Business

How Covid-19 Can Be Boom To Small Start-Up?

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Aditi Jagtap

Story By: Writer, Blogger

"We can change our lives. We can do, have, and be exactly what we wish. "

- Tony Robbins

 

How small scale setups can create a positive and innovative impact, considering the effects of Covid-19 pandemic. Companies can revive their business strategy so as to broaden the horizon. Coping with such economic dilemma, grabbing consumer attention and trust is a close competition. This is the favourable time to bring the change you have envisioned to see and renew brand purpose.

 

  • COVID-19 – Opportunities –

 

COVID-19 – Opportunities –

 

Will help business to have more Variable cost structures, making them study micro level cost evaluations. To be more digital, data – driven, agile operations and automation, creating stronger capabilities in e-commerce and security. This builds up the visions to look forward, to create new competences they wish they’d invested in before.

 

Ban on few foreign goods and applications open up opportunities and markets to increase demand for responsible business practices followed by the local Indian business. Keeping in mind the fast changing shift in cultural norms, societal values and behaviour. Considering the impact of these changes on the way we design, communicate, build and run the experiences that people need and want.

https://indianexpress.com/article/opinion/columns/post-coronavirus-pandemic-india-6408650/

 

Read:-HOW TO START A HOME BUSINESS IN INDIA

 

  • Necessity of the hour –

 

Necessity of the hour -

 

T.V. Narendran, gobal CEO of Tata Steel, said; “As we become more connected in some way digitally, and more disconnected in some way physically, trust becomes more important and more fragile in some sense. So business have to step up to the challenges.

 

Over the last couple of years, we saw companies reducing their dependence on China, after this pandemic you will see more and more localization of supply chains. They will be ideally in the same country, and it’ll be even better if they are in the same neighbourhood.

 

Adapting new changes & consumer behaviours

 

Business will need to make this a key part of their offerings. Shaping the market plan in consideration of current situation which is so agile and uncertain. This gives a chance to redefine, reset and reshape your plans, branding strategy and marketing tools accordingly.

 

https://www.gartner.com/smarterwithgartner/reset-your-business-strategy-in-covid-19-recovery/

 

 

  • Consumer Psychology 

 

Consumer Psychology 

 

Consumers across the globe are looking at products and brands through a new lens. The impact of pandemic have created more practical concern regarding health and economic.

 

Growth Conscious consumption approach

 

Consumers are more mindful of what they’re buying. Choosing more cost consciously and their strong tilt towards sustainable options in a practical manner.

 

Priority to support healthy lifestyle to make buying experience more health and hygienic. Working on the health strategy from both consumer and company would play an important role. Responding to these hurdles in various ways consumers have different attitudes, behaviour and purchasing habits. A common trend to buy local trend accelerates as seeing a responsible shift from the consumers.

https://www.accenture.com/us-en/insights/consumer-goods-services/coronavirus-consumer-behavior-research

 

Read:-Small Business Trends To Watch Out For In 2020

 

  • Favourability of Small scale Business 

 

Favourability of Small scale Business 

 

So there are plenty of surveys and researches available online to study the changing behaviour and buying capacity of the customers. This acts as a guideline and base for small scale setups.

 

Accelerating digital growth –

 

In this pandemic people over the globe have embraced Technology more than ever to support all aspects and consequences of isolation. So digital marketing plays a key role in promoting brand strategies.

 

Can create elastic workspace –

 

Digital marketing and technology helps in creating an elastic workspace which is cost saving advantage to new start up. As things will be more virtual, businesses will have an intelligent data driven operation model.

 

https://www.businessinsider.in/business/startups/news/billionaire-ratan-tata-reveals-his-ideas-about-setting-up-a-disaster-proof-business-in-the-post-covid-world/articleshow/75676805.cms

 

  • Idea Of Small scale business

Idea Of Small scale business

 

There are professions and ideas of business which you can run from home without large investment. Having a supporting business is very essential at such times of pandemic and economic crisis teaches you to always have a plan B.

https://yourstory.com/smbstory/start-small-business-ideas-low-investment-manufacturing-profitable

 

  • Important things to know before you start up –

 

Important things to know before you start up -

 

The government offers various schemes in terms of giving finance, promoting and encouraging the small scale business, for MSME. (Micro, small & medium enterprises) A lot of opportunities from Tourism, hospitality, to manufacturing industries and agriculture goods under the ‘Make In India” scheme.

https://surejob.in/start-small-business.html

 

Read:-Home Based Business Opportunities During the COVID-19 Pandemic

 

Aditi Jagtap

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