New Business Ideas After Lockdown In India
While the world grapples with a pandemic and is trying to stay afloat with this global virus, many jobs and businesses became redundant or employees got fired soon enough. Since many companies were facing economic and financial troubles, they could not keep all the employees or board and pay 100% salary to all. This lead to many being unemployed, leaving employees to look for other different business and job opportunities.
Not only that, but due to the lockdown, many offices and businesses had to switch to a work from home model. But not all businesses can adapt to this model seamlessly causing problems in their work-life due to which they had to shut down their business.
While the world was dealing with the precarious situation at hand, many smart and intuitive people started a new business that was needed during such times. This has given rise to a whole new economy, giving employment to a thousand and a lot more individuals and ensuring that innovation is always the key cause in this segment.
While many of these businesses that have started are covid sensitive businesses and will only be in play because of the pandemic and the lockdown, the idea is that the pandemic and the lockdown will continue with us for a longer period. Therefore, such entrepreneurs should capitalize on the growing demand for their product during such times and work on ensuring their business holds value after things have settled down.
Top Business Ideas in India after Lockdown
The lockdown has given rise to many opportunities for different businesses in India. This can range right from small scale to large scale, depending on the need and the size of the business and industry. Before you decide on which business to undertake there are a few factors you need to ensure. We’ve covered that towards the end of the article, make sure you have a run through it.
- Delivery and Logistics Business
If the lockdown has taught anyone anything is the lack of a seamless supply chain in our country. During the early days of lockdown, it was very difficult to get a hold of groceries, packages or anything for that matter of fact. Over time, people started taking their own cars to buy products from warehouses. This gap during a lockdown between the customer and seller gave rise to a great business opportunity for a delivery and logistics company.
You need to have a good source of transportation such as cars, bikes, trucks etc and a handful of men who are good with their driving and riding skills. While this business idea does require a high investment, it is surely going to be profitable if you have all the logistics in place.
- Healthcare products and services
One of the business sectors that were on the rise during the lockdown is the healthcare services right from chemists and pharmacy shops to nurses and doctors. Factories that manufactured perfume or dealt with chemicals started producing sanitisers as that was selling like hotcakes.
You can look into providing healthcare services such as sanitisers and wipes, or be a middleman for the various services that are provided out there. If you have the certification or the right people, you can also look into opening a chemist as that is an evergreen business idea.
You can also start making masks or getting in touch with a few tailors and making fashionable masks and selling those online or via social media. As the healthcare industry is always here to stay.
- Food Delivery and Making
Since restaurants were shut during a lockdown or many people did not order because of sanitization purposes, home delivery and the home chef was a business that was a great boom.
If you have a knack for cooking, can cook great meals either as a continental cuisine or a specialise cuisine from your community such as Sindhi Food or Parsi Food, you will always be in business. Bakeries and weekend pop-ups are also a great idea. The latest theme in the home food business has been to make healthy foods since everyone is trying to get fit.
If you aren’t great in the kitchen, you can also look at providing delivery services for hot foods that are being sent across the city. Relatives sending food to their sick and loved ones, employees needing food in their office, for all these needs, you can open a special food delivery business.
- Candles, Art and Craft Making Sessions
If you are the artsy kind and have a creative mind, you can start online sessions for candle making, paper flower making, or even painting sessions. Since many people are stuck at home and cannot go out to do other activities, online classes and sessions have a great business opportunity.
Fluid Art workshop has been an art class that has taken Instagram by storm. Everybody wants to get into that and do different types of art and craft. For starting this business, you do not need anything except for your class or session supplies. As your business grows, and lockdown opens up you can also conduct in-person classes and grow your team by hiring more employees and so on.
- Freelance Services
Since work from home is possible now for most professions you can easily start a freelance business for the sector you’re in. This could be anything from the spectrum of freelance writing to freelance consultancy and even freelance social media marketing.
This business does not require any business investment as it is based on your skill and can be done from anywhere. You do not need to invest in raw materials, or office space and even employees. Freelance is a great single person or individual business idea and can work in any given condition.
- E-commerce business idea
If you find a gap in the society on what is missing or a product that people require but do not have, an e-commerce business is what you need. Since technology is on the rise you can easily have a business that does not need a website or a physical shop and can exist on social media platforms like Instagram, Shopify or even Amazon.
This sort of business idea does require an initial investment as you need to buy the products or the raw materials required for the same. But if you know your product is in demand, you can always buy in bulk and expand the business as and when it grows. Once your business has kicked off you can then expand your business line in different other products too.
- Online Tuitions and Classes
If you’re an individual with great skill in a particular subject you can look into holding online tuitions or classes. Online education is now possible because of Zoom and Google Meet, students are also used to this and you can grow your user base too.
You can be any teacher right from an educational field such as mathematics, science, other stuff like music, dance, yoga, and even digital marketing and entrepreneurship. If you’re fluent in a particular language then language classes are what people are paying for the most lately. This can be a great business model as it can grow over time with more student bases and onboarding more teachers and professionals.
- Social Media Influencer
Whether it is starting a youtube channel, an Instagram page or trying to make reels and tik toks, the creator economy is the biggest thing yet to come. You can earn money through collaborations, influencer marketing, sponsorship and even paid content.
Being a social media influencer can be in any field, from motivational speeches to a fitness influencer, in the fashion space or even in the money and investing space. All you need is to be confident and put yourself in front of the camera, a few editing skills and that’s it. You can start your Youtube Channel sitting at home in front of the laptop. As your subscribers or followers increase your business, you can generate greater revenue and start sustaining yourself and your lifestyle.
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How to Identify a Business Idea During and Post the Lockdown in India
A business idea does not only come because of innovation but is also introduced based on what problem it is solving for the people in the community and society. Any business idea that solves problems, or makes life easier for other people is bound to flourish. Once an individual has figured out the business idea or a problem-solving idea, they then need to look at various other components such as the demand for this product, how much capital is required, how many employees are required, etc. A few of the steps on how to identify a business idea and start a business are:
- Understand a problem and come up with a solution
As mentioned above, the biggest and most successful businesses are those that are combating a problem and making life easier for everyday living. Take Uber and Ola for expensive. In cities, taxi’s and rickshaws were becoming pricy to go short distances, at night it was difficult to get a cab etc. Hence Uber and Ola started on-demand taxi service with the help of just a few clicks. This surged their business to another level.
- Understand the demand
While it is easy to understand and come up with solutions for problems, you need to know the range of the problems and how many people are facing it. A business is not scalable if the target audience is just 500 people. It needs to affect and impact a community and society as a whole.
- Capital Requirements and Revenue Streams
Some businesses earn very well and require small amounts of capital while some require larger amounts of capital and would not have a positive revenue stream till the 2-3 years of their business. Identify which category your business lies in and how you can ensure you’re always earning a stable revenue.
- Thematic Business
While the business ideas mentioned in this blog are themed around lockdown and covid-19, ensure that the business you take up is evergreen and can last in all situations, come what may. Also, ensure you are incorporating as much technology and digitalization as you can in your business as that is the future of the economy.
- Sustain the business
If there is one thing we learned during this pandemic and lockdown is that any business can survive and any business can die in any given situation. Your aim should be to conduct your business in such a manner that it can sustain itself through the different perils of life. If you’re already a profit-making company don’t use up all your profits for growing the business, keep some aside for a rainy day in the form of an emergency fund. In case your business needs to adapt to different situations, be quick to adapt to them so you can give the customers exactly what they want.
That is how you can be in the business for a longer period of time and always be ahead of your time.