Across different industries, businesses have adapted their operations to comply with social distancing measures while keeping the company afloat during economic turbulence caused by the pandemic. These circumstances have made it challenging for existing companies to thrive, let alone survive. It also asks: “Is it wise to open a business during the pandemic?”
Launching a business is complicated even in the best of circumstances. It becomes a more challenging ordeal during the pandemic, but not an impossible one. Any business has a great chance to survive (and even thrive) during the global COVID-19 crisis.
Why Now Is The Perfect Time To Start A Business
First, if you can start a business in a turbulent environment today, you will surely be stronger tomorrow. No one knows until when the recession will last. However, if you can create a business that offers value to people who live in an environment of rising unemployment and declining demand, you will surely thrive once the economy picks up.
Also, starting a business now means you can be more frugal with the hiring, expenses, and other necessities to get your company off the ground.
If your business can solve problems amid a crisis, you will grow faster. In general, startups are at the forefront of where the world is potentially moving – content-heavy education, digital-first focus and convenience for customers.
And a lot of talented people are looking for a job. Small businesses aren’t the only ones affected by the pandemic. Even the largest businesses are struggling to stay afloat financially and laying off people. As a result, the market is full of experienced persons looking for their next opportunities.
Now is an ideal time to help others survive as well.
What Businesses Are Thriving During The Pandemic?
You might think that businesses are failing thanks to COVID-19 but some have successfully been able to change their way of working and are thriving in this new model of doing business.
Online Fitness Classes And Fitness Equipment Stores
Most gyms and fitness centers are closed or have limited in-person capacities. To stay fit during the pandemic, most people are turning to virtual classes. These classes help them manage their health without leaving the house. Fitness equipment stores online also provide customers with the equipment they need via deliveries.
Sanitization is a priority during the pandemic. Many homeowners and business owners are turning to professional cleaning services that can effectively sanitize their homes, offices and other establishments.
People are wary of visiting their doctors, even though they need to do their regular check-ups or are experiencing symptoms. They would rather consult with doctors online instead of going out of their homes.
Face Masks And Face Shields
Since mask-wearing has become a requirement in almost every area of the world, several companies have pivoted their operations to creating high-grade face masks.
Since most people are staying at home and avoiding non-essential outings, their dependence on delivery services increased. There is a strong demand for retail delivery, as well as grocery, food and meal prep delivery.
Strategies for Starting a Business During the Pandemic
You may want to leverage what you already have and modify that into a new way of working, or you may want to ditch your current business completely and start from scratch. Whichever route you take there are some important things to think about.
Consider What Your Customers Need Today
Consumer habits have drastically changed amid the COVID-19 crisis, so consider how your products and services suit your target market’s current lifestyle. As mentioned, online delivery services are in demand since people are staying at home but must still buy their essentials. If you have the transportation to deliver goods and a strong internet connection to connect with people, consider this type of business.
Build A Stable Digital Marketing Strategy
A solid online marketing strategy puts your business in front of searching customers at the right place and time. Search engine optimization (SEO), for example, places your business on the first page of the search engine results pages (SERPs) when customers use keywords associated with your business. Social media marketing can also help you establish stronger relationships with followers and customers via shareable posts.
Build Relationships With Investors And Understand The Metrics They’re Looking For
Investors can help you build a solid foundation for your business, especially in terms of finances. If you are looking for investors, consider how you can make them feel confident with investing in your company. Are they interested in the growth rate of your customers? Or do they focus on your potential recurring revenue? Keep in mind: different investors have different standards, so understanding how you can cater to the ones you wish to partner with is crucial.
Pandemic or no pandemic – there is no perfect time to start a business. What matters is how determined you are to start and if you have the perseverance to build a business amid uncertainty.