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Which Businesses Will Grow In The Post Covid Era?
There is an alternate side to the coin; this side is bright and filled with opportunities waiting to be en-cashed. The world financial dynamics are also expected to shift in favour of Indian manufacturing and exports. Particularly with the change in the Chinese image and reluctance of biggest companies and fiscal investors; several countries are now looking forward to invest in Indian manufacturing as their primary centre. Simultaneously, India in itself is also working towards a “Make in India” approach. To develop self-sufficiency and minimize imports. The initiative is heavily supported by the government of India (goI) as well. Therefore, the markets will be owned by present day visionaries who can assess the changing needs of post-COVID and COVID-co-existing world. But if you think you are not too good with the visionary thing or assessing the changing markets do not worry. I have here enlisted 34 business avenues (listed in no particular order) that could be taken up by anyone to gain high profits even during/post these changing scenarios. So let’s get started!
1. Internet connection providers- With work from home becoming a culture at almost all the offices running at one or other level. The need for a steady internet connect has become as important as water for all businesses. This is expected to cater an essential need for several sectors including IT, Banks, Hospitals, Surveillance, Management, Education you name it and internet is needed. Service providers and connection providers are in very high demand.
2. 5G Fifth generation wireless internet- Several industries are planning to resort to work from home as their primary mode of functionality. These undoubtedly include IT and Education/Coaching sectors. With the growing demand the fifth generation high speed wireless internet is being called for sooner than it would have in a non COVID world.
3. Apps that allow online document scanning/signing and sending- With all the official work being conducted online, apps that could make a high resolutions scan, and further allow real-time signature and sharing would come handy and are of high demand.
4. Web-video/call/conferencing interface makers-The COVID scenario has raised ZOOM stocks to the third largest after Critix Systems and Regeneron Pharmaceuticals. With this being the most heavily used web conferencing interface and several people facing functionality failure issues the need for a reliable conferencing platform is growing every single day
5. Computer Antivirus developers and sellers- The gain in online apps and software usage has rendered the individual computers prey to several computer viruses and therefore the need for good antivirus softwares is growing.
6. Online groceries/ delivery platforms- With people avoiding stepping outside their homes. Grocery supplier stores are getting more business than those who cannot provide home delivery services.
7. Online shopping- Same logic as above, further the malls and big markets all being shut down. Shopaholics are left with no other option but to satiate their needs with online shopping platforms. AMAZON, MYNTRA, FLIPKART have worked on assuring their customers of sanitary/safe deliveries and packaging practices. Therefore online shopping is growing towards market domination.
8. Food delivery- While people are not having dine-out options, their needs can only be fulfilled by sanitized food delivery options, delivering guaranteed safe food options.
9. At home entertainment providers, online game makers and sellers-With more time being spent at home, people will require home entertainment options, this will include platforms like Netflix, Hotstar, Amazon Prime, online games, and indoor gaming options.
10. Social media and job hunting/professional interaction interfaces- Social media and interaction interfaces are also seeing more traffic. Further, online gaming platforms bring families closer even when they cannot physically interact with each other. Makers and sellers of these services will have a lot of business.
11. Online/telephone health appointments and consultation apps- One on one people interaction is discouraged. In these conditions medical appointments and consultations are being smoothened by online/telephonic interactions.
12. Sanitization products, toilet papers, sanitizer liquids and wipes- this business has grown so big that the products experienced hording because of the sky rocketing demands. The post COVID world will have changed habits, and maintenance of high sanitary standards will be of high importance.
13. Liquor and wine stores- Other than forming an undeniably major contribution to the country’s economy. The ethical and spiritual sentiments aside. Liquor and wine stores are in for huge profits. People not only are consuming alcohol but are hording larger amounts to sustain a lockdown situation. Further-more these serve as alternative sanitization options as recognized by several customers.
14. Canned foods, pre-made foods processed foods-continuous home cooked food, makes people crave alternate food options. With the restaurants and malls closed. The goI is also promoting this sector with Pradhan Mantri Kisan SAMPADA Yojana (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) they have allocated up-to 6000 crore INR for development of this sector.
15. Home Gyms- People are realizing the need to shift to online fitness trainers and home gyms particularly because the gyms have been shut down owing to preventing people gatherings.
16. Pharmaceutical companies- COVID has shot up pharmaceutical production and sales. This will go further up with the discovery of targeted anti-COVID therapy and vaccines.
17. Online coaching- The education sector is minimizing interaction with online coaching and classes. This is expected to grow further with every passing day.
18. Digital/telephonic marketing- Door to door sales is going down and the patterns are changing for good. Digital and telephonic marketing is gaining popularity as the need of the time.
19. Surveillance systems, robotics and Artificial intelligence- Not only For monitoring COVID spread via drones and preventing its spread by the use of artificial intelligence and robotics. These practices are becoming natural for the current and upcoming times. These businesses are bound to boom.
20. Vending machines/Kiosk machine manufacturers and sellers- Limiting the human contact will promote all organizations to start using vending/kiosk machines this giving a lot of business to their manufacturers/sellers.
21. Medical textiles and marks- Wearing masks for all citizens and PPE kits for medical professionals will be required for a long time. Further textiles generated the second largest number of jobs in India. We are second largest producer of polyester in the world. The hike in demand for technical and medical textiles has surged due to COVID.
22. Medical devices- COVID being a pandemic has call for an urgent and increased demand of medical devices such as ventilators and hospital beds along with undeniably the hospital staff.
23. Biotechnology and biological research and development- The pandemic has made the entire world look at the scientists for finding a cure or a vaccine. Therefore biological R&D companies are growing in number. These are also gaining seed, marketing and patenting support from the Department of Science & Technology (DST).
24. Medical insurance- With the gained risk of hospitalization and lower job security, medical insurance demands have grown and are expected to remain high in future as well.
25. Business innovators, consultants and guidance counsellors-Difficult times make people realize the need for counselling at professional as well as personal level along with state of art business innovation tool. These businesses will also be in high demand.
26. Cleaning services- Increased focus on sanitation upper middle class households along with offices, banks and industries all will realize and appreciate cleaning and sterilization services for smooth functioning as a day to day practice.
27. Drive in movie theatres- This culture is new and growing, with the movie theatres being closed, drive in theatres will gain popularity. These will be a source of safe outside entertainment for people.
But above all innovation is the key. The needs of times keep changing and if not all most of the above listed business ideas are bound to unlock fortunes. With that I want to wish all of the best of success in your endeavours!
ABOUT THE AUTHOR -
Author Rakesh Sharma is one of the best business coach in India and Business growth consultant. He runs his own Sales Training in NCR.
I'm Rakesh Sharma! The founder of Prime Performance Solutions. I am the Business Growth Architect.
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