The incredibly vast possibilities in online business
These are trying times for micro, small and medium enterprises in India. Following the recent lockdown and the consequent economic crunch, some organizations may be forced to go out of business. It has been reported that up to 15% of MSMEs in India could shut down by the end of the year.
There are over 60 million micro, small and medium enterprises in this country, employing over 100 million people. The sector generates almost 30% of India’s GDP. Only China has more MSMEs than India.
The projections are not only disheartening for existing businesses, they are also not encouraging for potential start-ups. However, it is not the end of the world. Regardless of the economic situation, some businesses are almost certain to thrive. Basic necessities like food, clothing and shelter will always be in demand. That may be the way to go if you are looking to begin an enterprise during this period.
Or you may consider online businesses.
There is no better time to start an online business in India. With the rapid digitization in India, most businesses are looking to improve their online presence, opening up a vast range of opportunities in that area.
With mobile phones getting more prevalent and internet being more accessible, many more Indians are getting connected online. There are over 400 million smartphone users in India, while approximately 560 million people are connected to the internet. That is an enormous reach for any business, whether small or large scale.
Internet-based professionals like web designers, graphic designers, social media experts, freelancers, ghostwriters, online language translators, app developers and many more are in high demand.
Even if you aren’t perfect in these online skills, there are many short courses and tutorials available on the internet. You don’t have to spend years in the university to be able to run an online business! You can easily set yourself up on the internet, and build a career gradually. Slowly, but surely, you will be noticed.
The online space presents limitless possibilities. News sites, blogs and video blogs are becoming very popular in India. You can write about a lot of things, from food to movies, music to politics, and many more. People will always want information and entertainment, and there is no better place to get them than on the internet. If you are really good at what you do, and you are consistent and engaging, you can make tremendous money online with little or no capital.
Also, if you are into other businesses like food, clothing, real estate and you do not have an online presence, you need to correct that ASAP! Start by getting yourself on social media platforms like Facebook, Twitter and Instagram; and proceed to creating a website if possible.
Land-based enterprises can be shut down, but the internet is always open. That is why industries like online casinos in India will continue to thrive. These casinos are flooding India’s internet space, with the industry said to be worth over 60 billion US dollars.
Online businesses are extremely convenient and do not require any significant infrastructure. All you need is your computer, a very good internet, and your skill!
So if you are skilled in any online activity, go on and set up that business if you haven’t already. There is plenty of potential in there!