Every economic shift leads to a new way of living. This coronavirus crisis will be no different.
- The Great Depression defined consumer habits for decades.
- Hyperinflation after WWI still haunts German policy.
- The oil supply crisis in the 70s led to the first efforts of energy conservation and efficiency.
- The 2008 financial crisis was the trigger for a new, regulatory framework across the banking and financial sectors.
Now this health emergency that is shaking up the world’s economy will change our world forever.
In just a matter of weeks, we are seeing people en masse wearing masks, stocking up on goods, canceling social and business events, postponing travel plans, and working from home.
To answer the question, what are some great business ideas that you wouldn't mind giving away for free? This is what Mr. Hector Hector Quintanilla has to say,
Follow the trends:
- Once work-from-home (remote work) policies are established by companies, they will most likely remain. Anticipate the opportunity!
- Universities and schools need to be better prepared to keep educating online. Anticipate the opportunity!
- The tourism industry is seeing the most severe impact, with flights, cruises, hotels and the reservations sector struggling. Anticipate the opportunity!
- This virus has also shifted priorities. Hygiene is soaring to the top of government and corporate agendas. Singapore is already planning to introduce mandatory cleaning standards. Anticipate the opportunity!
- Shopping habits will be impacted. Anticipate the opportunity!
- Tighter borders controls, wider insurance coverage, public transportation, to name a few, will be just some of the changes that will stay long after the virus has run its course. Anticipate the opportunities!
And here is Mr. Unnit Metaliya, Software Developer at Blackberry' s respond to my question,(Note: As I am from India, my answer might look like India specific. However, you can implement it anywhere with little or no variation I guess.)
- Luxurious looking watches in China cost $4-$5/piece. In India, you can easily sell it at $10-$15/piece. (People would happily pay).
If you buy 1000 watches from China, it would cost you $5000 (3,00,000 Rs.), & sell it at above described price, you will make nearly ~ $14,000 (8,40,000 Rs.).
Profit = 5,40,000 Rs. ($9000) - Some Custom Duty.
- I live in Surat, Gujarat (India). You will easily get raw cotton fabric at a rate of Rs. 30 ($0.5) per meter from Surat Textile Market. If you somehow export it to Dubai, you will get Rs. 170 per meter ($2.85).
If you buy 10,000 meters from Surat Textile Market, it would cost you $5000 (300,000 Rs.) & sell it at above described price, you will make nearly ~28300$ (17,00,000 Rs.)
Profit = 14,00,000 Rs. ($22700) - Some Custom Duty.On a side note, I know one guy from Surat Textile Market who has implemented this model & makes sky rocketing high profit of around $133,333 (80,00,000 Rs.) daily. He imports millions of meters daily. He is having hummer in Dubai. ;)
- Buy non-branded earphones at very cheap price. Sell it on e-commerce sites with good margin.
One of my friend is currently doing this. He buys earphones at just 40 Rs. ($0.67) per piece & sells at 250 Rs. ($4.16) per piece on various sites.
If you buy 500 piece, it would cost you 20,000 Rs ($333) & sell it at above mentioned price, you will make 1,25,000 Rs. ($2083).
Profit = 1,05,000 Rs. ($1750).
- Mangoes cost $5 per 10 pieces in Gujarat (Gir/Junagadh). In USA (New Jersey), it costs $35 per 10 piece.
If you buy 10,000 pieces from Gir, Gujarat, it would cost you $50,00 (3,00,000 INR) & sell it at above mentioned price, you will make nearly ~$35,000 (21,00,000 INR).
Profit = 18,00,000 Rs. ($30000) - Some Custom Duty.
- If you go to Dakor, which is one of the very famous pilgrimage place located in Gujarat (India), you will find musical instruments at very low price. There are street markets where plethora of various kinds of instruments (Drums, Mouth Organs, Flutes, Guitars etc) are being sold. One Guitar will cost you around just 2500 Rs. ($41.67) Now when you go to some shop at mall with awesome interior and lighting, that same Guitar would cost you around 10,000 Rs. I have personal experience with this when I wanted to gift Guitar to my brother on his birthday, at every other shop it was around 9000-10000 Rs. Eventually I came to know about Dakor, I bought one for 3200 Rs. from there.
If you buy 1000 guitars from Dakor, it would cost you around 25,00,000 Rs. ($41,667) & sell it at above mentioned price, you will make nearly 90,00,000 Rs. ($150,000).
Profit = 65,00,000 Rs. ($108,334) - Some Transportation Cost
- Well, if you don't want to go outside from India, given the addiction of us Indian people for tea, business of tea can be the best one if done smartly.
Wholesale price of tea in Assam, India is Rs. 90 per kg ($1.5). Here in Gujarat, it costs around Rs. 190 per kg ($3.17).
If you buy 10 ton (10000 kg.), it would cost you Rs. 9,00,000 ($15000) & sell it at above mentioned price, you will make nearly ~Rs. 19,00,000 ($31600).
Profit = Rs. 10,00,000 ($16667) - Some Transportation Cost.
& many more...
However it isn't as easy as it seems. It involves lots of hurdle & hustle. But business is not a business if there is no hustling.
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