When Is the Best Time to Start an On-Demand Business?
Maybe now is the best time to start On-Demand Business? The situation worldwide as we know are not what anyone expected it to be right now. Millions of people worldwide are under lock down due to the fears of Corona Virus, COVID-10 disease. Since the COVID-19 outbreak was first diagnosed, it has spread to over 190 countries and all U.S. states. As of now it has killed thousands of people worldwide. Due to the fears of the wide spread of the disease one third of world’s population is now indoors and advised not to leave their houses.
Impact of COVID-19 on the economy
Because of this situation the biggest hit is on the world’s economy. Estimates so far indicate the virus could trim global economic growth by as much as 2.0% per month if current conditions persist. Global trade could also fall by 13% to 32%, depending on the depth and extent of the global economic downturn. The businesses worldwide; small, medium and large are all feeling the effects of Corona virus and is in the risk of going bankrupt.
However, while the traditional brick and mortar businesses are facing adverse effects of the pandemic, there is a set of businesses given a business opportunity by the buyers. In America, sales show that Amazon’s sales have increased the Covid-19 pandemic and is now are now at a near-holiday-season level. It has also hired new employees to meet the increasing demands of the market. The economic experts suggest that since the brick and motor companies are closing down due to the situation, the online operating companies such as Amazon would become dominant even after the pandemic is over.
Why is it a good time for On Demand Businesses?
Because of the lockdown situation worldwide, the consumers are restricted of their outside travel and they are ever more cautious to step outside of their homes due to the fears of contaminating the disease, to which a vaccine nor a drug is discovered. Therefore, they are looking for options to get their required products and even services delivered to the house itself. For on-demand business models, this is the best time to start an on-demand business because the economy is favorable. The consumers have the option of using the on-demand businesses and get their required products or services without having to go out of the house at times like this. The consumers do not have the choice but to use such a service to get their requirements fulfilled
How to Start an On-Demand Business Now?
Even though the time is favorable now to start an on-demand business, you could be thinking how I can start an on-demand business now, when almost all the places are closed. Firstly, it is important that you create a bulletproof business plan for the business you are starting, either individually, with a partner or a group. All the conversation will have to take place via online meetings. Next, you have to find funding to get the business up and running.
After that, it is important that you develop the platform where the on-demand business will be hosted. Don’t worry you don’t have to develop this platform. If you look through the internet you can find solutions for on-demand business and many developers who are specialized to construct such projects. While the platform is getting developed, create on-demand business idea and find ways to manufacture your product or service. This has to be done using materials sent to homes or your own workshop. Then manufacture the product and make it ready to be sold. Afterwards, find a delivery partner to deliver the product. Please make sure that these steps would differ depending on the product or service you are selling though your on-demand business.
On-demand business marketing
Start marketing your product next. The best method to market is using social media because everyone quarantining at homes are most of the times in their social media profiles. Once the platform is developed and tested for the reliability to you can start the operation.
Please note that, during times like this identify what the customers’ requirements are and start the on-demand business around that. While the economy is going though a downpour, most of the consumers are affected too due to salary cuts and job loss. Therefore, they would only purchase the products that are required and within an affordable budget range. By keeping all this in mind, it is clear that NOW is the best time to start an on-demand business.