The impact of Covid-19 on Small Businesses

The Covid-19 pandemic has had an impact on almost every industry in the world. The IMF’s World Pandemic Uncertainty Index for Q1 2020, which stands at 13.46, is comfortably higher than any prior pandemics in the last two decades. During the SARS pandemic in Q2, 2003, the previous high was 4.40. The Uncertainty Index has always been linked to economic consequences, and the pandemic is no exception.

While small firms are projected to be the hardest hit, many of them are seeking to reinvent themselves by embracing technology and focusing on customers. However, not everyone will be able to use the online mode. During the shutdown, many companies were unable to duplicate their previous working model; it is critical to find a new approach.

These organizations are now developing new channels that do not require physical engagement to keep their clients motivated, having previously depended heavily on social interaction and group involvement to keep motivation levels high. For instance, forming WhatsApp groups, presenting role models, hosting online introductory sessions for new members, and holding contests such as plank challenges, surya-namaskar challenges, and skipping challenges, and publicizing victors on social media are all examples.

The ongoing battle to suppress the world’s second-largest coronavirus outbreak in India has stifled demand, disrupted supply networks, and changed consumer behaviors. Many small firms are developing or changing their business models to cope with the new terrain and uncertainties brought on by virus protocols.

After a boom in WhatsApp orders for carrom boards (an Indian game akin to pool with little discs that are flicked into corner pockets) and home exercise equipment, the company, which regularly employs ten people but is suddenly down to four, decided to offer free delivery.

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In this moment of crisis, you might also look for goods that are readily available and can be used as needed. Even the tiniest of details can make a significant difference in the global economy’s recovery during these difficult times. To combat this pandemic, stay cheerful, don’t lose hope, be vigilant, and have a lot of patience.

COVID19 is being fought by everyone, and the entire globe is fighting together to remove it. Treat lockdown as an era of creativity, learning, and wisdom that will help humanity grow into a brighter future.

Because to the enormous economic recession induced by COVID 19, businesses have incurred significant losses and many have lost their jobs. We cannot continue to wait without doing action. As a result, we must become more aware, decisive, and proactive, as well as consider enterprises that can be started from home during lockdown for students, working class, or post-retirement.

Following are some of the best small business ideas that can be started after lockdown:

Healthcare Product Sales
With the implementation of lockdown, the manufacturing of homemade or small-scale masks and hand sanitizers has risen dramatically to fulfil the rising demand for a variety of face masks and hand sanitizers. Several entrepreneurs, small company owners, self-employed professionals, and MSMEs have decided to start making face masks and hand sanitizers instead of closing their present enterprises during the lockdown. Business owners or manufacturers can contact local shops, merchants, and wholesalers directly to sell their products to local customers.

Door-to-door delivery service In the coming years, the internet delivery sector will flourish, and customers will prefer to buy things online rather than visiting grocery stores, malls, and shopping complexes, where there is a higher risk of infection. Doorstep delivery is the best alternative business during the lockdown period, in which various types of delivery services can be initiated, such as essential items delivery, grocery delivery, pharmaceuticals delivery and alcohol delivery. Respective licenses shall be required to be obtained from concerned authority to start a specific delivery business.

Food Delivery or Tiffin Service The Indian Central Government recently gave restaurants and food outlets access to sell meals via online platforms and have it delivered by delivery companies. You can also start a new business by opening a kitchen that serves a popular or desired cuisine in your neighborhood. The initial expenditure is minimal, as it only necessitates the acquisition of raw materials from a trained and professional source.

Paintings or Art work Artists have plenty of time to show off their skills through paintings or other forms of art. Artists have all of the necessary materials and only need to create a virtual display online to sell their work and deliver it to the customer’s address. Artists can host an event and showcase their talent if they have enough space to display their paintings.

While nearly all consumers surveyed (95 percent) are ready to wait out the continued limitations, only 61 percent agree with the continued lockdown measures, indicating a desire to return to normalcy, according to the survey.