Things You Should Consider if Starting a Business During Lockdown

COVID-19 has undoubtedly transformed the world. Now more than ever, India's economy is vulnerable to much worse threats. However, it isn't all bad news: there have been countless stories of those in need receiving aid and financing from countries around the globe. The silver lining amid this pandemic storm? There may be a bright future ahead for Indian businesses who can adapt quickly enough—they will not only save their country but also themselves! What is even more encouraging is that many forecasters now predict that the post-lockdown era will witness massive business growth. So, if you are planning to start a business during the lockdown, your business is likely to see a period of rapid growth. However, just because experts predict that the post-pandemic period will be great for business by itself does not guarantee success.

To tap into the many opportunities available in the post-pandemic era, you need to consider certain things. So, let us explore the things you need to keep in mind during these critical times. However, before we get into further details, let us first try to understand the challenges that have emerged as a result of the pandemic:

The Primary Concerns in the Post-pandemic Era

The government is slowly easing the lockdown on a few sectors of the economy. The biggest challenge businesses will face is restarting their operations as most parts of business life remain in shutdown mode. But even with these constraints, there seems to be some hope for getting assistance and running. When the lockdown ends, things will never be the same. We will see a gradual opening of society and people who need to be handled very differently than before.

Some experts wonder whether life would ever go back to how it was before. Moreover, they feel that we would see more compassion in the future, and requirements would have to be dealt with. Now that social distancing has become the new norm while opening business establishments, these would have to be catered to. Specifically, the way we worked earlier would undergo a complete change. All in all, we are headed for a new type of business environment.

If you start your business during or after lockdown, you need to think in a whole new way.

Identification of the Most Lucrative Sector To Start Your Business

Many experts believe that though we have seen a significant setback owing to the pandemic, the post-COVID times would be bright for many companies. If you want to tap into the significant growth that is likely to happen, first and foremost, you need to identify the sector in which you would develop your business.

E-retail Sector Has Exponential Growth

There have been only a few sectors that have managed to grow in the pandemic times. However, out of the few, the e-retail sector has grown enormously. Mega e-commerce companies, namely, Amazon, have registered phenomenal growth; this has happened for good-enough reasons. With restrictions on people going out, most of them have resorted to ordering and shopping online. The good news is that even if you decide to start a small business, these e-commerce platforms could provide it with the perfect support needed.

The e-commerce platforms are already well-established in the market, which means that they have a broad reach. So, as a small business, through their partnership, you could reach out to a much larger market. Further, you could get the best support as regards packing and delivery. Thus, no matter which sector you plan to start your business in, you must leverage the growth by partnering with leading e-commerce platforms.

Using the Latest Digital Tools

We now live in a digital world. Hence, most of us are now used to digital ways of life. It is more than likely that most of your customers are used to the latest digital tools. So, to ensure that your business makes use of the many advantages in the post-COVID times, you must use these latest digital tools. Your business needs to have a distinct presence in the online space. Thus, your business must use the social media platforms that are now widely used by all. By ensuring this, your business can grow fast.

Apart from this, your business must use some useful digital apps for various business functions, like managing accounting or staff management. Presently, there are apps available that enable business owners to extend credit to their customers. Your potential customer may have also become accustomed to such apps. Thus, for starting your business post lockdown, you need to extend such facilities to your customers.

Following the Pandemic Norms

As already mentioned, we are likely to see many changes in the post-COVID era. Therefore, your business needs to cater to the latest regulations. Many experts claim the future of workspace would change:

• Managing Work from Home

Work-from-home work is here to stay with the latest social distancing norms. Thus, you need the resources and the technology to handle work from home for your employees.

• Implementing Social Distancing Norms at the Office

Your business now needs to make suitable changes to the office space so that the latest social distancing regulations are catered to.

• Arranging Transport for Staff

Another important point that needs to be considered while starting your business amidst the lockdown or after that is that public transport may not be readily available for your staff members. In such cases, if your staff is required to attend the office, you should arrange transportation for them. They will freely be able to commute to work in that case.

• Close Monitoring of the Health of Staff Members

You must arrange for ways to monitor your staff members' health closely. If someone is not feeling well, then it must be notified so that there is no possibility of spreading the deadly virus. It will ensure the safety of all involved with your business.

• Staying Positive At All Times

We can understand that the pandemic has hit many of us hard. Some of us may have lost close ones as well. It is indeed a challenging time for all. But, amidst all the gloom, it is crucial for you as a business owner to stay positive at all times. So, try to remain positive as much as possible once you start your business in the lockdown or after that. It will help boost the morale of your employees as well, and they will feel motivated and deliver the best.

Also Read:

1) A 10-Point Guide for Business Owners to manage their finances post-festive season
2) Things Business Owners Should Do If They Can’t Pay Credit Card Bills
3) 4 Tips for Improving Customer Service
4) 5 Ways to Prevent UPI Fraud Amid the Covid-19 Crisis

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FAQs

Q. Will it be too risky to start a business during a lockdown?

Ans. Any business has risks; however, a successful entrepreneur manages all these risks well. Besides, although the stakes may indeed be high to start a business during the lockdown, the opportunities are lucrative too. Many experts feel that in the post-pandemic times, there will be strong growth. So, why not participate in the tremendous growth that is due?

Q. How do I manage the many risks of starting a business in lockdown?

Ans. There are indeed various risks involved in starting a business in the uncertainties of the post-pandemic times. But what is more important is that you cover your risks well. Thus, you need to properly manage your finances. Therefore, if your payments get stuck due to the economy's sluggishness, you must be able to ride over it smoothly rather than do nothing about it.

Q. Why is digitising my business so important?

Ans. You would find that technology now dominates the business world. Even customers have become very tech-savvy, which is why their expectations have developed accordingly. To match the customer expectations, you must have the right digital tools in place to grow your business. Moreover, it would also help you to manage your business a lot better.

Q. Will it be rewarding enough to start a business during a lockdown?

Ans. There is no doubt that any business venture is risky, particularly now with the challenges of the pandemic. However, most experts feel that the recovery would be much faster and bigger. Thus, there is a fair possibility that you would get high rewards, especially if you can take care of the above-mentioned things.