Due to outbreak of ‘COVID-19’, there is lockdown in the entire country. Everyone is talking about slowdown in the economy due to reduction in demand, lower income levels, job cuts & consequently fall in GDP figures. There is lot of uncertainty how businesses can survive. ‘Uncertainty’ refers to situations involving imperfect or unknown information. It applies to predictions of future events which are the unknown. Future may be uncertain, but one should never lose hope, as tomorrow can be the day, you have been waiting for. ‘Hope’ is being able to see that there is light despite all of the darkness, as Stars can’t shine without darkness. Once you choose Hope, everything is possible. So let’s talk about, which business is best after lockdown? What can be business opportunities after lockdown? What can be small scale ‘business ideas’ post Corona Virus lockdown? Can we initiate ideas for new Start-ups?
First and the foremost thing in every business idea is ‘Consumer Demand’. If there is demand for particular product and/or service, there is some business opportunity too. So let’s start by looking for, what people are searching for….? What’s trending now….? If we come to know, particular thing is being demanded in a particular area and we have talent & resources for that product/service, we can initiate our business idea in some way. In case you wish to succeed, you should think beyond boundaries of your colony, city, district, region, state & even country. Demand for your product or service can be in other part of the country or even somewhere in other part of the world. Just go for it. Even your hobby like Dance, music, gardening, Fitness, Diet plans, sport can be business idea for you to impart online training & coaching over the internet.
How to find, what’s trending now?
First of all we need to research, what can be the thing which people are looking for. Use of ‘Google Trends’ can be game changer for this purpose. Explore what the world is searching by using Google Trends service which is free of cost for everyone. Let’s understand how we can use this for new business ideas.
1. First of all take a Key Word like Education, Finance, Accounts, Tax (GST/Income Tax/TDS/Company Law), Agriculture, Manufacture, Games, Auto Parts, Mobile, Loan, Furniture, Food, Sport and Housing, Fashion, Cloth, Gift etc. Key word can be thing product/service/area/concept/hobby etc. Re-shuffle results of various Key Words. You can also compare search trends of various Key Words by using ‘Compare’ option. Keyword can be anything you can imagine.
2. Choose particular Country/worldwide option. Re-shuffle results of various countries.
3. Select particular Period which can be Past Hour, Day, 7 Days, 30 Days, Year or one particular date to another particular date. Re-shuffle results of various periods.
4. Select particular Category/All Categories option. e.g. Arts & Entertainment, Autos & Vehicles, Hobbies & Leisure. Re-shuffle results of various categories.
5. Select Search Option i.e. Web Search, Image Search, Google Shopping, You Tube Search. Re-shuffle results of various search options.
6. Analyze the result with given trends options.
√ Interest over Time
√ Interest by Sub-region / City
√ Related Topic (Rising/Top)
√ Related Queries (Rising/Top)
You need to do research for various key options, words, categories, periods, regions, countries etc. Change these parameters & permutation-combination. Regular keeping track of these results can lead to have knowledge about what people are demanding. It may have Breakout demand trend for particular thing & you can be market leader.
As demand keep on changing, you can also opt to receive free regular updates of trends of various Key Words by using option ‘Subscription’ in the Google Trends.
Other Tools for Market Research
You can also use various tools to research market demand & trends thereof, which are available for everyone to use.
√ Google Alerts: Monitor the Web for interesting new content
√ Think with Google: Market Research & Insights, Explore latest consumer insights, trend reports & best practice guides
√ Google Search Console: Search Console tools and reports help you measure your site’s Search traffic and performance, fix issues, and make your site shine in Google Search results
√ Google Analytics: Google Analytics is a web analytics service offered by Google that tracks and reports website traffic to Improve the way you advertise on Google
√ Google Website Optimizer: Google Optimizeoffers A/B testing, website testing & personalization tools for small businesses to help deliver engaging customer experiences.
Use of Technology
‘Technology’ and Business are becoming inseparable, as you can’t talk meaningfully about one without thinking about other one. Technology will never replace good teachers and technology in the hands of great teachers is transformational. Use of technology for your business can be in the form of your own:-
√ Web page/Blog,
√ Google My Business Account
√ Mobile Application (App),
√ Facebook Page/Instagram Page/Twitter Account,
√ You Tube Channel,
√ Listing on online Directories like JustDial/Sulekha etc
√ Online Advertising on Google Ads/Facebook Ads, Famous blogs/websites etc
√ Listing of your product or service on e-commerce portals like Amazon, Flipkart, Paytm etc
√ Listing of your product on Delivery Platforms like Zomato, Swiggy etc in case of Food Industry
√ Tie up with product delivery/courier companies like DHL, Fedex, Blue Dart etc
√ Acceptance of Online Payment through payment gateway like PayU and providing option to accept payment through multiple options like UPI, IMPS, net banking, credit cards, wallet payments etc
√ Tie up with Cash on Delivery (COD) companies providing service of Product delivery and Cash Collection as well.
√ Use of Meeting/Webinar/e-Conference Apps like Zoom, GoToWebinar, Microsoft Teams for meeting with customers/suppliers/employees teams/potential buyers.
√ Educate potential buyers about your products/services by writing articles on online-publication platforms
√ Use of Social Platforms like Linkedin to collaborate with people.
Every crisis brings with it some unseen opportunities. Every crisis also tests the limits of our resilience. To have boom in the economy, let’s move further by pressing ‘Reset’ button. Be Prepared.. Be Optimistic.. Explore Trends…Explore New Business Idea…
Disclaimer: Author of the article don’t endorse/prompt any particular website, search engine, platform, application, web tool, web service etc. Contents of the article are for educational purpose only. Share your feedback, opinions, comments, and recommendations relating to article at email [email protected]