The evolution of business and business methodology has progressed during the last 1000 years or so, and businesses have still managed to thrive in eras of political, social, and natural calamities. If you’re someone who’s skeptical about your B-plan, here’s a guide curated to help you with building a business idea post-pandemic.
“Ideas and creativity still matter a lot, but they need to be connected to technology, consumer insights, and analytics.” –Christopher Vollmer, Media and Entertainment Strategist
We are all aware of the situation around us. Many industries are struggling to find their way amidst pandemic. So, what makes a business idea come alive during this time? Businesses that continue to provide solutions to everyday problems worldwide will manage to stay afloat, primarily because they evolved. Why do Ed-tech companies are seeing a boom in revenue and customer engagement? Board infinity recorded a 400 percent revenue soar in FY20. Unacademy says, April 2020 has been the best month in the last 3 years of its operation. Stories like these are living examples of how Ed-tech industry is developing even in the pandemic state. Yet, how many home science and crafting courses do you find online? Is there a market for that? Or does building a business idea post-pandemic in that niche helps? Think about it.
As people transition from an office environment to remote working culture, many events and seminars are being postponed. For companies that are still managing to call clients online for seminars, things remain uncertain. How about helping them organize their meetings and webinars, moderating the end to end solution, and providing them a one-stop web-meet arena? Sounds like a plan.
A ‘networking platform’ is another domain seem to pick up a vibe. As more and more people stay indoors, connecting them to the outside world via online platform is predominant. Networking groups are a much sought after opportunity for people looking for work. Connecting employers with candidates with the hell of a much simpler and accessible platform can work wonders at this time. Alternatively, innovative gardening practices or another hobby is yet another way to connect like-minded people looking for an opportunity to network. Building a business idea post-pandemic in this niche shouldn’t be a problem if you can create value innovatively.
The Gaming industry is also budding right now. Businesses that develop distribution channels and marketing schemes for companies that relate to gaming can succeed. An Engagement Alliance report says that the global gamification market was running at $5.5Bn back in 2018. If you’re someone who’s willing to put the hours required into learning the process, this might be a great business opportunity in the current scenario. As things improve, the prospects of getting leads would further improve.
“The key is to keep the DNA of the business intact so that when we come back out of this incredible, unique situation, we have all the building blocks we started with before to spring right back into business.” – Kevin O’Leary, Entrepreneur and co-star of Shark Tank
The idea is to think like a customer. When you think like a customer, you realize the problems faced by customers and make efforts to solve them. That’s what good businesses do. In times of crisis, it depends on how you leverage the existing potential and market it. Lack of competition, correct product placement and invariable motivation can do wonders in building a business idea post-pandemic.