The novel covid 19 pandemic has brought about disruption in the entire world with all economic activities brought to a stand still. In these tough times, businesses and small and medium enterprises are highly impacted. Curb on movement of goods and provision of service, and restricted movement of people (lack of access to labour and staff) have resulted in a severe liquidity crush. Economic key performance indicators like gross domestic products and employment have plunged to an all time low due to absence of business across industry verticals.
Companies that are relatively small in scale are biting the bullet by laying off staff and cutting non-discretionary costs so as to stay afloat. They are not equipped to absorb this shock. On the contrary, big organisations that are technologically sound and have adopted digitalisation are still faring better as some quantum of activities are being carried out online.
That said, researchers and economists predict a tough time ahead as the repercussions of this pandemic cannot be reverted easily. Therefore, we all need to brace ourselves for these tough times ahead by taking account measures and implementing out-of-the-box small-business ideas for 2020 that will particularly be useful to remain financially strong.
SmallBusiness Ideas During Lockdown
E-classes: Were you a brilliant student in your academics. Is any of the subjects you studied in high school or even primary level of interest. Great! Now is the time to leverage your knowledge and impart it to others as well.However, physical classes or training sessions is not possible.Therefore, switch your laptop and get on to any of the free video applications like Skype, Teams or Zoom to start your own e-class. Not only subjects, e-classes for tools like Microsoft suit, easy and quick ways to make entries and other high level statistical tools will fetch you decent money. Classes for drawing skills too are likely to draw huge children interest.
The higher the level of skill the higher the returns
Social media influencer: Social media platforms like facebook, Instagram and even LinkedIn take up most of our time. Youngsters and even people in older age spend time shuffling through videos and content which is of their interest.Don’t forget the race for getting likes and comments is mainly to get on the top of the game and earn money. This lockdown period is your time to contemplate and understand which skill would most likely be of interest to others. For instance, a hobby as simple as cooking might land you a good opportunity. Don’t just take up your passion but record the same and upload it on your social media business page. Social media marking of your page will make it visible to a larger audience.
People are receptive of your ideas and will pay dividends in the long-run
Arts and Crafts: Bring the kid out and start experimenting with your creative instinct. Be it watercolor, oil painting, sketches and art as simple as using animal graphics could be a money earner for you. Don’t forget, during this time kids are home too and are always on a look out for an entertainment spree. Use your art to draw the attention of your target consumers. Use of vibrant color and unique art skills like sand art is definitely going to turn into your own gig. Utilize the potential and may sell the same online - Well this could be a food for thought.
“Handicraft is priceless, people pay to fulfill their intangible desires”
Personal virtual fitness trainer: With everythings being restricted indoors, people are compelled to take up exercising at home. This opportunity could well be leveraged by becoming a personal fitness training and giving yoga or zumba classes online through video sharing applications. This will not only ensure fitness but will also be a health and safe way to stay fit. Not to forget, a personal trainer to a single person or a group would bring a handsome amount of money. Make it more interesting by playing music or changing the style of fitness routine alternative days.
“Keep other fit and fill your pockets”
Become a critic: We all are spending most of our time watching movies and new series on Netflix, Amazon Prime, and other digital mediums. Why not utilise that also to earn money. Wondering how? Become a critic. We all have opinions and judgements about a particular art work. Turn those feelings into words and write a critic blog or even record a video. It doesn’t always have to be piercing, blund judgement about characters and how better the movie could be. The opinion could be as general as the best characters and what worked.The higher the traffic that your column draws the more the money.
“Become the critic people lookup to before watching an artwork”
Business Consultant: Are you exceptional at managing your own business. Why not leverage your learnings and propagate the ideas so as to make people aware of errors beforehand. Not all businesses are the same but the underlying basic to handling costs, managing workflow and even retaining clients might be new for startups. Use your experience and become a business consultant which acts as a guide and a lighthouse for those looking for one in a tunnel.
“In these tough times, help others sail”
Not the end
This is not the end as there are innumerable small business ideas that can surely make you financially self sufficient. While all other forms of business require a lot of investment, these smaller gigs require no or minimal initial investment but guarantees huge returns. Skill-based tasks like affiliate marketing, blogging and freelancing can also be considered depending on the skills that you possess. Meanwhile, other hobby-based youtube channels, instagram pages can also be made. That said, this is the time to avoid setbacks and bounce back with a concrete business idea.