Start up ideas post COVID 19

Start up ideas post COVID 19

The entire country is in a lockdown, due to the outbreak of the COVID 19. The economy has slowed down, there is a reduction in demand, income levels have hit an all-time low, and there are severe job cuts. All this has consequently led to a fall in the GDP figures. There is a lot of uncertainty regarding the survival of businesses.

Uncertainty applies to situations involving unknown information. It also applies to predictions regarding future events that are unknown. And while the future is uncertain, one should not lose hope, since tomorrow might be the day that you are waiting for.

As per recent data by the World Bank, the lockdown has impacted nearly 40 million internal migrants. The government is doing its bit to consider short, medium, and long term interventions to support stranded migrants. This includes looking at the infrastructure, catering to families who have lost sources of income, and providing access to health, education, housing, and jobs for migrant works in host countries, as well as for their families back home.

Considering this impact on migrant labour, there has been increased importance for companies that deal with HR management, Job and Recruitment consultancy firms, etc.

Here are some areas that might be useful for them.

  1. Supply of unskilled and semi-skilled labour:

Workers across manufacturing companies and construction companies have moved back to their home villages. There is uncertainty regarding their return back to work. HR Companies can act as a bridge between this type of labour and companies that require manpower supply in bulk.  

  •  You could tie-up with the political leaders of small villages across the country.
  • You can also try and have arrangements with government officials because the agenda of these officials also is to provide employment opportunities for village residents.
  • Build marketing teams from various villages, who would supply you information regarding the number of workers in their villages, their existing skills. Etc. Look for ways to motivate these workers to get back to work again.
  • Conduct detailed research from Government records/announcements to ascertain how many labour migrated, what skills these labour possess, and the industries that have been impacted. Try and link these labour and companies together then.
  • Build a strong database of employees, marketing teams, and industries/companies; and then update your website/apps/marketing campaigns accordingly.
  1. Supply of skilled and educated employees

Most companies are cutting down salaries of their staff, and also drastically reducing their staff incentives. Naturally, these employees are looking at switching to other companies, who have a scale of operations large enough to afford to pay them salaries at par with their present one. Furthermore, their old companies would also be looking for their replacements. In these situations, HR Consultants can have double-edge benefits.

Take for example a Company X that pays INR 1,00,000 per month to its Production Head. Company Y on the other hand pays INR 70,000 to its Production Head. Post lockdown, both companies have had to implement salary cuts. As an HR consultant, you can bridge this gap by switching the employee of company Y to Company X, by offering the employee a salary of INR 80,000 a month.

A similar model can be applied to look for a better alternative for the employee of Company X.

The main task here would be to do your research well and to build a proper database. Also, read newspapers, trade journals & government announcements regularly; and think out of the box ideas.

  1. Do not restrict yourself to just the country. Access information across countries of the globe, and then set up platforms to bridge employment-related requirements on a larger level.
  2. Tie up with immigration companies. Employees who lost their jobs and are not getting suitable jobs in their home countries would now be looking for migration to different countries that have requirements. You can help these people out by providing them with suitable job opportunities.
  3. A lot of companies are looking for skilled persons, but only for a particular season time, or specific assignments. There are a lot of people who can offer these types of services on a freelancing basis; and now is a good time for you to be a verified channel for this gap.

Make sure that you focus on every aspect of news these days. Try and think out of the box, and most importantly, have patience. COVID-19 can be ‘Reset Button’ for everyone if taken positively and open-mindedly. Setting up Start-Ups in the field of market research, HR consultancy, Training & Orientation management, manpower supply, database management, and payroll management could well be game changers post lockdown.