When organizations are as powerful as they are today, there is rarely anything that scares them.
There said that!
Apart from their own organizational inefficiencies, there is very little that they see and care about. Of course, competitor and environmental analysis is an exception, but apart from that, rarely anything out of the ordinary is processed.
“Out of the ordinary” is precisely what the coronavirus has come out to be!
No organization could see this coming and therefore prepare for it. Now, as the world suffers and bleeds and governments have no clue about putting a handle on the virus, all they can do is lock down everything.
The Global Economy in The Virus
And you do not have to be an analyst to understand what a lockdown can do for your business. Not only has your business stopped producing, but the demand has plummeted too. The stocks for your company have fallen too. So there is very little that you can do.
In early March, Bloomberg predicted that the virus could cost the global economy around $2.7 trillion! We do not need to say how significant this amount is, do we?
Moreover, what is even more alarming is that organizations continue to lose their money to fixed costs and employee remunerations without any increase in profits.
But that does not mean that there is no unemployment. People who depended on daily wages and worked menial tasks in organizations have found themselves out of work.
Statistics have already shown that the weekly total of unemployment claims have gone up manifold during the first two weeks of April.
Business Ideas to Save You
With all this uncertainty and fear around, there is no saying when and how we will come out of this. But to keep your morale high and keep yourself growing, there is plenty you can do. And when we say plenty, we mean it!
You can even go out to work on business ideas that you never before had time to develop. These are the ideas that you could work on now:
1. Children’s Line for Masks
The one thing that has definitely come out of this pandemic is the importance of hygiene. But hygiene has not only been about washing hands but keeping your eyes and nose safe.
The demand for masks has suddenly risen so much that it has become challenging to keep up with the demands for the most critical players in the industry.
Going over stats, it becomes apparent that the growth in sales for masks, be it medical or maintenance, has been phenomenal. Everyone is buying masks, and it seems it would be the right moment to make masks to keep the market stable and prices low.
But if you really want to let your creative side out and scratch out a niche, we know just the thing! Children are the one segment that may not realize the danger in all this. As a result, they are not especially inclined to wear their protective masks.
The only to keep them looking after themselves is to give them something that they love. The masks that they wear need to have color and animations rather than being the same old boring plain masks. While the market definitely exists, nobody is currently looking to make such masks.
That is why this is your perfect opportunity to start small-scale with your masks business.
2. Analytics Firm
Everyone knows that the world is moving towards technology, and that is where the future lies. That is why businesses like Apple and Samsung and Google and Uber have gone on to become such giants because they deal with tech.
But what most people do not realize is that one of the most lucrative fields in the world technology has been data scientists. Not only is the title sexy, but the market is also too.
As you can see from the chart above, a data scientist with the right expertise can earn ridiculous amounts of money. And you know the best part? Analytics is everywhere!
Moreover, in times like these, where the global community faces unprecedented uncertainty, data scientists add some certainty. On top of all that, data scientists do not need an office to work. Everything that they need is right there in their head, and all they need to work on it is their laptop.
This is why starting your own data analytics consultancy was never out of the question. If you have the right skill set, you can definitely go on with a business in the field. But the idea of working on this business idea is even more lucrative in this global crisis.
Why? Because everyone is looking for some insights. Companies need to know when they can expect to start working again, and governments want to know how to allocate resources. Individuals want to know if they will have a job in the near future. This is a perfect time.
3. Online Learning Platforms
Year-round, people think they will add to their skillsets. And what better way to do so than to study with self-paced programs online. But the fact of the matter is they never find enough time for themselves to start learning what they want to learn.
But now that a pandemic is on the loose, there’s too much time and too little to do. In this case, several online platforms and services have given out their services for free. As a result, people willing to learn have rushed to register.
Which begs the question, why not start working on your own e-learning platform? Everyone knows that the future of education is online, and predictions for a post-pandemic world are all about e-learning.
So, why not start working on an online learning platform now, offer free courses for people to register right now and continue working on it in the future. When the pandemic subsides, people will remember your brand and its great initiative and flock towards your services. It’s an absolute win.
4. Fitness Supplies
Keep the body moving!
Apart from online learning, there is one other thing that people always think they will work on, but never do: their fitness! But now that they have time, you can bet that they are going to start working out.
Working out is also especially recommended during these times, given that your body can improve its immunity with better metabolism by working out. So, if there is one thing that you want to start doing right now, is start with your own fitness equipment.
Some of the best supplies that you can have during these times are fitness mats, dumbbells, and cycling and running equipment. Once the pandemic ends, fitness will have developed into a habit, and your store will not go out of demand.
Final Words
Yes, these are scary times, and hope is precious. But everything has its own silver lining. If anything, the pandemic has made people realize the importance of human contact and gatherings. For you, it can create business opportunities that continue to pay off in the near future.
The only thing to really make sure of is you do not waste this time, rather spend it productively to bring your business to life.
