Pandemics and economic recessions are known to create disruptive effects on global economies and businesses. For e.g, the Black Death was a devastating bubonic plague that arrived in Europe during 1347. The catastrophe resulted in the collapse of the feudal system in Europe while replacing it with a more modern employment contract.
Covid-19 pandemic has wreaked havoc across the globe. Amidst all the chaos and uncertainty, lies the future of many potential startups and business ideas. In this blog, we will help you see the silver lining.
Why initiate a startup or develop a mobile app during a pandemic ?
- Build an MVP now, Enjoy a Stable Business Later
With visible effects of recession on the global business and market, it is the best time for entrepreneurs and startups to build an MVP of their new product. Faster development time, reduced development cost and decreased risks for investments makes MVP an ideal choice during this pandemic. It not only generates revenue but also validates the business idea and gets user feedback before you actually build the final product. Besides, building an MVP now helps a business get ahead of the curve once the crisis is over. This is in stark contrast to businesses waiting for the treacherous tides of the market to mellow down.
2.New Business Arenas To Explore
There are numerous emerging business opportunities you can tap during the Covid-19 pandemic. Let us take a look:
- Streaming and Entertainment Apps
As the coronavirus pandemic spreads, countries across the globe understand the importance of social distancing which has resulted in strict lockdowns. Ushering in a new age of being alone together, people are turning to streaming apps like Netflix, HBO Now,VUDU. This trend has resulted in a huge spike in the downloads and subscriptions of these apps as people are spending more time streaming than bonding with each other.
PS.Startups can immensely benefit by developing similar apps.
- Food/Grocery Delivery Apps
Social distancing and lockdowns have resulted in enormous popularity of food/grocery delivery applications. The average downloads of apps like Walmart Grocery, Grofers have witnessed tremendous spikes after they introduced “contactless delivery” . The apps are crashing due to high demand and companies are forced to either delay or cancel the orders.
Startups jumping on to the grocery/food delivery bandwagon can experience major uptick amid the Covid-19 crisis.
- Video Conferencing/Remote File Access-Sharing Apps
With remote work being promoted during the Covid-19 outbreak, organizations around the globe need apps facilitating video conferencing, secure and fast file access, transfer and sharing. App stores have seen a huge surge in the demand of such apps and Business Growth During a Pandemic.
Another sector businesses/startups can tap.
- Mental Health/Behavioral Health/Meditation Apps
The stress, dread, panic and uncertainty induced by corona pandemic can be overwhelming. This can take a toll on the emotional health of people already living with an anxiety disorder. This is where mental health and meditation apps come into picture by helping people manage stress and anxiety.
The segment offers wonderful business opportunities and Business Growth During a Pandemic.
3.Recruit Top Talent on a Tiny Budget
Startups can benefit from recession in different ways. One of them is being able to hire top talent as well as fresh talent with immense potential at reduced recruitment costs. This is possible due to the high unemployment rate during recession and economic instability.
4.Effectively Measure Your Business Initiatives
Planning to initiate a new startup or app? The slow pace of economy offers you the best time to plan well, identify areas of improvement, innovate methods to reduce cost, improve customer engagement, products/services,etc.
5.Bigger The Risk, Greater The Reward
The whole idea is not to remain on the sidelines but navigate these uncertain times with a carefully crafted business plan and tap potential business sectors. This will definitely help you emerge as a successful startup once the infection is contained and the economic turmoil subsides.
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