Introduction
If you are thinking of starting a business in 2021, it is critical to take the new normal into account. The world is scrambling hard to combat the current and upcoming economic consequences but this could be an exciting opportunity to contemplate a business idea for the future. As this global economic crisis continues, it is expected that businesses will not return to normal for a long time Hesitation among consumers to go out and shop will be visibly seen, impacting the overall seller-buyer conventional journey.
Covid situation and drawbacks
Coping with the new normal of working from home, physically isolating from colleagues was not a choice, but a quickly situated necessity, as workers and office leaders struggled to adapt. With an increasing number of coronavirus cases, the government has locked down transport services, closed all public and private offices, factories and restricted mobilization. Based on recent studies, some economists have said that there is a job loss of 40 million people in the country, Travel restrictions and quarantines affecting hundreds of millions of people have left Indian factories short of labour and parts, just-in-time supply chains and triggering sales warnings across technology, automotive, consumer goods, pharmaceutical and other industries.
Small business impact
Stores, factories, and many other businesses have closed by the health concerns, or other factors. Many of these closures may be permanent because of the inability of owners to pay ongoing expenses and survive the shutdown. The impact on small businesses around the world is likely to be severe. the number of working business owners plummeted from 15.0 million in Feb 2020 to 11.7 million in April 2020 because of COVID‐19 health‐ and economic‐driven demand shifts. The loss of 3.3 million active business owners was the largest drop on record. Total hours worked by all business owners dropped by 29%. Construction, restaurants, hotels, transportation, and personal/laundry services all faced large declines in the number of active business owners due to COVID‐19.
Solutions
Looking to the current scenario of despair and joblessness, one must look at the brighter side and figure out opportunities that the lockdown has given rise to.
Here are the trending business or job ideas that an individual can initiate to survive the COVID 19 crises:
*Online Teaching
*Bogging
*E-commerce reseller
*reelancing
*Digital Marketing
*Graphic Designer
Conclusion
There is no way to sum it up without saying that the situation in India is critical at the moment — both in terms of healthcare and economic resilience. The rising daily caseload may result in stricter curbs across several states soon and businesses may not be able to withstand the same amount of pressure for the second time in less than two years. The risk is much greater this time as India’s economy lost a chunk of its immunity to the virus in the first wave. Surviving a deadlier second wave will be difficult if it continues for a prolonged period. Through our coverage below, get a better understanding of the business and economic implications coronavirus has on trends like remote working, consumer shopping behaviour, global advertising spend , and essential industries like food, medical, travel, and transportation.
