The pandemic has been harsh on the people of India but the bounce-back has been really amazing.
“Any deep crisis is an opportunity to make your life extraordinary in some way.”
— Martha Beck, Author
Many small business ideas during the pandemic have come to life and they are proving to be very profitable ventures. If you are ready to take matters into your own hands, then get ready to build an online presence for massive impact.
Here are the most lucrative business ideas during pandemic:
Cloud kitchen or Tiffin service
The pandemic was especially brutal to restaurants. As the country went under lockdown, restaurants burned through their savings, just to retain the dining space in the hope of restarting when the world unlocks. Many fell prey to the pandemic and never reopened.
The same can not be said about tiffin services/cloud kitchens. They found a stable footing during the lockdown and will see a very bright future ahead.
Cloud kitchens also called ghost kitchens or dark kitchens, don't have a dining area, just an online presence for accepting orders. They are optimized for online deliveries and require very low-set up costs.
Most research points to very positive growth for the Indian cloud kitchen market, it is expected to grow to be about a $3 billion industry by 2024, up from $400 million in 2019.
In Fact, in a report by Zomato, the food industry as a whole is recording over 85% of pre-covid GMV.
With very little capital investment & demand-based inventory, you can easily start your own cloud kitchen. Convenient access to third-party delivery partners ensures smooth and dependable logistics.
"Online learning is rapidly becoming one of the most cost-effective ways to educate the world's rapidly expanding workforce."
- Jack Messman, Ex CEO
This became very evident after the entire world went under lockdown in 2020. More than 1.2 billion children across the world suddenly couldn't go to school. This became a rocket launch for online teaching and the entire EdTech industry.
Companies like Byjus cemented their presence and many other EdTech startups gained massive momentum, this included Vedantu, Unacademy, Toppr, and many more.
Setting up an online masterclass is simple enough and growing it is easier now than ever before.
Get into Health & Fitness
The pandemic made the importance of health & fitness very evident. Virtual workout classes and mental health sessions massively grew in demand after the world pushed people back into their four walls.
The sale of fitness equipment like yoga mats and home cycles shot up significantly. People have started to think of health holistically as a lifestyle. This is why people have shifted to immunity-boosting teas, healthier foods, and organic products.
The unpredictability of life in a pandemic, along with loss of life & occupation has been stressful for a lot of people. This is why mental health came into people's radar very prominently. Online consulting, therapy, and wellness workshops took off to help people deal with the new normal.
This is one of the most effective small business ideas during the pandemic. It is a great way to cater to the new market demand.
Online Retail ~ A profitable solution
If you are sitting at home thinking "how to make money online"? You might get a few ideas but you might not start on them because they don't seem very doable.
Selling handmade accessories, affordable clothes, beauty products, or face masks are all solid ideas & you don't actually require as much money to start these businesses as you think you do.
The pandemic brought a structural change in people's shopping habits as a vast majority of the population now relies on e-commerce to purchase things. This push inspired Kirana stores to also board the digital wave and offer online purchase options.
You can decide to sell anything online and the best part is that it is quite easy to set up your online shop.
You can use Fynd Platform to create a powerful website, list all your products, accept online payments, and map consumer journeys. You don't even have to "create" the website, you can just use a pre-existing template that is optimized for your specific needs.
Social media & digital marketing services
Everyone is online now and every business wants to be online. Lockdowns posed a very big challenge for businesses across the country, how to sell? How to survive?
Digital was the obvious answer and digital adoption was the only means. Over 80% of the amount spent by businesses after the first lockdown was directed at rewiring operational models to adjust to the new reality.
Digital ad spends increased from Rs 68,475 crores in 2019 to Rs 75,952 crores by the end of 2020.
If you have a knack for social media or digital marketing then now is the best time to shine. Can you engage people on social channels, increase likes/followers, and influence people online? If the answer is yes then you can earn big.
Start your own thing
All innovative business ideas during lockdown have one thing in common - "Online". Even when the world seemingly stopped, everything worked online.
India witnessed the emergence of the gig economy to cater to many industries. According to a report by ASSOCHAM, the gig sector of India is expected to grow to $455 billion by 2024.
So if you have a skill, an ambition, a hobby that you are passionate about, then all you need is an online presence. You can leverage a website or a social channel to grow your brand and take control of what you earn and how you earn it.
How do I start my business?
In order to start your entrepreneurial journey, there are a few things that you must know.
- The practicality of your idea
- A strong base to market yourself
- Registration & documentation information.
If you are ready to commit then make sure you know all the necessary steps for starting an online business.
How to make your new business successful?
Creating your business is simple enough, making it successful requires a bit more creativity. Don't worry, even that isn't very complicated, especially in today's day and age.
Branding for Success: Your company needs a personality, one that would work in your favor. Understanding the importance of branding and the steps to create a compelling brand will play a big role in your sales.
Social listening: You need an audience to sell your products/services, and for that, you need to understand what your audience likes/dislikes, needs/wants.
Social listening is the act of monitoring digital conversation on your brand, industry, and competitors. When you know what people are talking about, you will know how to speak with your audience and what to talk about.
Analysis & Re-work: When you understand what's working for your business and what's not, then you make the right adjustments to improve.
"What gets measured, gets managed"
- Peter Drucker, management theorist
Analyze your actions, improve with each review and you will see the magic happen.