
The lockdown has impacted the elderly and those with existing health issues because they are unable to go out. Most senior citizens are dependent on such services that can offer door to door delivery of valuables such as groceries, medicines etc. It has emerged as one of the biggest opportunities through which you can connect with them online and offer services by hiring people within your area and ensure delivery of necessary items by taking the required precautions. In the initial phase, you may also opt for a business loan in Mumbai.
Healthcare Necessities Online
Women who are good at stitching and have an interest in dress designing are venturing into mask making and selling their products online. Even items such as sanitizers and medical products will remain in demand until the pandemic subsides. You can think of an online venture for selling medical goods and apply for a business loan in Mumbai, to begin with. For this, you can connect with retailers, wholesalers, and local vendors to arrange proper sales and distribution.
With companies cutting down on cost and trying to do away with roles and profiles that can be easily outsourced, there are more opportunities for freelancers than ever. Freelancing roles are easily available in the domain of content writing, editing, publishing, journalism, graphic designing, website updating, gym instructors, translation jobs, data entries, and several others. You will witness the rise in demand for such roles each passing day.
Youtubing is a phenomenon for everyone -from the kids to old people. The lockdown has proven to be a boon for people to implement a plethora of ideas using this medium and reach out to the masses. If you have a creative bent of mind, you can use the medium to engage audiences and at the same time generate revenue from it. With a decent amount of investment or a business loan in Mumbai, you can easily start your own YouTube Channel to reach out to wide masses. Most people look out for entertainment, fun videos, tips on gardening and agriculture, dancing or any other art forms such as decoupage, candle making, stitching, painting, and many more. With the help of a business loan in Mumbai, you can create a small set up to shoot and start yielding revenue as you start garnering likes and subscriptions.
If you are someone who is fascinated by writing, then there is an opportunity for you. You can start blogging and sharing your thoughts and ideas with people across the world from the comfort of your study table. You can start a blog on kids or parenting, beauty and makeup, health-related websites, diet or anything that catches your fancy, or you can focus on something niche. You can target a good number of people and also earn through sponsored and affiliated posts and ads.
There is more stress on online education than ever with kids being confined to their homes. You can easily take up online teaching if you are a subject expert through online video classes. You can teach any subject ranging from art to physics and languages too. You can opt for a business loan in Mumbai to create a proper set up for teaching and buy required software. Those classes can be easily taken through webinars and online applications by connecting with students. You can also enrol with e-learning educational institutes and start imparting classes based on your choice of timings and dates.
With Modi’s push to start-ups in India, there are so many companies that have come up in recent years, and those with expertise in website development have an edge because every business today requires an online presence. Those with online marketing skills can also pitch for solutions to these start-ups. Website development needs technical and creative prowess. So make the use of your skills and get going.
Even food service has emerged as one of the lucrative options for business. With more people working from home and the reluctance to call maids or cooks home, couples and senior citizens are in dire need of home-cooked meals. If you have a passion for cooking or baking, this is the right time to consider the opportunity to start the service within the area you reside in. You can also opt for a business loan in Mumbai to start the service offering healthy, nutritious home-cooked food and delicacies.
Also, another aspect has come to the fore that many people are staying at home because of the restrictions on transportation services. You can also start a cab service and provide services for people looking for safe travel options from one region to another.
Art and Craft/ Homemade manufacturing
With the government pitching ‘Vocal for Local’, there is enough opportunity for housewives to take a business loan in Mumbai or any other city and give wings to your business plans. Those with creative minds can explore manufacturing art and craft items and put them on sale. Several items can be crafted from nameplates, candles, designing dresses, toys etc.
It’s time to take a leap and focus your energies and make the most during these tough times.