Since the Covid19 pandemic hit the world at the beginning of 2020. More than half of the world has been under a lock-down. Which means people are stuck at home with more time in their hand with more opportunity to work on their side hustle.
The coronavirus has a devastating scenario for various industries like Retail, Travel & Tourism, Sports, Entertainment & Fintech.
Many tech events had to be canceled amidst the uncertainty of the pandemic coming to an end. While on the other hand, Tech companies like Slack & Zoom have seen a surge in demand and users. Another Industry that has seen a surge in demand is the Insurance Industry with people buying health insurance more than ever.
Since there is a lot of time before we see any vaccines available in the market, We got to accept “THE NEW NORMAL”. Keep in mind the market isn’t shut, it just moved online and so should you.
So, To start with whether you have an idea that you want to start an online business or an existing business that you could possibly move online.
Now is the best time.
1. Lower cost for a start-up
Before Coronavirus nobody thought that working remotely could be so easy. While most of the companies around the world are adjusting to the working remotely and many of the big companies like Google & Facebook have announced that their employees will work from home by the end of this year. If you are looking to start a new company you could easily hire resources to work remotely eventually saving a lot on building a brick & mortar address for your company. You save up on the rent & maintenance and could use that on growing resources for your organization.
2. People are online more than ever
There has never been a time like the year 2020 where billions of people are at home isolating themselves from each other while the internet is their only friend. As of April 2020, we have 4.57 billion active internet users now Imagines the sample size of your audience. People are consuming online content more than ever to stay off anxiety due to the pandemic. Ads rate are dropping and competitors are cutting on their ad spend, marketing is going to be cheaper for you. You are eventually reaching more potential customers while spending less.
3. Talent on the market
The Pandemic has put a lot of talented people out of work. There is a higher probability that a person with more experience would want to partner in on your idea. If you have the funds and a plan to execute your idea into a business you could hire someone with a lot more experience or people could be interested in partnership because of their unwillingness to enter the workforce again. You wouldn’t want to miss out on having an expert on your team. People are going to be less selective about their job, but you should keep in mind that your entrepreneurial spirit should align with what direction the market is moving in.
4. Competitors having a hard time
While your competitors are working to cost reductions and losing clients, you will have a better chance of having new clients. Some of these competitors could also go out of business leaving a wider gap for you to fill. That leaves you with more opportunities with less effort and minimal investment. You just have to start with good web development services that could build a powerful web or a mobile app for your business. Your website or mobile app should clearly reflect your idea.
5. The market will bounce back
This isn't a permanent crisis, It will pass. That’s what the history tells us, we have seen recession, wars, pandemics & it still bounces back. The governments have taken a proactive measure to stop the spread with lockdown & social distancing. They also continue to provide economic relief packages to boost the economy this will ensure with time the economy is back on track. Though you start small with less investment, Assuming it takes a year for this pandemic to end. When the market bounces back you are going to have an upper hand. You will witness an increase in sales & higher revenue for your company. Things will become easier and then you will be able to reap the benefits as your business was very cost-effective to start with.
Surely starting an online business could be a great idea during a pandemic but you got to be smart to execute it, it also depends on what you’re selling or what services you align to. Imagine selling the wrong product that doesn’t line up with the current market conditions. You don’t want to be selling an expensive car while people aren’t even driving to work or going out for road trips. As an entrepreneur, you should be smart enough to move slowly and spending carefully in difficult times like these. You should be looking at building something that so efficient to survive with minimal spend that when the time is right you start to scale quickly.
Contact us to launch your business.