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7 Small Business Ideas in India after the COVID-19 Pandemic

With lakhs of young Indians losing their jobs and receiving hefty pay cuts amidst the COVID-19 pandemic, self-sustenance has become the need of the hour. It is in such dire times that the greatest of business ideas are often born. Looking to take the less beaten path and start a business of your own?

To get your entrepreneurial juices flowing, here are the seven most viable post-pandemic business ideas you can pursue even with limited resources and a small business loan.

7 Best Post-Pandemic Small Business Ideas for Indians

Given how masks are in huge demand and are going to remain so for a while, opening a mask business is one of the best small business ideas post-pandemic.  If you have a sewing machine at home, you can immediately begin your business in lockdown by sewing a small number of masks.

If you have even the tiniest artistic bend, let it work its magic on specially designed masks. If you aren’t much of a visual artist, you can always get a friend to join you.

2. Medical supplies

This includes everything from gloves and surgical gowns to PPE kits. It’s an evidently booming industry globally. Our own country has a booming Rs. 7000 crore PPE industry, with around 4.5 lakh kits being produced daily.

Setting up a small surgical gown production line or a glove manufacturing facility will cost you around Rs. 40,000-50,000, which can easily be taken care of with a small business loan . With sanitisation and protective gear becoming a way of life, this industry has a sure shot way to success even after the pandemic is over.

Additional Read : How to Use SME Business Loans Effectively in Post Pandemic World

3. Soaps, sanitisers, and hygiene products

Soaps, hand wash liquids, sanitisers, etc., have perhaps been used more this year than any other year in the 21st Century. The demand for sanitisers has risen 100 times. The habit of frequently washing and sanitising our hands is here to stay, and there lies your small business idea. 

People in India have already been toying with this idea by starting home-based production of soap with as little as Rs. 20,000 of investment.

4. Consulting

This is the one small business idea in India that you can pursue during lockdown while sticking to your existing field or industry. A lot of talented professionals are losing their full-time salaried jobs. However, there is a new industry that has opened up for freelancers and consultants.

Companies are looking for more skilled freelancers as they come with lesser administrative and financial efforts. It is the right time to leverage your expertise, be it in management, marketing, or anything else. The best part of this business is that you don’t need financial investment.

5. Online teaching

This might be one of the most preferred new business ideas after COVID-19 in India, thanks to its ease and accessibility. People are becoming not just more tech-savvy but also more EdTech-savvy in the lockdown. You could finally put your music skills, cooking skills, or even business expertise to use by sharing it with others. It is very easy to put up an online course. You can do it through an online course marketplace or even create your own website with a minimal subscription model.

With an investment of under Rs. 50,000, you can explore a lot of small business ideas such as your own lunchbox service, snacks packet sales, dessert shop, cake shop, or even Ayurveda snack store from home. People are now more wary of ordering from bigger brands and risking contact with multiple people, hygiene issues, etc. Boutique and homemade food brands and healthy eating are the next big thing.

7. Doorstep delivery service

During the COVID-19 pandemic, many businesses migrated to the digital space. This move has fuelled a massive demand for delivery services that can deliver food, groceries, or any other commodity efficiently at the consumer’s doorstep. Also, since most people have now become comfortable with the idea of ordering stuff, you’d already have a large customer base to cater to if you decide to invest in this business. All in all, it’s one of the best post-COVID business opportunities in India.

Additional Read:  How SMEs can manage their finances better post-COVID

Parting thoughts

You may have lost your job or received a pay cut. It might seem like the end of the world, but it could also mean the start of a new, better life. Need some monetary help to kick-start your own business? Tata Capital’s Unsecured Business Loans are here to give wings to your business aspirations. Enjoy customised loans, flexible repayment options with attractive business loan interest rates and easy processing at Tata Capital today.

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22 Business Ideas Coming Out of COVID19 Pandemic

• New business

The sudden outbreak of Covid-19 in 2020 brought a major setback on the livelihood of people all across the world. Some people lost their job on the other hand many industries like startups, enterprises , entrepreneurs faced heavy losses. There were many people who had planned to start their business in 2020 but stopped. Well, according to our research there are still magnificent business opportunities that will take a fly during this pandemic situation. Imagining how? Walkthrough to know the insight .

Within this one year of pandemic, have you noticed an instant blaze demand for delivery services, home improvement, pet products, gaming? In case not, then after reading the business ideas given below, you can precisely observe in your apartment, and you will get proof.

But before that, If you are actually willing to introduce your company during this corona phase, then get a brief idea of major concerns for a great kickstart. Such as interaction mode, purchase mode, tourism post-COVID 19 , and where work has dramatically changed over time.

Now, with consideration to the pandemic situation, we have come up with a list of business ideas that can become a boon during this pandemic and will flourish in the future. Let’s get started:

Growing Business Setup Ideas During Covid-19

1. cleaning services.

In order to keep control of that, people of industries and residents need cleaning and disinfecting services at regular intervals. And even after the coronavirus dies, people will never try to task risk in the future. Thus, a cleaning services startup can be a great option with less budget. You simply need to have a plan, suitable location, and dedication to run.

2. Delivery Service

Due to Covid-19 emergence, people have stopped visiting offline stores to keep themselves safe. However, they require food and emergency items to survive. Thus, the zero-contact delivery business ideas can work out amazingly well. The high demand for orders will help you grow your business at the top level. Start with a member of say 5-6 delivery boys delivering different items like foods, vegetables, medicines, groceries. Gradually make your service more smooth by delivering to distant colonies. This will help your service get reach.

3. Remote Fitness

After this lockdown imposition, 70-80% of the people are surfing fitness tips on the internet. Build your remote fitness service center and provide them fitness instructions and training. You will get your customers from the old generation to the young. This business will grow even after the covid-19 ends as people will find it easy to access. With such a business there is less investment and more productivity.

4. E-commerce

If you were planning to open your retail store offline in the year 2020 and then you dropped the idea due to Covid-19, we have a great alternative option for you. Half of the entire population on earth is present online. Thus, instead of opening your retail shop offline, take a move towards an online retail shop. People are driving towards online shopping and thus you can grab this golden treat. Start your online retail shop first with minimal investment and slowly increase the investment according to the sales. And, as you know, digitalization is trending, so your online retail store will also grow.

5. House-Party Clean-up Committee

In this pandemic, in-house parties are more in trend. But what generally happens, the party ends late at night and then people are not in a state to clean their place. Thus, if you open your cleaning service committee, it will be beneficial for both. You can get their service booked, reach in the morning and give their house cleaning service. Also, if you add breakfast along with service, people will frequently approach your service. This business idea is quite unique, so give it a thought!

6.  Cloud Kitchen/Healthy Meal Delivery

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Must Read : How to Set up Cloud Kitchen Business Model

7. Freelance Copywriters

If you have a keen interest in writing, you can convert it into business. Having marketing knowledge can be the cherry on the cake. There are multiple types of writing say articles, blogs, social media content, guest post, web blog, press release, or resume writing. Almost all e-portal companies require freelance copywriters whom they pay a handful of amounts.

The demand has increased from 2020 when the WFH was implemented due to the covid situation. If you are aware of SEO knowledge, you can charge a high price for SEO-optimized content . And with time, increase the pricing. The bonus point in this business is you can work from anywhere be it your home or while traveling. You simply require internet connectivity, and you are ready to begin.

8. Translation Service

In 2020 the translation industry was affected due to the emergence of the covid situation. But with the year 2021, it’s likely to upgrade the performance globally. The internet has opened doors for translation service. Limited pieces of equipment are required: computer and internet connectivity. In case, you have proficiency in multi-lingual language and you are tired of a fishing job, you can easily work as an online translator. It’s a convenient business that will build your customers for the long run.

9. Online Teaching

Many people must not be aware that online teaching was started 3 years back. However, it took a fly in 2020 when the pandemic started. People were not allowed to move out from their residents and this made families get their teaching completed via online teaching classes.

If you are passionate about teaching, online teaching is the best criteria to choose from without any loss and expenditure. The skills include core knowledge of the subjects like Maths, Science, History, Geography, English and other additional subjects.

10. Online Reseller

If you possess these three qualities which are fashion sense, selling technique, and passion then you can make a call for an online reseller. Various companies require resellers to sell out their unwanted clothing. Although it takes some extra time and dedication. However, once you gain success, your ability will help you increase the business at a larger level. Began online reseller as your side business until you get the grip.

11. Video Editing Service

The top demand in 2021 is Video Editing which is swiftly and holding the market. Video marketing and YouTube have exponentially escalated their growth. If you’re a  creative person with great visualization then don’t miss the opportunity. But, before taking video editor as your permanent business,  you must have knowledge of adobe premiere, final cut pro. Well, it’s not tough. You can learn from the tutorials and get good practice.

There are many people looking for video editors for their business advertisements.  

12. Pet Sitting

Well, there is no doubt that the maximum rate of pet order started when the pandemic came into being, for companionship. You can start an online pet sitting service and earn a handful amount. Consumers are preferring a pet care service online to take care of their furry friend.

13. Social Media Marketing

If you are a social media lover and always have an update about the trend, for whom are you waiting? Have a nack on the tips and tricks and start your social media pages. Choose your favorite niche on which you want to work and start your social media page. The digital platform is performing magnificently and is secured from all ends.

Also Check Out: 5 Must-Have Tools to Grow Your Small Business !

14. E-book Marketing

There are different types of writers which some of them feel like writing for the organization and on the other hand, some write for themselves. But, in this digital world, writing for yourself will also help in earning. You simply have to make your account online and start writing. People should be excellent in storytelling.

15. Affiliate Marketing

If you are having good followers on social media platforms like Facebook, Instagram, Twitter, etc then you can earn by promoting different brands. You need to give highlights of the product, positive reviews, and procedures to use the product. Your profit is parallel to your profile. The maximum your profile reach more will be your earning. Thus, make good followers on your social media account .

16. Online Therapy

Due to this pandemic, people all over the world are panicking and thus they require therapies. You can start your business of online therapy for controlling blood pressure,  mental pressure, and other issues. There are exercises that are included in the therapy. You can provide the service and run it in the future. However, there might be chances, after a pandemic you may get clients of a single age group.

17. Accounting/Bookkeeping

In case you are from an accounts background and have good knowledge of balance sheet, accounting and possess some technical skills, you have the best business offer to crack. A big businessman requires a smart person for bookkeeping from miles away. This option will let you brush your skills and have no-cost funding. At primary phase charge $40-$50 per hour. Working in this field will enlarge your contacts and after having a good experience approach for the multi-business holder person.

Also Read: Top 4 Account Receivables and Payables Management Tips

18. Virtual Personal Assistant

Nowadays, every day there is a pop-up on social media regarding virtual personal assistant requirements. Due to the pandemic, all the personal secretary has left their job and thus businessmen are looking for a virtual secretary who can handle their calendar, emails, travels and many other daily schedules.

If you are good at communication and have basic knowledge of excel sheets, get an approach as soon as possible. Once the covid situation gets in control they might hire you permanently as their personal assistant.

19. Medical Courier Service

People are regularly facing health issues on a daily basis and at times there is a shortage of medicines in their nearby medical stores. They also have a fear of stepping out or going to distant markets for medicines. Then why not you can start your medical courier service for your local place at the initial stage. There is a huge demand for medicines and your courier service will become a one-stop solution for medical necessities.  You can make deals with different medical stores for courier service, and then start. For starting this business you need 3-4 people for delivery.

20. App developer

In this corona phase, people have decided to work on remote access. Thus, there is a hunt for the app developer every day. Therefore, if you’re an engineering student and are aware of coding, don’t waste your energy worrying about the future, start your business as an app developer, right away.

21. Graphic Designer

Do you have experience in adobe photoshop or adobe illustrator? If yes, a great opportunity is walking your way.  Many companies are hiring freelance graphic designers for their business as online projects have increased. Thus, you can pick many projects from different companies at the same time. You can charge $40 for each project. This opportunity has amazing benefits like no restrictions, no investments, and only profits.

22. Online Video Games

In this pandemic situation, children are strictly not allowed to move out and therefore their outdoor gaming got stopped. This has made them search for online games for entertainment.  So, you can build your idea regarding your online gaming app which has cool and unique features. Get it developed by an app developer and app store. For instance, Ludo King got great popularity during this lockdown period.

Final Thoughts

Covid-19 has definitely impacted negatively on the economic bar. However, there are various things that can become a boon for one and bane for the other. However, you cannot take risks in the Business lane. Thus, before setting up your business you need to have proper research.

As we have discussed the business ideas then you must have noticed almost all business criteria fall under online platforms. Thus, keeping track of your payments and tasks is very important. How can you keep the payment details of your work? Let me tell you the safest and easiest way. You need to choose an online invoice system that will help in dissolving your burden and stress regarding the payment slots. Through online invoicing software, you will not have to create your invoicing format, again and again, your terms and policies will be displayed in each invoice. This creates a professional impact on clients. Apart from that, you will have your all data records saved at a secure level. Thus, you can verify your transactions of whichever date and year you require. In short, online invoicing software can aid you in every business sector.

harshita joshi

It’s actually a cool and useful piece of info. I’m glad that you simply shared this helpful information with us. Please keep us up to date like this. Thank you for sharing!!!

Very nice information that you shared in this article.

I do agree with many business ideas you’ve presented in your post. They’re really convincing and will definitely work as I have witnessed so many new businesses thrived during pandemic.

Hi, Great ideas!

In my opinion, It’s might be difficult, but not impossible, to start a business during a global pandemic. Many people may believe that pursuing entrepreneurship in such unpredictable times is impractical, but it may not be such a bad idea. In fact, a business has the potential to survive and even thrive during a global pandemic.

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Top 10 business ideas after lock down.

June 26, 2020

8 min  read

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Coronavirus is a highly contagious disease that has spread globally, affecting the lives, professions, economy, and lifestyle of everyone. This has generated an uncertainty of life and an immense loss of movement, earnings, and jobs impacting the economy of almost every country in the world.

In this situation of contingency and emergency where things are falling apart and with no vaccines or a steady treatment of COVID 19, we can’t be losing hope and positivity and sitting idle without work and waiting for things to be normal.

Let’s admit the fact; it may take months, probably years for the current situation to normalize and things to smoothen down.

In this scenario, we all should focus on grasping current work opportunities that COVID 19 lockdown has generated and maintain high levels of optimism and hope to maintain our mental, economic, and physical health.

Keeping up with the trend

Looking at the current scenario of despair and joblessness, one must look at the brighter side and figure out opportunities that the lockdown has given rise to.

Generation of funds is extremely crucial as it not only affects us an individual, but it has a significant impact on our city, economy, country, and even the whole world.

A few imperative options that we can consider and the scope of ideas that we can optimally use, for personal, social, and economic growth is as follows:

• The first thing to take into consideration is the Demand in the market. Due to the lockdown, not everything is required, and we must keep the luxuries and comforts aside. Providing necessities and the high demand for them is a major contributor to the market and will generate new business ideas.
• New ideas on education, banking, agriculture, furniture, fashion, gifts, weddings, food, taxation, finance, and manufacturing are things that cannot be ignored and are always on the run. The continuity in the above mentioned generates new opportunities for business.
• Google alerts and subscribing to google trends.
• Explore more online using Google search console
• Website studying and using website optimizers.
• Keeping up to date mobile applications
• Online banking and subscribing to online giants like Justdial, Sulekha, etc.
• YouTube channelizing
• Tie-ups with online shopping sites like Amazon, Flip kart, Snapdeal, etc.
• Tie-ups with online Food businesses like Swiggy, Zomato, etc.
• A multitude of options catering to online banking like immediate transfer of money and using other soft modes of handling money
• Zoom meetings, webinars, e-conferencing are the talk of the town, and everyone is indulging in it.
• Online marketing and publication to improve sales and marketing
• Using social platforms like Facebook, Instagram, and linked-in to make and generate contacts.

Top 10 Job Opportunities or Business Ideas that can initiate during and after the Lockdown

It is of paramount importance to maintain digital relations, develop strategies, and use effective techniques to study the market and get into a new opportunity that can be fruitful and money generating.

Here are the trending business or job ideas that an individual can initiate to survive the COVID 19 crises:

• Online Teaching

Education is one of the occupations that will never die out. Even coronavirus cannot stop educating young minds. One can indulge in online video classes, online tuitions, special classes, webinars, or Zoom teaching applications to reach out to the huge number of students who crave a comprehensive explanation and understanding of unexplained concepts and completion of academic syllabus.

• Freelancing Projects

Freelancing jobs like content writing, website updating, editing, publishing, journalism, graphic designing, gym instructions and workout techniques, translations, data entries, and many other such jobs are easily available and the demands for professionals in the specified fields in increasing with each passing day.

Many people are opting for the YouTube marketing small business idea scheme and have started using the immensely large platform to earn a running revenue from it. YouTube videos are catching up and are now a household commodity for people sitting idle at home and having much time in their hands. This allows people to make fun and entertaining videos, gardening and agriculture, dancing and other arts, designing, cooking, and much more to make their videos and publish them on YouTube. The number of like sand subscriptions can help them earn quite a bit from this medium.

This is a good opportunity for people to put their ideas and thoughts across to the public, giving them a better perspective on various topics. This is generally helpful for people who love writing and who have the nag of it. A blogger reaches a good number of people and can earn quite well through sponsored and affiliated posts and ads.

• Website Development

Everyone is not a tech0savvy person, and it may take them ages to have hands-on expertise using technology. This is where the professionals or people good with their technological skills enter and can help the ones who have to start up with fresh work. Even the ongoing business that has shifted from physical marketing towards online marketing would need service regarding website planning organizing and updating, thus giving the designers and developers a fair share of earnings and profits.

• Art and Craft/ Homemade manufacturing

Even housewives who were initially sitting idle at home, have now thought of contributing towards the earning so the family by transforming heir talents and skills into business ideas. Men and women are into handicrafts, making handmade designs for clothes, toys, food, even pickles, or they have tried their luck in art and craft and are outselling the same strategically and technologically to the demanding public. These home businesses are on the rise, and there is no stopping to convert the inborn talent into a bright business opportunity.

• Selling Health care necessities.

Mask, sanitizers, and medical products are much into demand and don’t seem to end soon. One can initiate a business idea considering the same getting in contact with retailers, wholesalers, and local vendors for proper sales and distribution. Many big companies have shut down their previous businesses and have entered into the same market-making loads f money from it.

• Door to Door delivery

Courier service or door to door delivery of valuables like grocery, medicines, or other relevant thigs is also a good initiative. With the fear of COVID 19, may people don’t take the risk of stepping out of their comfort zones and expect everything to be delivered to them at their doorstep? Taking necessary precautions, one can easily initiate this business.

• Cab service

Lockdown has imposed may restriction son commuting and transportation service, looking at the same crunch and converting it into a good business opportunity one can make a good amount of money by stating a cab service for people who want to travel from one city to another for work or personal reasons. There will be less negotiation and bargaining, because they don’t have a better option.

• Food Service

Everyone seems to have evolved as a great cook during the lockdown. It has given them immense time and opportunity to try different recipes and spend quality time with their families, relishing new food items and options with never-ending new concepts. Many people have taken this hobby professionally, and there is a huge demand in the market for healthy, nutritious food, which can satiate their taste buds.

Read More: Business Ideas with Low Investment & High Profit Business Ideas for Women

Business Ideas After Lock Down FAQs:

1. is it mandatory to have an activated online banking system to start a new job, 2. what is online marketing all about, 3. how do webinars or zoom sessions help, 4. how do i sell homemade products, 5. how easy will it be for me to commute during and after the lockdown.

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Business Ideas after Lockdown in India

हिंदी में पढ़ें

COVID 19, one of the deadliest viruses has incurred unforgettable losses to families, as well as immense slowdown and stagnation to economies worldwide. Unfortunately, Coronavirus is here to stay for a while, so do not let this virus stop you from doing what best can be done during these testing times. Do not lose hope and don’t let this virus weaken you. Lockdown is a temporary measure taken by governments of various nations to slow down the spread of the virus and to take appropriate steps to combat Corona in India.

Businesses have suffered huge losses and people have lost their jobs because of the massive economic slump caused by COVID 19. We cannot wait further without doing anything. Therefore, we have to become more aware, decisive, proactive, and think of businesses that can be started from home during lockdown for students doing graduation, working-class or post-retirement, as well. Some of the  Best small business ideas after lockdown  that can be started are described below:

1. Selling Healthcare Products

With the emergence of lockdown, homemade or small-scale mask making and hand sanitizer production has increased drastically to meet the surge in demand for a variety of face masks and hand sanitizers. Several entrepreneurs, small business owners, self-employed professionals, and MSMEs have opted to start face mask manufacturing and hand sanitizer business, shutting down their already existing businesses during the lockdown. To sell their products; business owners or manufacturers can directly contact local shops, retailers, and wholesalers to sell it further to local customers.

Apply for Business Loan @ low interest rate Apply Now

2. Doorstep Delivery Business

In future years, the online delivery business will be in boom and customers will prefer buying products online, rather than visiting grocery stores, malls, and shopping complexes where there will be more possibility of getting infected. Doorstep delivery is the best alternative business during the lockdown period, in which various types of delivery services can be initiated, such as essential items delivery, grocery delivery, pharmaceuticals delivery, and alcohol delivery. Respective licenses shall be required to be obtained from the concerned authority to start a specific delivery business.

3. Food Delivery or Tiffin Service

Recently, the Indian Central Government granted permission to restaurants and food outlets to sell food via online platforms and deliver it with the help of delivery vendors. You can also start a new business by starting a kitchen of popular or desired cuisine that is in demand in your area. The initial investment required is minimal that requires the purchase of raw materials with skilled and professional staff, including chefs, helpers, etc.

Apply for Startup Loans at Low Interest Rates Apply Now

4. Online Tuition Classes

Students are struggling to reach schools and colleges amid the COVID19 outbreak, their education is getting hampered with the passing of time. To make the most of this situation; professionals with knowledge, skills, and expertise in any specific field or subject can start online tuition or coaching classes for students. You just need to have a laptop, an internet connection, and a smartphone to start with online tuition classes.

Know Also: How to avail loans under the Stand Up India Scheme

5. Becoming a YouTuber

People have started earning a decent amount from online social media platforms, among those YouTube is considered the most lucrative and popular. Yes, becoming a YouTuber is trending, if you are really passionate and possess a unique style or aura to make as many followers or subscribers of your channel. This idea of becoming a YouTuber can churn you as a regular source of income. Earnings from YouTube are based on only one concept that is more the subscribers are, the more becomes the earnings.

6. Paintings or Artwork

Artists have ample amount of time to showcase their talent by their paintings or any specific art form. Artists are well-equipped with the material required and just have to present a virtual exhibition online to sell their artwork and further deliver it at the customer’s address. If artists have sufficient space to display their paintings, they can launch an event and exhibit their talent.

Also Read: Most Successful Small Business Ideas for Beginners in India

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Additional Businesses

• Online consultancy business
• Freelancing or blogging
• Website development business
• Photography business
• Homemade clothes, wooden toys, handbags, greeting cards, etc.
• Kitchen accessories and plantation items
• Candles manufacturing business
• Gifts items like antiques, picture frames, ornaments, customized cups, perfumes, ceramic goods, and much more.

Also Read: What are some small business ideas for housewives?

You can also look for things that are readily available and can be used as per the demand in this time of crisis. Even the smallest of objects can make a big difference in healing the global economy during these hard times. Stay optimistic, don’t lose hope, be aware, and have a lot of patience to fight this pandemic. Everyone is combating this deadly virus and the whole world is working together to eradicate COVID19. Treat lockdown as a period of invention, learning, and knowledge that shall nurture a bright future for mankind.

66 Comments . Leave new

Hi, I’m currently working in export. i want to start my own side business that i can handle according to my job. pl suggest me any.

Hello Kiran,

To start a new business from your home or to initiate as a small business you can click here to gain vital information.

Hello paisa bazar, Please provide some business ideas for a widow sister in rural area in Hisar haryana so as improve economically status .

Hello Govind,

There are number of businesses that can be started from Hisar, Haryana or any place in India. All it depends on the skills, knowledge, interest and passion of the business owner. You can visit to this page to get detailed information regarding business ideas by clicking here .

Hi sir, I am planning hand sanitizer dealership work, Planning to take goods directly from Industry, Pack and level on a new name of my company and sell it to wholesale retailers. Does this work will really beneficial or not?? your kind suggestions are most welcome

Hello Lakhvir,

To start a business in manufacturing of hand sanitizers, firstly you can approach retailers or shopkeepers before targeting wholesalers, as they might have already existing tenured partners of this industry. To make a mark and trust shall take some time. Also, it depends on the working capital that you plan to invest and the volume of business. Rest to avail business loan or working capital loan, you can visit paisabazaar.com to know regarding loan deals at competitive interest rates.

I want to start a Wholesale Trading of Electronic Items & Home Appliance. But I am unable to get loan as a new Business. Does there any Authentic Institution who will give loan to start the Business.

Hello Prakash,

To avail a business loan you need to qualify the eligibility criteria defined by respective bank. You can avail loans from private and public sector banks, NBFCs, Small Finance Banks, Micro Finance Institutions, Regional Rural banks, etc. You can also opt for loan schemes initiated by Government of India, such as Mudra loan under Pradhan Mantri Mudra Yojana, CGTMSE, Standup India and Startup India. Rest all depends on loan amount, loan repayment history, credit score and applicant’s profile.

I want to start a catering business for that I need finance and for providing tiffing on how to find out where we can provide tiffin pls suggest. because of this lockdown, I m suffering lots of problems.

Hello Ranjana,

To start you own catering business, surely you need finance and for that you can visit paisabazaar.com to check and compare from various leading banks and NBFCs offering business loans at competitive interest rates. You can also apply for Mudra loan under PMMY if the loan amount is not more than Rs. 10 lakh. Secondly, because of lock down not many offices are open, so to target tiffin service you can approach hostels, PGs, rental apartments, OYO rooms, etc.

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7 Innovative Business Ideas in Response to Coronavirus

Here are 7 of our favourite recent innovations that could change business for the better in the long-run..

These are uncertain times, to say the least — priorities are shifting daily as a global health emergency is being dealt with on a global scale. All the while, businesses have been forced to act fast in response — to help others suffering through the crisis while attempting to stay on solid ground financially. 

The trends we’ve been tracking are a mix of brand new approaches and the accelerated use of emerging technologies and platforms, such as live-streaming and virtual reality, to reshape business models and engage with consumers in creative ways.

Time will tell whether or not the following innovative business ideas will have staying power in their respective industries once there is a return relative normalcy, but we at Springwise do find it inspiring to see so many interesting and creative solutions coming to light. 

Springwise will continue to bring you the most purpose-driven innovations on a daily basis, including those that are directly relevant to the COVID-19 pandemic. In the meantime, here are 7 of our favourites that could change business for the better in the long-run. 

EDITOR’S NOTE: We’ve published a list of 7 More Business Ideas in Response to Coronavirus , featuring more recent innovations.

1. NEW BUSINESS MODEL FOR AN UPSCALE RESTAURANT

In the face of uncertainty, the Seattle restaurant Canlis thought strategically and adjusted to the new environment and its demands. The restaurant transformed into three pop-up restaurants: a drive-through burger joint, a bagel shop, and a “family meal” delivery service.

The idea originated with the restaurant’s co-owners, Mark and Brian Canlis, who along with their team, started redesigning the restaurant in anticipation of the state’s announcement. Donated fryers have helped to keep up with the daily demand for burgers, and a shipping container was set up in the restaurant garden, where the bagels will be made. Previous servers will act as delivery people, meaning all 115 employees have been kept on (although this isn’t compulsory).

“You have to play as much offence as you do defence . . . So what would we look like from scratch?” Mark said of his approach.

Read more about this new restaurant business model. 

2. NEW VIRTUAL STOREFRONT PLATFORM OFFERS FREE ACCESS TO RETAILERS

If shoppers can’t visit the high street, why not bring the high street to shoppers? That is the idea behind Streetify, an e-commerce platform that launched in late March, just in time to help businesses respond to the COVID-19 crisis.

With shoppers forced to stay at home, Streetify is hoping its website and free app will help connect consumers with local stores, to help keep them afloat. It is also providing retailers free access to the platform for one year in the U.K., U.S., Canada, India and Australia. 

Users of the app and website can actually choose the street they wish to visit and can scroll left or right to “walk” up and down. They are shown virtual storefronts and can click on any store to enter its Streetify website. Once inside the “store”, consumers can see all of the special offers, deals and promotions that have been gathered from top deal sites such as Groupon and Rakuten. Business owners can also put messages in their virtual storefront windows, announcing deals, delivery options, in-stock goods and more.

Read more about Streetify.

3. A 72-HOUR PRODUCT LAUNCH, LIVE-STREAMED 

Chinese mobile phone maker Xiaomi collaborated with the video platform Bilibili for a 72-hour, live-streamed launch event for its Mi 10 5G phone during the height of China’s coronavirus lockdown. 

The event, which began on the 13th of February, featured a two-hour press conference with an emotional Lei Jun, Xiaomi’s founder, who unveiled the new phone, videos, product giveaways and a virtual art exhibit. There was also COVID-19-related content like vlogs from Wuhan residents and some educational programming.

The streaming event, dubbed “Life is Not Made for Defeat,” pulled in around 12 million viewers and 2.6 million comments on Bilibili’s trademark “bullet chat” format, which streams user comments across the screen in real-time. 

Read more about this live-streamed product launch. 

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4. YOUCAM MAKEUP PROVIDES FREE AR TECH FOR BRANDS 

As the global coronavirus pandemic picked up speed and non-essential stores closed, consumers turned to online ordering in unprecedented numbers. As a result, augmented reality developer Perfect saw interest grow in its AR beauty app, YouCam Makeup. The company decided to offer cosmetics brands free AR experiences, web subscriptions and product listings as a way to help them remain connected with their customers.

The company offered brands a free subscription to their browser plug-in YouCam for Web, to help brands integrate virtual makeup “try-ons” into their websites. Perfect also waived the license fee for brands who sign up for YouCam A.R.T., an AR platform for live training sessions.

Perfect’s technology lets shoppers sample makeup and hair colours virtually before they buy. Through its YouCam app, it also offers beauty aficionados interactive ways to connect with the global beauty community through virtual experiences, such as one-to-one on-demand beauty consultations and Livestream beauty shows.

Read more about YouCam’s AR services.

5. SKIP-CHECKOUT APP AIDS SHOPPERS 

As shoppers practice social distancing and self-isolation, stores have seen a major increase in the number of customers using mobile checkout apps to avoid standing in lines. As a result, Fairway Markets ramped up the promotion of its skip-checkout app. At one point, the company was signing up more than 1,000 new users a day and has added additional servers to help process the extra orders.

The company has been promoting its scan-and-go app on social media sites, as well as in stores. After shoppers download the app, they use their phones to scan product bar codes.  When they have finished with their shopping, users scan a special QR code that tells the app they are ready to pay. Around one in twenty transactions is audited after checkout by a store employee, to deter theft.

Read more about the app.

6. POPULAR TAKEAWAY DELIVERY APP ADDS GROCERY ORDERS

The UK delivery service Deliveroo, which is mainly used for restaurant food orders, partnered with grocery giant Marks and Spencer to provide essentials to households during the coronavirus pandemic. The M&S-Deliveroo delivery service is free and is aiming to drop-off orders in less than 30 minutes. 

Deliveroo also explored other ways to help those in need during the pandemic. They recently launched “Essentials by Deliveroo,” where users can order tinned goods, pasta and other household items.

Read more about the new delivery option.

7. VR USED TO CREATE CLOUD FASHION SHOW

During Paris Fashion Week, Lanvin collaborated with video platforms Douyin, Yizhibo, iQiyi, and luxury e-tailer Secoo to create a cloud fashion show. The brand also invited fashion bloggers and boyband UNINE’s Jiayi (嘉羿) to live stream the show’s behind-the-scenes action under the hashtag #lanvin云秀场 (#lanvinCloudBasedRunway), resulting in over 5 million views.

Beyond its new clothing, Lanvin’s latest handbags – which are inspired by everyday objects like takeaway boxes for cakes –  peaked on Chinese social media, starting conversations and helping direct a younger audience to the brand.

Read more about Lanvin’s cloud fashion show. 

15th April 2020

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India: Life after coronavirus pandemic

India has also not been denied the horrors of the coronavirus pandemic. It has piled an enormous strain on our health system’s infrastructure and put it vulnerable. A recent study and meta-analysis of the prevalence of psychological co-morbidities among COVID 19 patients, health care professionals, and the general public showed that 40% of individuals had poor sleep quality, 34% have stress, and 34% have psychological distress. Another online poll discovered that 40.5% of respondents said they were experiencing depressed or anxious symptoms. Another three-quarter of participants reported having a moderate degree of stress and a negative sense of well-being. Stress and anxiety levels are rising daily as a result of the rapid rise in coronavirus infections.

According to the 2015-16 National Mental Health Survey, Central India has just 0.05 psychiatrists per 1,000 inhabitants. This ratio is very inconclusive and unstable. Certain societal groups, such as sexual minorities, the elderly and disabled, pregnant women, and children, are more prone to suffer from the coronavirus pandemic’s severe consequences. Lockdown and epidemic are likely to have the most significant effect on individuals who are alone, impoverished, destitute, mentally burdened, or otherwise outside the mainstream.

Frontline workers also have a greater chance of acquiring depression and other mental health problems than other social groups due to their increased vulnerability to the virus. An online survey of 282 Indian adults was conducted using an anonymous Google form, with the following parameters in mind: anxiety, depression, internet and pornography addiction, drug addiction, hostility experiences, changes in food and sleep habits, social empathy, and relationship quality, to obtain a more accurate psychological and sociological picture of life during the lockdown. According to this study, general anxiety disorder was more prevalent among sexual minorities than heterosexuals. Additionally, research showed a very particular fact: those close to their family who had a close connection and vulnerabilities were more likely to exhibit social empathy and have more positive social interactions. However, the psychological portion of the research showed that a solid and resilient attitude, good coping techniques, and other methods enabled even high-risk people to maintain a positive attitude during the coronavirus lockdown.

Anticipation of mental health pandemic post-COVID

Considering advances in medicine and technology, the coronavirus pandemic has claimed over 1 million lives worldwide. Apart from the mortality toll, this epidemic has exposed individuals to various physical, mental, social, and emotional difficulties. Covid-19 has previously been linked to a varied and broad range of mental health problems, including depression, anxiety, post-traumatic stress disorder, trauma, and other stress-related diseases.

Individuals at high risk, such as frontline and health care professionals and the impoverished, are more likely to be impacted than those at the bottom of the social structure hierarchy. Each individual has a unique tale to tell. Nobody is immune to it. According to the Centers for Disease Control and Prevention in the United States of America, 40.9 percent of respondents (5470) reported experiencing negative mental health symptoms, including PTSD, anxiety, sadness, and suicidal thoughts. According to analysts, this has risen by many orders of magnitude in comparison to 2019. During the coronavirus epidemic, several psychiatrists have proclaimed a “Mental Health Pandemic.”

For some individuals, the worry, sorrow, and sadness associated with the death of loved ones or feelings of isolation will last long after the epidemic is over. Coronavirus’s mental impact will linger in some individuals long after the epidemic is over, depending on the degree of desperation and despair. This burden will exacerbate the already significant burden of mental health problems and further stigmatize them. This rapid increase in and expectation of a large number of mental health problems is due to various factors, including helplessness, death of loved ones, fear of contracting illnesses, pessimism about the future, job loss due to recession, social isolation, and social isolation and adaptability to new developments. The coronavirus pandemic has evolved into a persistent trigger for seeding mental health problems across all socioeconomic levels.

While modern methods and the development of vaccinations have helped resolve the present COVID issue and contain the problem to a degree, the virus has resulted in a warped social fabric and a lack of emotional and social support. At the beginning of the epidemic, there was a glimmer of optimism among the masses, but people become sad and hopeless as time passes. Nobody is aware of the distant and improbable consequences of the coronavirus epidemic. Experts have advised people to prepare themselves for the pandemic’s long-term mental consequences and psychological repercussions.

Life after Coronavirus pandemic

Life will not be the same again after the Covid-19 pandemic. We are all anticipating a fresh beginning. The start of a post-COVID future in which everything will change, and we will need to adjust our behaviour accordingly. Everything will change our values, our lives, our houses, our etiquette and manner of social contact, our viewpoint, and societal outlook. We are inclined to speculate and are curious about what the future holds for us, but we can never be sure since the future is unpredictable. Long-term coronavirus effects typically include an increase in economic inequality, more cars and fewer people on the road (which means people will develop a habit of staying inside their homes and we will see far fewer people outside than we did previously), changes in physical and mental health, changes in lifestyle, and possibly a dramatic increase in social leisure activities and social ability to interact.

Finally, I won’t write much more than that, but I’d want to finish by stating that there is always a light at the end of the tunnel and that “this too will pass.” Avoid being too hard on yourself, and I think that regardless of how difficult it seems right now, we will make it through together.

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Reopening India: Implications for economic activity and workers

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COVID-19 is an unprecedented humanitarian challenge for all countries. Six weeks of national lockdown have given India the time to make a concerted effort to flatten the pandemic’s curve. Now attention is shifting to reopening the economy while containing the virus: a conundrum many other nations are also grappling with.

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In the past six weeks, India’s economy has functioned at 49 to 57 percent of its full activity level, by our estimates. That economic cost, though unavoidable in the early stages of a lockdown, might not be sustainable in the longer term. It is becoming increasingly clear that COVID-19 will not disappear immediately; the economy will need to be managed alongside persistent infection risks, possibly for a prolonged period. After reopening, some countries have needed to resume lockdowns in response to rising infection rates, and India may be no exception.

How Indian businesses, consumers, and workers are equipped to resume their activities, even amid the ebb and flow of the virus, will decide how lives and livelihoods fare in India. Effective management of lockdowns, along with health-system preparedness 1 1. Health-system preparedness, including critical-care capacity across intensive-care units, personal protective equipment, surge healthcare workforce, and public-health measures (such as use of virus testing, tracking, and tracing; physical distancing; travel restrictions; isolation; and quarantining), is a key component of the capability required. to manage and contain the virus), will be a critical capability for Indian administrators, since restarting the economy comes with risks. The lockdown- and restart-management capability will have to be granular and dynamic, with local implementation closely aligned to state- and central-government policy and support from high-quality communication.

Implications of lockdown to consider

Looking ahead, three considerations may shape a suitable approach for India.

1. India’s intertwined supply chains need a sharply targeted lockdown approach.

India’s manufacturing, labor, and distribution chains are intertwined across sectors and geographies, particularly in the wake of the Goods and Services Tax that has eased interstate trade and commerce.

As a result, an economic activity allowed in one part of the country or economy could be constrained by supply-and-demand bottlenecks in other parts. Supply chains, demand centers, and labor corridors would need to be restored while the country ensures that lockdowns are sharply targeted in the locations and for the activities required to contain the virus. Those targeted guardrails would need to be adjusted dynamically as the situation evolves over the coming year.

The following examples highlight a few of the dependencies across Indian sectors and geographies:

• In the textiles sector, cotton is bought in the western parts of India, yarn is spun in the north and west, weaving takes place in the south, and apparel is manufactured in clusters in the north and south.
• In the chemical industry, the acetic-acid value-chain supplies diverse industries, such as pharmaceuticals, pesticides, paper, food processing, and construction. Any blockage to its supply chain would therefore have ripple effects in many other seemingly unrelated sectors.
• Electronics manufacturing requires inputs from sectors as diverse as metal working, plastic molding, paper processing, chemical processing, and electrical supplies. Disallowing activity in any of them would affect electronics-manufacturing output.
• Six states (including Andhra Pradesh, Kerala, Maharashtra, and Tamil Nadu, which account for 30 percent of construction activity) rely heavily on migrant construction workers from other states. Bottlenecks in the return of migrants would affect building activity in such states.
• Half of all drivers engaged in freight movement across the country come from just 14 districts, according to our analysis. Restrictions on the movement of people from these districts could affect the ramping up of national logistics activity.

2. Economic activity is concentrated in red-zone districts that are critical centers of production and consumption

The Indian Ministry of Health and Family Welfare (MoHFW) has classified districts into red, orange, and green zones, based on multiple criteria. 2 2. The Indian Ministry of Health and Family Welfare’s April 30, 2020, circular describes the ministry’s multifactorial approach to district classification, taking into consideration the incidence of cases, the doubling rate, the extent of testing, and surveillance feedback. The 130 districts classified as red-zone districts are some of the most urbanized and industrialized parts of the country. They account for some 41 percent of national economic activity, 38 percent of industrial output, 40 percent of nonfarm employment, and more than half of India’s consuming-class households 3 3. Consuming-class households refers to households with disposable incomes greater than 485,000 Indian rupees at 2012 prices. (Exhibit 1). Within this set of red-zone districts, 27 districts that have relatively higher infection rates and are more urbanized account for roughly one-third of the economic activity. Finding methods of keeping these red-zone districts operational and safe would be critical in keeping economic activity sustainable.

3. Significant on-the-ground implementation challenges need to be addressed

Under the most recent guidelines from the Indian Ministry of Home Affairs (MHA) on May 1, 2020, almost all activities have been permitted, including in red-zone districts, while specific containment zones within districts are required to stay locked down. State governments are empowered to reopen local district-level economies within the overall central guidelines.

The dominant concerns at the state and local levels are infection and mortality rates, indicators that tragically affect communities and are counted daily or even hourly. Economic consequences of lockdowns, such as job loss and poverty, show up over weeks and months. State governments are naturally considering their healthcare-capacity levels; virus-screening, -tracing, and -containment resources; and ability to enforce safe work protocols on the ground. With these factors coming into play, many red-zone districts could continue to remain fully locked down in the near term, and some others could be locked down again. Based on current announcements, two of India’s largest cities, Mumbai and Pune, representing 6 percent of India’s GDP, will stay locked down until May 17, 2020; the containment zones within them house a fraction of their populations.

Even where districts have reopened, varying interpretations of government guidelines by local frontline administrators could confound the issue. For example, current guidelines stipulate that industries with “access control” can be reopened, but state authorities need to determine what that means—and the interpretation may vary, even among frontline functionaries within a particular state or district. In the dynamic environment anticipated, such guidelines may change frequently as Indians live and work alongside COVID-19 in the coming months, needing an agile implementation capability on the ground.

Potential reopening implications for economic activity and workers

Based on district-level data on employment for more than 700 districts across 19 sectors, we estimate that only 49 to 57 percent of India’s economic activity has operated during the lockdown so far, with 143 million to 186 million inactive nonfarm workers. 4 4. We estimate economic activity based on labor-force composition by sector and potential demand and supply factors at a 19-sector level. Economic activity on the ground may rise going forward, although reaching full potential would require considerable effort to boost local confidence in large swathes of the country.

We conducted a thought experiment to simulate potential changes in economic activity and work levels under different assumptions. Exhibit 2 shows three potential cases under various implementation levels of the recent MHA and MoHFW guidelines:

• In the moderate-opening case, we assume the recent reopening guidelines from MHA (to allow all districts, except for their containment zones, to operate most activities) are implemented in all but 130 red-zone districts. In those 130 districts, we assume urban areas allow only essential services and rural areas allow manufacturing and construction to resume. In this case, only 66 percent of national economic activity is operational, with around 107 million inactive nonfarm workers.
• In the broad-opening case, we assume that MHA guidelines are implemented in all but 27 red-zone districts (the most urbanized ones that also have relatively high infection rates), which we assume remain locked down and permit only essential services in urban areas. In this case, around 80 percent of national economic activity is operational, and the number of inactive nonfarm workers is around 67 million.
• In the extensive-opening case, we assume that all districts restart permitted activities outside their containment zones, with careful monitoring of health implications. Here, at least 96 percent of economic activity is operational, with 17 million inactive nonfarm workers.

In both the moderate- and broad-opening cases, the lack of adequate work opportunities and a consequent increase in the vulnerable population are significant concerns. Populous states such as Maharashtra, Tamil Nadu, Uttar Pradesh, and West Bengal could each see around five million inactive nonfarm workers, even in the broad-opening case (Exhibit 3). That level of unemployment would pose a considerable burden of providing social safety nets: we estimate that meeting just the most essential needs of those workers and their dependents could cost more than $12 billion per quarter.

Granular, dynamic, and locally driven lockdown- and restart-management capabilities

To enable the economy to reopen sustainably championing the health and safety of citizens, India needs to take into consideration several types of measures:

• Strengthening local health preparedness. To reopen sustainably, health-system preparedness needs to be enhanced across a large number of districts, particularly the red-zone ones.
• Moving from a list of permissible activities to a not-permitted or “negative” list. Short, sharp communication around what is not permitted would be easier to understand and implement than would a list of permissible activities. It would also help avoid the risk of entire sectors or industries being disallowed if they were not mentioned in the permitted list.
• Reinforcing the principle of locking down only the containment zones, not entire districts, in line with MHA guidelines. Administrators, particularly at the district level, are focused on what is being reported daily—disease statistics. Providing a 360-degree view that tracks health impacts across both lives and livelihoods will enable better-informed decision making.
• Increasing implementation capacity at the district level. More than 700 capable and trained officers could be deputed to work with district magistrates in each district to execute locally tailored back-to-work plans. They could receive support from cross-functional centers of excellence in states or a center that channels medical, administrative, social, economic, and business expertise and best practices; conducts rapid analyses; and provides valuable feedback to the districts. This happens in every Indian election.
• Operationalizing safe passage along key labor corridors. Guidelines that restrict the interstate movement of people could be rapidly reviewed. Given the supply-chain linkages, the safe and controlled movement of labor between urban and rural areas, as well as within cities, will be critical if economic activity is to resume.
• Strengthening coordination and communication. Tight coordination among various arms of the government—central departments, states, local administration, and regulators—and with stakeholders from industry and commerce is important. A senior-level state-cum-central government COVID-19 forum that meets weekly could be created to interact frequently, sharing cross-functional learnings. This could help deliver clearer communication to stakeholders at all levels.
• Looking ahead and planning for contingencies. The future remains uncertain, and India will need to be ready for all sorts of eventualities. It would be wise at all levels of government to develop contingency plans based on scenarios of potential COVID-19 impacts.

India’s economy will need to function alongside COVID-19 for a prolonged period. A well-implemented, granular, dynamic, and locally driven lockdown- and restart-management capability while managing health risks is required. There is much at stake for India—in both lives and livelihoods—in getting this right.

About the author(s)

Rajat Gupta is a senior partner in McKinsey’s Mumbai office, where Anu Madgavkar is a partner; Hanish Yadav is an associate partner in the Gurgaon office.

The authors wish to thank the leaders of McKinsey India, particularly Abhishek Asawa, Shishir Gupta, Vikram Kapur, Suyog Kotecha, and Alok Kshirsagar; Ezra Greenberg; and Sven Smit for their contributions to this article.

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20 things that will change post COVID and how to arrange your business to thrive

Despite its disastrous economic impact, the financial crisis of 2008 served as a catalyst for innovative business ideas that launched multi-billion-dollar enterprises. Limited disposable income paved the way for companies such as Uber and Airbnb to cater to customers’ needs for affordable transportation and travel accommodation at a time when new car purchases and luxury vacation rentals were off the table for many consumers.

More than the right ideas at the right time, these companies were borne out of a philosophic shift in how business could be done; indeed, some postulate that without the Great Recession, the innovators behind Dropbox, Instagram, Uber, Airbnb and “ sharing economy ” businesses might have simply joined the workforce rather than found ultra-successful enterprises.

With unemployment rates matching those of the Great Recession and a new layer of challenges brought on by social distancing, business closures and supply disruptions, companies must ask: how will the coronavirus (COVID-19) crisis change the world of business? Which new consumer behaviors will continue once the pandemic ends? What opportunities will emerge for business growth, and what does that mean for pivoting existing businesses or launching startups?

To help spark inspiration, the following lists 20 ways the world might be different after COVID-19 and how businesses can use these insights to succeed post-pandemic.

1. Regionalized production and supply chains

Companies that depend on supplies from distant sources have struggled to maintain operations during the pandemic. This is especially true for manufacturers, retailers and ecommerce sellers that source from faraway places such as China – which supplies 50 to 70% of the world’s copper, iron ore and nickel .

Moving forward, businesses might seek production and supply chains closer to home. Doing so will not only help protect against future disruptions, it could result in cost savings due to reduced shipping and transportation expenses. Saving money and securing against potential disasters are benefits many companies are likely to explore; at the same time, a revitalized market for regionalized production and sourcing presents new opportunities for entrepreneurs to pivot towards or start manufacturing facilities, warehouses, online sourcing platforms and other related businesses.

2. Ongoing remote employees

A recent Gartner survey revealed that 74% of CFOs plan to shift some employees to permanent remote work after the pandemic ends. Of those, 25% said 10% of their workforce will remain remote, 17% said 20% of their workforce will remain remote and 4% said half of their workforce will remain remote.

Remote employees save companies money and enable businesses to retain top talent that seeks flexibility and the ability to work from the comfort of their own homes, avoid commutes and perhaps even travel without missing work time. It also presents an opportunity for entrepreneurs to cater to the work-at-home employees who need powerful, reliable equipment, software platforms and related accessories. Many of these products are expensive at the enterprise level, but some companies might pivot toward equipment leasing, accessory add-ons such as headsets and office furniture and SaaS platforms that streamline remote communications and enhance productivity.

3. Increased delivery and curbside pickup

No longer the exclusive domain of pizzerias and Chinese takeout, delivery and curbside pickup services have expanded to other types of restaurants – and indeed, other industries – during the coronavirus crisis. The safety measure is likely to outlast the pandemic as people are falling in love with the convenience of McDonald’s on their doorsteps.

Services such as Door Dash and Uber Eats were already bringing favorite treats to homes (one might imagine how those businesses have surged during the pandemic), but there’s room for more players and new markets. From nationwide franchises to local restaurants and hardware stores, every retailer and eatery can identify opportunities to boost sales with delivery and curbside pickup – and other entrepreneurs can enter the game by offering third-party delivery services that eliminate additional overhead for businesses .

Opportunities also exist for companies that can support or augment delivery and pickup services. For example, software and app developers can build platforms that make it easy to order, fulfill orders and track order status.

4. Contactless shopping

Already implemented in the aforementioned delivery services, customers are likely to seek shopping options that limit or eliminate contact with other people and surfaces. This presents an opportunity for certain companies to develop new solutions that cater to contactless demand or bolster sales for existing products in new markets and with new customers.

Automatic doors are a simple example, especially since many businesses do not have them installed. Contactless credit card machines are another idea, given that many will be reticent to manually input their pin codes at checkout. Necessity is the mother of invention, and a society wary of contact presents excellent opportunities for innovative companies to cash in.

5. Greater reliance on ecommerce

Ecommerce grew by 14% over a one-week span in March , illustrating how the pandemic has shifted buying to the online environment. That makes sense given social distancing and stay-at-home mandates, but what might be lost in the ecommerce surge is the fact that many people are buying goods online for the first time . After their initial introduction to the convenience of online shopping, populations such as senior citizens and rural shoppers are likely to continue buying online.

Greater reliance on ecommerce presents multiple opportunities for companies that can cater to specific segments – for example, simplified shopping platforms for seniors or parent-restricted access for minors – and it underscores the importance of having a strong online presence. Local businesses that do not have websites or social media presences (or that leave theirs untended to) could be left behind. Web designers, app developers, social media and online marketing experts have an opportunity to grow their businesses by reaching out to those who need their services now more than ever.

6. A newfound need to be clean

No one likes shopping in a dirty store, but the coronavirus pandemic has made the need to be clean even more important – especially since the real threats are invisible. Retailers, restaurants and other companies that have foot traffic must convince their customers they won’t get sick if they shop at their facilities.

Sanitizing wipes for shopping carts, hand sanitizer dispensers at the door and checkout lane wipe-downs between customers are a start. Such measures also present opportunities for entrepreneurs to manufacture, distribute and sell sanitizing products. Janitorial companies can offer sanitization services to retail stores and restaurants. Supply companies can keep sanitizer and wipe dispensers filled. Moving forward, businesses will need to prioritize cleanliness and opportunities abound for ingenuitive companies: perhaps new technology will be developed or incorporated in a new way to offer in-store cleanliness, such as UV lights in checkout aisles.

7. Consumer trust is paramount

There’s no doubt many companies already prioritize consumer trust, but the very real health risk of COVID-19 takes the need for transparency and authenticity to new heights. Maintaining a clean facility is part of the equation, but on a broader level it’s likely customers will choose to buy from businesses they view as ethical and that have their best interests in mind: quality service over profitability.

A company’s actions during and post-pandemic could have a direct impact on its bottom line, so it’s important for businesses to have their fingers on the pulse of public sentiment. It’s likely a reason Shake Shack recently returned the $10 million Paycheck Protection Program (PPP) loan it received as part of the stimulus package : the burger chain was publicly criticized for taking money that was supposed to go to small businesses. Though the company wasn’t nefarious for accepting the loan, it recognized that keeping it could do more long-term damage than returning it, which likely elevated consumer trust in the franchise. The act illustrates how businesses that work to earn trust are positioned to enjoy success once the pandemic ends.

8. Less group entertainment

Even when stay-at-home mandates and social distancing end, many will be reticent to attend events packed with large crowds. Karaoke nights might be tough since people will be wary of sharing a microphone with dozens of others. Bars and nightclubs could suffer. Attendance could be low at live concerts and sporting tournaments.

Businesses will need to adapt and innovate. Already, online concerts featuring top performers have commanded millions of views. Gaming tournaments once held in arenas might shift online permanently – or at least for an extended period. Sporting events might be held in empty stadiums.

Entrepreneurial minds will prevail, however: bars can position stools and tables at least six feet apart. Concerts could be held in outdoor venues with dedicated seating and spacing. Performers can continue online shows, but with new levels of interactivity: live video viewer streams or software that controls in-home lights, speakers and other devices. Sporting events can institute interactive fantasy games or online betting (perhaps for charity). And of course, companies will be needed to develop the technology needed to make events more interactive.

9. Greater emphasis on health and wellness

The coronavirus crisis has brought public and personal health to the forefront. The threat itself is scary enough, but people understand they’re more vulnerable if they’re in poor health. Moreover, the act of visiting the doctor or going to the hospital is considered risky. Post-pandemic, that means many are likely to place greater emphasis on their personal wellbeing and healthcare companies will invest additional resources into providing remote care.

Enterprising companies can launch interactive health and fitness classes so people can work out at home. SaaS developers can create personal health tracker platforms and devices to help people achieve and maintain their health goals. Companies can work with doctors and hospitals to develop remote care platforms. Though video doctor visits are available now, it’s possible opportunities exist to develop devices that take key medical measurements at home – perhaps there will be a return to the traveling doctor, albeit via machines that feed data to hospitals. Companies that innovate new medical technologies that cater to remote care could usher in a new era of healthcare accessibility.

10. Quality of life decisions

Post-COVID-19, some predict that employees will be making more decisions based on quality of life versus work opportunities. For example, those who have been forced to hunker down in city apartments will decide to move to the suburbs or rural areas where they can enjoy the great outdoors – or even just a lawn.

If that happens, businesses would be wise to consider the need for employees to lead quality lives when they make their hiring and policy decisions. It lends credence to the idea that companies that allow remote work will be best positioned for success post-pandemic; otherwise, they risk losing top talent that deems a pay decrease acceptable in order to achieve better lives.

It also represents an opportunity for businesses to provide quality of life-related products and services. Real estate companies can market city-to-suburbs relocation services. Moving companies might see a boon. Communications and technology firms can provide the connectivity needed to maintain operations from afar.

11. Another baby boom

Many are predicting a baby boom resulting from the coronavirus; if that occurs, companies that sell products and services to parents can expect surging sales.

A baby boom could affect businesses that do not sell children’s products, too: now might be the time for companies to reevaluate their maternity and paternity leave policies so they can cater to top talent. It also makes a good case for remote work training, as many parents could continue performing their jobs – even part-time – if they can work remotely. Cross-training is also important: when multiple employees can perform the same job, it makes it easier for companies to adopt ample leave policies for pregnancy and childrearing.

12. More DIY

Right now, people can’t go to the salon. They have time on their hands to cook and clean. Most can go to home improvement stores, and they have the time to paint their living rooms. A trip to the grocery store might be deemed risky, but planting seeds is easy. Collectively, people have the need and time to do things themselves, and that’s a trend that could outlast the pandemic as customers realize cost savings and even find enjoyment in doing their own hairstyling, cooking, cleaning, remodeling and gardening.

Companies that offer related products and services will either need to find ways to entice customers to come back after the crisis or cater to the DIY trend. A salon, for example, can sell DIY at-home hair dye kits. An ecommerce company could promote in-home gardening kits and dole out advice with recorded videos or live, interactive online workshops. Startups could develop new, innovative ways to help people do things themselves (perhaps providing on-demand support when they get stuck) and rapidly become household names.

13. The digital classroom

The coronavirus crisis has disrupted education across the board, from elementary schools to colleges and universities. Many have quickly adapted by employing digital classroom apps to maintain learning in the absence of face-to-face instruction – but there is room for improvement.

Post-pandemic, some schools might recognize the cost-savings associated with digital classrooms and move part of their formal curricula online. Perhaps students and parents will have a choice between learning online or off, or in-person school sessions will be reduced to three days per week with the other two held online.

No matter what the future holds for education, opportunities exist for companies to develop products and services that cater to a digital classroom generation: interactive online learning platforms, video streaming, tutors and more. Companies in the educational technology field – and those who want to enter it – would be wise to survey students, parents, educators and administrators to discover pitfalls in current solutions and identify ways to enhance the digital classroom experience.

14. Reduced travel

The coronavirus pandemic has proven it’s not necessary to meet face-to-face to accomplish many business goals. Once the crisis ends, that might cause some companies to put the brakes on business travel: a considerable expense for many firms. Taking that a step further, even business conferences could be held remotely in the not-so-distant future.

At the consumer level, many people are taking virtual tours of famous landmarks. That trend might continue beyond the coronavirus not only due to safety concerns, but also due to reduced disposable income. Hospitality and travel companies would be wise to develop deals that entice customers to travel (perhaps group discounts); other companies can develop new ways to immerse customers in the virtual tour experience.

15. Rediscovery of outdoor recreation

Gyms are closed, yet people have plenty of time to pursue personal fitness. That means many are taking to the great outdoors for recreation. Though playgrounds might not be open, hiking and jogging in parks and along trails is quickly becoming the daily norm for those who would otherwise find themselves in the gym – as well as those who are using the COVID-19 crisis as inspiration to jumpstart their personal wellness programs.

Innovative companies might see this as an opportunity to keep people outdoors once the gyms reopen. Outdoor training equipment, obstacle courses and water stations could be sought by public entities; businesses that are prepared to offer such enhancements could find themselves in a prime position. Moreover, outdoor athletic clothing, accessories and devices could see a boon post-pandemic.

16. Focus on financial planning

Not just a health issue, the coronavirus pandemic is an economic crisis that has put a stranglehold on the average household finances. In fact, 40% of Americans do not have enough savings to cover a $500 emergency – certainly a crisis when unemployment rates have skyrocketed.

Post-pandemic, it’s likely many people will focus on financial planning so they’re prepared to endure if disaster strikes again. That presents opportunities not only for financial planners, but also businesses that can develop online financial education suites and self-help financial platforms that help people stay on track with their budgets, savings and emergency fund goals.

Non-financial businesses can also prepare by developing emergency repayment plans. Rather than offer forbearances if another emergency occurs, a formal reduced repayment policy might allow businesses to remain solvent during a crisis.

17. Newfound passion hobbies

Afforded extra time, many people are rediscovering (or newly discovering) their passions: reading, cooking, writing, photography, knitting, dancing, music and bicycling, to name a few. That interest is unlikely to wane once things return to “normal,” so companies that cater to such hobbies could experience a surge in sales.

Moreover, new opportunities might exist for startups and existing businesses to help people enjoy their hobbies. Online tutorials, for example, or subscription boxes packed with items enthusiasts will appreciate. Another idea might be a mentor matching service, where new hobbyists can directly interact with and learn from experienced practitioners to enhance their skills and capabilities.

18. Expanded gig economy

As mentioned, it’s likely many top employees will want to continue working from home once the pandemic ends. Companies that offer such flexibility are well-positioned to attract and retain top employees – but they might not be employees at all.

Unemployment, layoffs and outright terminations have caused many former employees to seek remote work online. Some are likely finding they prefer the freelancer role over the corporate 9-to-5: it offers diversification, so they might feel more secure in knowing they’re not necessarily out of a job if another disaster strikes.

Businesses should consider how they’re going to keep such employees in-house; or, whether they’re better off hiring contractors instead of employees. The cost savings can be substantial, even for the highest-quality work, but shifting to gig workers also means investing in the right collaboration platforms and developing policies specific to non-employees. That said, companies that are willing to hire gig workers can tap into top talent pools as needed and avoid the overhead associated with maintaining a full-time staff as well as related taxes and benefits.

19. Focused disruption

Though companies such as Amazon offers nearly everything under the sun and probably at the lowest price, it doesn’t stop other companies from competing and earning greater market share in their respective sectors. One of the keys to small business success in an era of Amazon, Walmart and big box stores is focused disruption: identifying the one thing the company does best, delivering it in the most convenient way and focusing only on that.

Airbnb and Uber are outstanding examples of focused disruption. One offers affordable vacation rentals just about anywhere, the other offers affordable transportation with the tap of an app. During the coronavirus crisis, companies such as Tushy and Farmbox have enjoyed skyrocketing sales – Tushy sells installable bidets, while Farmbox delivers fresh produce to customers. In fact, these companies have struggled to keep up with demand.

The common thread between each of these companies is a focus on doing one thing and doing it better than anyone else. Customers respond well to authentic companies that deliver on their promises, and having a singular focus makes it much easier for small business to cater to targeted segments and outcompete large enterprises that are too big to maintain such focus. While it’s difficult to predict what, exactly, customers will clamor for post-pandemic, it stands to reason that businesses that are able to focus have a better chance of success once the crisis ends.

20. Business disaster planning

More than 40% of businesses never reopen after a disaster , underscoring the need for companies to have an emergency response plan. Unfortunately, many businesses do not and were forced to close their doors permanently due to COVID-19. Once the pandemic ends, businesses that survived should place a new emphasis on disaster planning: those that do not have plan will create one, and those that have a plan will reevaluate it to ensure it’s adequate.

That means businesses must dedicate time and resources to developing a strong emergency response plan . Every business is impacted by the need for disaster planning; however, it’s also an opportunity for B2B businesses to develop disaster planning resources: emergency plan workbooks, for example, or disaster plan audits and consulting services.

A lot of things are going to be different once the coronavirus crisis subsides. Right now, it’s important for businesses to consider how those changes will affect their companies and how they should respond. It’s also critical to consider how customers’ lives will change and what opportunities exist within those predictions. In doing so, companies can identify ways to improve their businesses, provide what their customers need, innovate new products and services, and position themselves for success post-pandemic.

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A post-Covid business opportunity

The coronavirus pandemic has influenced foreign firms to shift operations out of china. india must spruce up domestic business environment to take advantage.

Prime Minister Narendra Modi held a meeting on April 30 to develop a strategy to attract FDI, particularly foreign firms wanting to move out of China, to boost investment. In fact, the Indian government is reportedly in the process of identifying and developing 4.6 lakh hectares of land, including 1.1 lakh hectares of existing land in industrial areas, and planning fiscal incentives in the form of preferential tax rates, tax holidays etc in order to attract foreign firms. Further, a few state governments are also proactively working to capitalise on the opportunity.

The initiatives by the government are timely; they are coming at a time when foreign companies are looking to shift their production base out of China and their home countries are facilitating the move. Japan has announced $2 billion worth of incentives and Korea is encouraging its firms to shift from China too. It is not surprising that approximately one thousand companies are in discussions with the GoI to set up their production base in India. China has been the world’s factory for the last three decades mainly because of its FDI-led manufacturing exports. Almost 50 per cent of China’s growth comes from exports, creating millions of jobs.

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Unlike the US, Italy, Spain and a few other countries, the COVID pandemic has, so far, not been severe in India in terms of both positive cases and fatality rate, if we normalise for the population. The initial stimulus package of Rs 1.7 lakh crore in March, followed by liquidity measures by the RBI and now, the stimulus package of Rs 20 lakh crore may help the Indian economy towards a vertical (V-shape) recovery. Therefore, post Covid, India could be the brightest spot among the emerging economies when it comes to attracting FDI. “Make in India” will become a success provided we prepare the ground and grab the opportunity.

Initially, China attracted foreign investors with decentralised and favourable FDI policy that had a lot of incentives with regard to land, utilities, infrastructure and logistics. Cheap labour, large SEZs, favourable pricing of inputs, and an under-valued currency facilitated and attracted foreign firms. However, these advantages have reached a saturation point. In fact, foreign firms are now dealing with a higher cost of production, higher wages, stricter environmental norms etc. Many foreign firms have consequently moved their production bases to Southeast Asian countries.

The situation for foreign firms in China has become more unfavourable in the last few years. First, the US-China tariff wars happened, which created uncertainty vis-a-vis trade and investment in China. Leading MNCs whose production facilities in China were part of their global value chain became suspicious about business viability and expansion there. The latest reason to now worry foreign firms is the origin of the coronavirus outbreak, and the lack of transparency in handling the pandemic — leading to a lack of trust of the major economies when it comes to China. The coronavirus outbreak in China disrupted the supply chain of the foreign firms, and it is also going to be the point of contention between China and the rest of the world.

Moreover, the fight for supremacy in technology and military, the differences between US-China on trade, intellectual property rights, and geo-political issues, are here to stay. Therefore, foreign companies which heavily depended on China are now looking to diversify the risk to their supply chain by moving out of China. And India offers them the best alternative.

India, the world’s fifth largest economy with an abundant labour force, offers the best alternative in terms of depth and size of the markets. With the median age of 27 and around 900 million “working-age” population, India is a young and aspirational economy. In the past, China used its huge labour force in manufacturing by attracting FDI — it’s time for India to do the same, particularly when foreign firms are looking for an alternative manufacturing base. According to a UNDP report, India will have a working age population of 1.14 billion, with rising urbanisation and a populating middle-class by 2025, creating a huge domestic market. India is also a resource-rich country. Therefore, India has its stage set to attract both market-seeking and resource-seeking FDI.

Starting from the early 1990s, India has progressively opened up sectors with hiked FDI equity to foreign investors under automatic routes. In recent years, there have been many proactive steps to facilitate foreign investors such as 24*7 online service to investors, response-query mechanism, proactive intervention with all the state governments, follow ups with all the GoI departments, reduction in documents for exports-imports from 11 to three, the Insolvency and Bankruptcy Code, and the creation of country specific (such as Japan and Korea) desks among others.

All these reforms resulted in India improving its ranking in the World Bank’s Ease of Doing Business report and also in the world competitive index in the last three years. No wonder, India has been ranked by multiple international bodies as one of the most favoured designations for FDI. Moreover, unlike China, India is a stable democracy where governance and rule-making is much more open and accountable.

However, simply opening of the sectors or the economy, and inviting foreign investors, will not be enough. We need to create a conducive and favourable business environment that enables foreign firms to manufacture at a competitive cost and use abundant resources like manpower. We need market reforms such as rationalising punitive land acquisition clauses and multiple labour laws, both at Centre and state level. It is time to speed up work on the four labour codes on industrial relations at a central level. The government should augment the work on infrastructure, logistics and trade facilitation so that trade and transaction costs, crucial for FDI firms, are reduced.

The need of the hour is also to redesign and revamp SEZs and EPZs policy for better performance. Though the reforms are very progressive at the central government and higher bureaucracy level, things are different at the level of state governments and lower bureaucracy — which actually matters when it comes to the implementation of projects and economic activities. It is time to train and bring about reforms at the lower bureaucracy level, which is not ready to give up their power. FDI will not only augment capital formation, it will also act as a vehicle for technology upgradation, skills development, exports promotion, job creation and the improvement of overall competitiveness of the economy. This is an opportunity for India in the post-Covid era. If we grab this opportunity, the next 30 years would belong to India at the global stage.

The writer is a professor at Institute of Economic Growth (IEG), Delhi

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