The pandemic is the right time to start a business, say experts

While many big corporates are struggling through the pandemic, the small-business sector has seen some resurgence, albeit on a meagre scale. The rapid spread of the Coronavirus made entrepreneurs look at unexplored ways to sustain. Given the economic meltdown, starting your own business at this time may sound ambitious, but it isn’t impossible. However, one must meet the new requirements.We spoke to experts to understand the need of the hour…
‘Choosing the right industry is important to run a sustainable business’
In the current scenario, the industry one chooses to venture into is crucial. According to marketing and business strategist Aarti B Iyer, most well-established firms sought ancillary businesses for a smooth functioning. She elaborates, “Right now, the focus is on fast-moving consumer goods. So, to run a business, one should be up-to-date with the changing supply and demand conditions. Tackling issues relating to the supply chain is also necessary.”
Senior economist Ramkumarr Seshu believes that sustainable manufacturing is the need of the hour. “Healthcare, education, logistics, digital transformation, home-based entertainment and safety equipment are among the industries that are currently in demand. Sustainability and positive thinking are very important, so collaborate with a win-win mindset. Your ultimate aim should be to serve and deliver more than what is promised. The key is to set your targets with profits from day one,” he explains.
‘Commercial spaces are available at cheaper rates’
According to business strategist Arjun Gopal, “Most commercial space owners are in need to fill their vacant offices, and are willing to give them away at low lease rates. With several businesses crumbling due to insufficient funds, they’re even selling off inventories at budgeted rates. With a proper business plan, one can actually crack the best deal and set foot on the fast lane to success.”
‘Finding the right investors is key’
Adequate funding is the key to run a stable business during a downturn, and even otherwise. And that’s why having the right investor onboard is essential, says Ravi Raghavan – CEO of Hem&Ra Consulting LLC, a US-based IT firm. “There are a lot of opportunities, if you up the ante of your networking game. The best kind of investors are NRIs, aged between 50 and 60 years, who have returned to the country after working abroad for many years. Most often, they come home with a surplus amount of savings. Approaching such people with a creative business plan can give you a great start,” he adds.
Ravi also suggests that starting a business with your close friends is a safe bet, as the burden is divided. Also, by merging creative minds, you can lay a strong foundation for your dream company.
Before you start a business...
* Identify a customer need that is not catered to yet
* Try to meet the requirement in a way that is substantially better than the current options available
* Choose a trusted investor
* Have a clear business plan
* Focus on sustainable manufacturing
- Sitara Suresh Naidu