Taking Advantage of the COVID-19 Lockdown to Create Niche Products
“Take advantage of every opportunity, and where there is none, create it for yourself”- Martin Garvey
As rightly put by Mr. Martin Garvey, we must look for and take advantage of opportunities that come our way. It is easy to overlook excellent opportunities, yet once you set your mind to it, the situation turns round- you start seeing opportunities everywhere.
Due to the unfortunate reason that our world has gone into a lockdown, our initial reaction was to take it slow, and to allow ourselves to adjust to this lifestyle. Since now the initial shock is over, and this has become our new normal, we must gear up, and begin to take advantage of the enormous amount of time we have on our hands. You may be a startup owner, or someone looking into creating a startup, either way here are a few ways to get your think tanks working:
1. Research, research, research
Given the fact that we now have a new ‘normal’, consider that people’s needs are changing as well. An example of one of the industries that has undergone a major turnaround is the telecom industry. WiFi which was not an essential need pre-lockdown, is now considered one. Installation of WiFi connections has increased multi-fold owing to the increasing data consumption due to work from home culture. Keep an eye on the industries that are showing such trend- positive or negative, changes in any industry must be noted. Delivery services are earning largely due to their very nature. It was already a lucrative sector, which has now begun to become even more attractive for investors, and new businesses. Pharma industry, which has already been one of the giants, is now standing almost unrivaled. Study the changing needs, and note your observations.
2. Look behind the reasoning for the changes
By now you may have started making a couple of observations, noting those that strike your fancy. Getting behind the scenes of these observations will enable you to understand what need your product will be servicing. If the reason WiFi connection installations have increased is because now more than ever, people are heavily relying on content consumption to get them through their days i.e. work from home isn’t the sole reason. A lot of people are publishing research papers studying the impacts of this lockdown, and many of them are even openly speaking about their experiences on social media. Settle on a need that your nw product will service, and work from that.
3. Choose something that you feel strongly about
Just because a certain need is drawing more attention, don’t jump on the bandwagon. Chances are, there are already many players in that field. The advantages of being an innovator are far greater than those of being an early adopter. Choose something that is close to you, it will enable you to think clearly. Once, you have settled on a need you want to service, working from it becomes easier. You have a clearer view of what your outcome could look like. Instead of a hazy, half-formed idea, this clear view can help you sharpen the idea better. Also ensure that your idea suits the vision of your startup/brand. Diversification can be a good idea, if managed properly. It is still risky to diversify if your brand is not highly established in its core offerings. Therefore, it is important to seek out some help from professionals as well.
4. Communicate with the right people
Assuming that by now you have settled on a product, remember that you are creating a nice product, so your communications will have to go out to the correct people. You cannot approach people with generic ideals and thinking. They will only serve to stomp out your ideas. Look up startup founders on LinkedIn who have created niche products and are thriving, if you are a first timer. If you already own a startup, and need help launching this product, then approach the kind of people that have experience handling a niche product. A right idea in the wrong hands is useless. That is where we, Lakhani Financial Services step in. We help your idea reach the right audience, the right way. I am aware that the lockdown may have increased a certain amount of pressure on all. But, the overall idea of creating a niche product arises from the fact that such a huge chunk of time will never be so freely available in the future. Even though, the world will possibly not go back to the old normal, but activities will begin resuming soon. Brainstorming, and pushing yourself to reach the skies at this moment is crucial for a brilliant career trajectory. Take advantage of this opportunity to create a product you’re proud of, and that sets you apart from the crowd. The audiences are more attentive than ever right now, and will listen if you approach them with an enticing idea.
We, at LFS are here to help you at every step of the way. We are sharing this piece of information to help you realize your startup’s full potential About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.