You might think the pandemic is the worst time to think of hot new business ideas. However, it might turn out to be something big.
Every period of adversity presents opportunities for those who are looking.
For example, take a look at the healthcare startups in India. Many were able to make a profit during the pandemic by meeting the needs of people unable to physically go to a clinic.
A case in point is BeatO, a platform for diabetic patients that helps them monitor blood sugar levels. They were able to enhance customer engagement by 30 to 40% in the wake of the nationwide lockdown last year when access to diagnostics was severely limited.
Let’s look at other hot new business ideas that could make you money, even during a global pandemic.
1. Home solar energy set up
Topping the list of hot new business ideas is solar energy installation. India is one of the world's biggest energy producers, as well as consumers of energy. Most of the energy consumed here comes from coal and other fossil fuel-run power plants.
Given the increasing problem of environmental pollution, the demand for clean energy sources is expected to be strong in the years ahead.
You could tap into this demand by purchasing solar equipment and installing it on roofs and apartment balconies. This cleaner power source could then feed into the main power battery of an individual unit or an entire building.
All you need to do is to find the first 10 people who will pay you in advance.
This will enable you to purchase the required solar panels you need to begin building from that first order. If you need more information on how to get started, check out this article by Startup Sutra.
2. An ethnic eCommerce store
The eCommerce industry in India is thriving with its easy access to relatively cheap labor and goods. That’s what makes eCommerce a good contender as one of the hot new business ideas. Aside from that, the costs of shipping goods internationally have gone down in recent times. This makes it easy to sell cultural and ethnic items from India to markets abroad. Plus, foreign markets tend to pay well for them.
Setting up an eCommerce store is a low-cost venture that could involve sourcing materials from street vendors.
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3. Stock market trading
When it comes to hot new business ideas, India is full of lucrative stock trading markets that you could create a viable business from. Learning to trade stock is quite easy to do and is a profitable skill to have under your belt. Before pushing ahead full steam, you’ll want to understand the finer nuances of the business.
You can do this by first opening a demat and trading account online with a reputable broker, then linking it with your bank account. Once you’ve done that, you can go ahead and start trading.
Having a fair knowledge of the different industries and their performance indicators will stand you in very good stead. You’ll also want to know the merits and demerits of investing in small cap, mid cap and large cap stocks.
Learn more about other share market basics using this article from Karvy.
4. Compliance and regulation consultancy to eCommerce stores
While the eCommerce industry may be booming in India, it does require a fair bit of compliance and regulation conforming.
This presents a business opportunity to those who can advise eCommerce businesses on such matters.
As far as low-cost hot new business ideas go, this is one of the best ones around. It builds on your knowledge of industry regulations and is frequently sought after by eCommerce business owners.
This article by Corporate Compliance Insights has great advice on how to make money as a compliance and regulation consultant.
5. 3D printers
3D printing is one of the hot new business ideas to hit India in recent times. The cost of owning a 3D printer has substantially decreased and provides excellent profit margins. All you have to do is buy the hardware set you need to open up shop.
Of course, the price of the set up would vary significantly in accordance with the features that you seek. But you could use different types to make needed parts for manufacturers and other businesses. These include:
- Electron Beam Melting
- Selective Laser Sintering (SLS)
- Fused Deposition Modelling (FDM)
Find other ways to make money using a 3D printer in this article by Protolabs.
6. Outsourcing
It is not for nothing that India is considered a major global outsourcing hub. A majority of the customers for these services are situated in nations like the U.S., Canada and Australia. These countries are expected to see a rise in self-employment in the near future and will need to hire cheaper workers in nations like India.
Outsourcing is a good option for businesses in technology, knowledge and content creation sectors.
Learn how to sell your outsourcing services by reading up on the different ways to get started. You might begin with this blog on how to start a business process outsourcing firm.
7. Making and selling digital products
There are plenty of digital products that have a high likelihood of selling online. You have a good thing going for you if you have knowledge in the following areas:
- eBooks
- Online courses
- Apps or games
As long as you have a fair idea of the kind of customer who will buy your product, there's nothing to stop you from going ahead and creating the product to sell.
For additional hot new business ideas in this category, take a peek at this handy article by Sellfy to see what other digital products you could sell online.
8. IoT home consultant
The Indian government is very supportive of any plans that involve the Internet of Things (aka IoT). This is a great opportunity for people looking to provide a consulting business focused on transforming homes into a smart living space.
This means they can offer advice on how to automate homes according to certain predefined specifications.
As an IoT home consultant, you can offer your services to homeowners and builders. You can learn more about becoming an IoT home consultant by checking out these articles by Whatis.com.
9. Blockchain-backed bank ledger
This hot new business idea is likely to be in greater demand going forward. A blockchain-empowered tracking bank ledge would enable eCommerce businesses to track the origin of their payment, verify their antecedents and accept money faster.
This is an improvement over the current cash on delivery method, which hampers cash flows.
As a business venture, you could offer your services by figuring out the fintech services you could cater to. Learn how to start your own blockchain bank ledger business by reading these articles by Django Stars.
10. Bookkeeping
Quite a few entrepreneurs are clueless when it comes to bookkeeping and accounting. If you possess the requisite skills, you could help startups and independent ventures streamline their invoicing, bookkeeping and reporting.
Additionally, you can help fine-tune the way they handle their finances or streamline things like expense reports, fund flow statements and so on.
Bookkeeping can be a very profitable business venture and is fairly simple to launch.
This article from The Work at Home Wife is a great resource for learning how to get started.
Choose one of these hot new business ideas to start today
There are a slew of hot new business ideas you can consider starting even during a pandemic. The crux of the matter is to zero in on what is likely to be in demand right now and in future. The ideas presented here cover the whole gamut, from renewable energy to making and selling digital products.
These business ideas encompass both conventional ideas -- like bookkeeping and stock trading -- and new-fangled ones like blockchain and IoT consulting. The common factor between them all is that they involve a modicum of technology.
Once India is ready to emerge from lockdown and rev up its massive economy, the early movers who have already started their hot new business will reap maximum benefits. All 10 of these ideas possess the potential to craft your big success story. Choose the one you think you can pull off and don’t be afraid to run with it.
