With more than 40 lakh young Indians across the country having lost their jobsand lakhs more receiving hefty pay cuts, self-sustenance has become the need of the hour. It is in such dire times that great business ideas are often born.
To get your entrepreneurial juices flowing, here are the 7 most viable business ideas that you can pursue even with limited resources and a small business loan.
Additional Read – How to Use SME Business Loans Effectively in Post Pandemic World
7 Best Post-Pandemic Small Business Ideas for Indians
Masks are in huge demand and are going to remain so for a while. If you have a sewing machine at home, you can immediately begin your business in lockdown by sewing a small quantity of masks. These days, masks have become full of colors, designs, patterns, and creativity. If you have even the tiniest artistic bend, let it work its magic on specially designed masks. If you aren’t much of a visual artist, you can always get a friend who is to join you.
2. Medical supplies
This includes everything from gloves and surgical gowns to PPE kits. It’s an evidently booming industry globally. Our own country sees PPEs as a Rs.7000 crore industry in the works with around 4.5 lakh kits being produced daily. Setting up a small surgical gown production line or a glove manufacturing facility will cost you around Rs.40,000-50,000, which can easily be taken care of with a small business loan. With sanitization and protective gear becoming a way of life, this industry has a sure shot way to success even after the pandemic is over.
3. Soaps, sanitizers, and hygiene products
Soaps, hand wash liquids, sanitizers, etc. have perhaps been used more this year than any other year in the 21st Century. The demand for sanitizers has risen 100 times. The habit of frequently washing and sanitizing our hands is here to stay and there lie your small business ideas. People in India have already been toying with this idea by starting home-based production of soap with as little as Rs.20,000 of investment.
This is the one business in lockdown that you can take up while still sticking to your existing field or industry. A lot of talented professionals are losing their full-time salaried jobs. However, there is a new industry that has opened up for freelancers and consultants. Companies are looking for more skilled freelancers as they come with lesser administrative and financial efforts. It is the right time to leverage your expertise, be it in management, marketing, or anything else. The best part of this business is that you don’t need financial investment.
5. Online teaching
This might be one of the most preferred ideas for business in lockdown, thanks to its ease and accessibility. People are becoming not just more tech-savvy but also more EdTech-savvy in the lockdown. You could finally put your music skills, cooking skills, or even business expertise to use by sharing it with others. It is very easy to put up an online course. You can do it through an online course marketplace or even create your own website with a minimal subscription model.
With an investment of under Rs.50,000, you can explore a lot of small business ideas such as your own lunchbox service, snacks packet sales, dessert shop, cake shop, or even Ayurvedic snack store from home. People are now more wary of ordering from bigger brands and risking contact with multiple people, hygiene issues, etc. Boutique and homemade food brands and healthy eating are the next big thing.
7. Online tools and apps
Since the world is moving more and more towards digital operations, a heavily digitized future is now closer than ever. Learn app development, coding, digital marketing, or website development. There are plenty of online courses. You can then enter the field of online business without much financial or logistical support.
Additional Read: How SMEs can manage their finances better post-COVID
Losing a job or a part of your salary might seem like the end of the world, but it might just be the start of a better and more prosperous life. Even if that’s not the case, you can simply use the free time you now have at home to pursue your interests and make some extra money.
Need a small business loan for your new venture? Tata Capital’s Unsecured Business Loans offer to fund your small and big business needs with customized loans, flexible repayment options, and easy processing.