The Covid-19 pandemic has left most of the economies of the world in a downward spiral. Businesses across sectors have suffered much. Some were even forced to shut down. As the world grapples with the new normal, not all hope is lost for businesses. Some existing businesses took a new approach in their operations, while other completely new ones cropped up as well. And what are these pandemic proof business ideas? Let's find out.
Difficulties to start a new business during the pandemic
Starting a new business is a complex task. There are a lot of legal as well as product-related aspects that hinder a business.
While businesses are adopting online platforms, physical business still makes up for the considerable chunk of revenue. One of the common issues faced by businesses during the pandemic is the lack of favorable conduction to carry on physical business. This is true for new businesses as well.
In addition to that, the lockdown in certain countries has caused product sourcing issues. Lack of external funds and worker shortage are also some other aspects that are working as a constraint to start a business during the pandemic.
However, the scenario is changing. As the world is coming to terms with new normal, businesses are finding workarounds to their daily processes. New opportunities are showing up regardless of the situation. Let's look at some of them.
Small businesses ideas during the pandemic
One of the paradigm shifts has been the move of businesses from localized stores to online platforms. In the context of Bangladesh, the change has been even more apparent. Out of the total 7000 Crore BDT of commercial transactions, 1000 Crore BDT was through e-commerce in the FY 2019-20. This says a lot about the potential of the sector as an effective alternative to the traditional business models.
Online reselling has had the gross chunk in the F-commerce share. With appropriate patronage, the sector can move further forward.
Social Media Services
The move of businesses to an online platform has opened new opportunities surrounding it. Most of the traditional retail businesses in Bangladesh are run by people with little knowledge of F commerce or digital platforms. As a result, there was an innate need for F-commerce and digital platform solutions that can cater to the growing urge of shifting business to online platforms.
In addition to these, the new startups require the help of social media specialists and digital marketers for the online promotion of their products and services. Whether it is digital marketing, marketplace creation or simply handling social media, there is a robust business opportunity for the individual as well as teams. And that is the focus of the next point.
Digital consultation is the online-based version of traditional consultation. With the pandemic in effect, the change in work and business conduction can work in favor of transforming consultation services.
Consider the impact of Covid-19 on a field and get familiarized with the change management process. There are a lot of businesses waiting to make the jump to the online platform. It is now easier than ever to offer consultation as well as logistical and training for the shift to these businesses.
Graphic Design Agency
This one is stream-based and only applies to people with considerable graphics skills. While businesses shift to online, there arises the need for advertisement. In addition to adverts, there are various other types of graphical needs, like creation of logos, business cards, brochures, etc. Whether its office or businesses, the need for graphics designers are there irrespective of the sector.
This can be a great opportunity for the up-and-coming graphics designers. They can start a graphics design industry alone or by being part of a team. Those who are looking for zero investment business ideas can opt for the skill based startups. This service based business ventures can be a good way to utilize skills without considerable investments.
Whether it is a small-scale food startup or big transportations service, the customers can reach the service providers through an efficient app.
A study conducted on American phone users found that over 90% of mobile phone users use their mobile time browsing apps. Though exact data are not available, the situation is somewhat similar for the Bangladeshi demographic as well. This is a wonderful scope for the app developers. With the app service industry expected to cross 800 billion USD in revenue by 2022, this is a golden opportunity to tap into the ecosystem.
The developers can focus on service integration for various business platforms. The shift of business to online platforms is opening up service needs that were not present previously. Apps can work as a great business and revenue generation source by addressing these needs.
The paradigm shift is not noticeable in the service and business sector only. Its implication is seen in the educational sector as well, especially in the case of Bangladesh. As schools and other educational institutions are going through shutdowns, online learning has become a sort of new normal for the students.
Virtual tutoring can be a great option to utilize this shift. It can be premade courses on a specific subject topic or even live classes. Regardless of the means, the opportunity can be endless considering there is no boundary or limitation involved in teaching online.
Love cooking? Then now is the time to turn it into a profitable business. Like everything else, the pandemic has also shifted people's focus from eating out at restaurants to eating from the comfort and safety of their own homes. And that has increased the dependency on food delivery services like Pathao, Foodpanda, and Shohoz in Bangladesh.
The fortunate thing is in addition to restaurants, these delivery platforms also partner with home cooks to showcase their menu on their app. As a result, it's possible to build a robust cloud kitchen business from the comfort of the home. Culinary skills are all that’s needed to shine in this line.
Virtual Medical consultation
While the country battles the impact of Covid-19, the need for general consultation for other diseases has not stopped. But many people are fearful of going out to chambers or hospitals due to the fear of the pandemic. Virtual medical consultations can be a great workaround in this regard.
Common and basic diagnostics can be done through verbal communication and checking the symptoms of the patient online. As a doctor, this can make way for added service generation in addition to normal duties.
The overall impact of the pandemic has been negative on every aspect of life. However, that does not take away the opportunities it has presented. With the changing social interactions and processes, it may very well make way for innovative pandemic-friendly small business ideas not thought of before.