This pandemic has brought numerous societal challenges to the limelight. It is providing opportunities for innovative entrepreneurs to create new online business opportunities like never before! An economic or financial slum is much more than it seems. It brings in a big disruption for the whole of society and its functioning. The current economic crisis due to COVID-19 has given birth to new ways of communication, and as a consequence, the digital era is booming at an unprecedented rate.
This whole pandemic has changed the entire scenario, and tasks, activities, and economic activities specific that were deemed very vital do not hold much importance now. The sudden changes in the financial shift are there to stay. That’s why low-cost business initiatives are booming! Due to the U-turn consumer behavior has taken, online businesses are sweeping away the conventional buyer-consumer relationship.
Time to revive the new normal:
For the existing offline business owners, big or small, the pandemic for sure brought despair. But, for innovative entrepreneurs, it is a period of call-to-action opportunities. The “new normal” is digital, virtual, or maybe ‘sit-at-home-and-earn’! The challenges to an existing business or a long-awaited push to your business idea can both be solved by online business. All you require is little motivation, an out-of-the-box business idea, and a way to execute your plan successfully.
As per a recent Goldman Sachs survey, fifty percent of businesses thought it was the end and couldn’t continue their services for much longer. This is all due to the rapid digital shift and virtual demands. Business owners, ‘ especially small businesses, were not prepared for a blow of this magnitude.
Quick thinking, rapid actions, planned execution, and correct analysis of the market are the major focus areas being used by businesses that have been able to resist the blow back up to a certain limit. Finding a steady balance and adapting a healthy mindset can speed up your decision capabilities and, in turn, can also help you in avoiding the intense pangs of anxiety, despair, and hopelessness in these evolving times.
With the right focus, you can turn the tables over. All you need to do is keep yourself updated with correct information but, at the same time limiting the information inflow. Excess information or information overload is standard these days. Not only can it be daunting, but it can also sweep your focus away. That’s why to take time and evaluate whether the information you are reading is correct and useful or not. Even though on a scale of 10, this pandemic era is 10/ 10, there is still a silver lining to this dark cloud. All you require is right, creative, and timely decisions as an entrepreneur.
Discover new potential ideas of entrepreneurship:
Here’s how to make the most out of this pandemic!
The way enormous pressure turns coal into a diamond, time of crisis drives innovation out of a resilient entrepreneur. Investing in an online business idea can be a win-win situation for you. The present pandemic scenario will impact the post-COVID era, and the ‘new economic normal’ will dominate every sector.
Rapid-Recover-Revenue: Understand and follow these three magical R’s. These help any business in coming back and emerging even stronger. Not just recovering revenue is essential but revamping the whole financial profile is the need of the hour. A new makeover is required, given the pandemic coupled with the growing market for sustainable businesses’ demand.
Following are the key steps to follow:
Call-to-action. Now is the time, so act!
Don’t just focus on the end-user but also pay heed to other people in your business loop.
Develop an adaptable, safe, and virtual ecosystem
Re-build operations if you are an existing business but in offline mode.
Pivot, look around, and learn! This can be your mantra for developing a plan that can sustain any possible blows or upcoming transforming trends. Covid-19 and the economic dip have been emphasizing the fact that necessity is the mother of invention. No one for sure knows what the future holds for the whole of humanity, but all successful businesses once were an innovative risk.
Being proactive, calm, and not reactive during these intense times can be the stepping stones. These steps are slow and not immediate but bear fruit in the long haul. Enjoy the comfort of your home, company of your family, and spend time relaxing but make proactive use of your spare time wisely. Reflecting on your company’s future and its needs now can prepare you fully for a better launch when the market recovers and starts gaining momentum.
Notable Business Ideas:
Few business ideas to get that good ‘pandemic’ income flow:
Launch your online rental marketplace. Become the bridge between buyers and suppliers. Apparel, books, furniture, and property rental are a few relatively safe options to bet on. This sector is always in demand; hence it is a promising field. The major chunk of the existing rental marketplace is offline, and your creative outlook with the internet can be the one-stop for you.
All the things we imagined couldn’t be delivered to our door-step are now near to reality. Think, execute, and deliver!
With the surge in COVID-19 numbers, fitness freaks have been freaking out big time. The training classes, delivery of fitness equipment, and much more is now transforming into a fruitful “virtual” experience. If this idea clicks with you, get on the treadmill, and get going!
Physical retail stores have been hit majorly by the complete shut-down of the market due to the pandemic. This has accelerated the opportunities for E-commerce. The times are optimal for kick-starting an e-commerce business.
Online consulting business, digital marketing agency, freelancing platforms, online PR activities, web designing projects, and sales projects are a couple of excellent start-up ideas during the current scenario.
Shelf Script Platform You Can Use:
Most entrepreneurs are using off the shelf scripts or platforms for developing their business models. One such off the shelf and turnkey online business platform is iScripts, whose advanced online platform helps businesses or start-ups to market without hassles. iScripts offer turnkey solutions off the shelf software platforms to create and grow many online and mobile companies. They have been in business for more than 15 years and catering to start-up clients.
“This pandemic brought many societal challenges to the limelight. It is providing opportunities for innovative entrepreneurs to create new online business opportunities like never before” – Aji Abraham, CEO of iScripts.
Their custom front-end user interface, detailed yet accessible admin dashboards, and robust analytics panels can help you get started with your website or mobile applications. iScripts have a devoted customization team that makes the feature-laden platform even more accessible for users like you to customize as per their needs. Round the clock customer support can help you in guiding and developing an impactful online presence for you.
History has witnessed the birth, growth, expansion, and boom of many successful businesses during an economic downturn. COVID-19, for sure, will spawn innovative and long-lasting products, services, and start-ups. The only difference will be that this time everything will be digital and virtual.
Don’t just try to start an online business but think of a long term plan. Make sure to invest ample time into developing an innovative business idea that addresses a long-term plan. Identifying your long-term market and end-users, coupled with adaptability, can project a more promising post-pandemic future for your business.
(Syndicated press content is neither written, edited or endorsed by ED Times)