Wednesday, March 29

COVID Paves Way for New Business Model (Home Business)

The COVID lockdown has a lot of businesses to go bankrupt. Thousands have lost their jobs. Consequently, a lot of people are contemplating home business.

Usually, when it comes to operating a business, people are compelled to buy a commercial place, travel to the office, and manage a group of people. However, the concept of home business is different. It has allowed people to discover new methods to work remotely and pursue entrepreneurship using the home as an office, even headquarters.

Presently, technology has allowed a lot of flexibility related to how and from where a business can be conducted. Home business is now available in many forms. In some cases, people may be required to convert a spare room into a small storeroom, while others are fully online. However, these businesses can be operated from the existing space by using existing resources.

Any home business happens to be a venture first, whether it is a full-time one or a side business. It is something that can be operated from home by using it as a base for operations. Many home businesses, particularly those that sell online and do not involve a lot of inventory, can be operated even on the go. In this case, there is no need for even a home. Quite natural that there would be advantages and disadvantages of the new system.

Second, there may be a need to alter the existing space to match the requirements of the home business idea. The challenge lies in making all that happen without disrupting personal life. Regulations need to be complied with related to the business.

There’s a possibility that the business may flourish more than expected, and then there might be a need for additional space. Home business is a lonely affair. Psychologically, it could be a problem, especially if the habit is to work with people around.

covid impact on mental health - COVID Paves Way for New Business Model (Home Business)
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Image Resource: Peasonclinical

In 2021, here are a few home business ideas that people can try out.

  • Bulk Product Purchase: The idea is to buy products in bulk and gradually sell them off at a profit. Blocking glasses are an example of this concept.
  • Selling Homemade Products: This is the best option for those who are makers themselves. All that needs to be done is to create something and sell it. Examples include jewellery, apparel, art, cosmetics, candles, and food.
  • Drop-Shipping Store: It involves functioning as a distributor but for a third party. It allows ample opportunities to curate products and then comes up with a store that deals with a specific niche.

Wrapping Up…

While many companies have had to close down during this crisis, the pandemic has also given rise to many home businesses – a reminder for us to reconsider that we all have an entrepreneurial spirit in us.

Is the concept of home business really the future to enhance the entrepreneurial environment and create more diversification to the World economy?

You be the judge :)

I hope you enjoyed reading my blog post.

Let me know your thoughts or suggestions in the comments below.

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