5 Tips in Starting a Business During COVID
If you always had plans on becoming a successful businessman, then nothing should stop you from doing so even with the world still ravaged by COVID-19. But if you shouldn’t just dive in and expect to immediately achieve results as there are numerous factors to consider to make sure your business is pandemic-proof. Here are five tips to help you start a business during COVID-19:
1. Be clear on what you want to achieve
Specifying your short-term and long-term goals is as important ever when it comes to taking advantage of COVID-19 business opportunities. Your goals shouldn’t just help you generate revenue during the pandemic but should also ensure that the business (whether it be an online business or a physical store) will thrive even after the pandemic has been fully contained. In short, these goals should be attainable and adaptable.
No matter what goal you’ll be creating, be specific and avoid creating goals that are too vague. Specific goals should help you create a clear path on what you want to eventually achieve in the future while it also helps you manage limited resources much better. To help you with this, list down the goals as well as the corresponding actions on how you plan to achieve them.
If you’re having trouble creating goals, seek assistance from your business partner or investors. You can also get help from industry experts who have been in the business for multiple years.
2. Focus on digital marketing
Recent advancements in digital or network marketing don’t only signify its importance in the current business environment but will likely contribute to how marketing will be shaped in the future. With people stuck in their homes for the most part of 2020, the benefits of digital marketing have been showcased to full effect. This has also helped businesses stay alive during the pandemic as they are able to reach their customers through various digital platforms.
Social media platforms such as Twitter, Facebook, and Instagram have helped companies better connect with their clients during the pandemic but it only comprises a small part of how digital marketing works in the overall context. Other types of digital marketing include email marketing, search engine optimization (SEO), display advertising, and influencer marketing.
Feel free to use any of these digital marketing tools but it’s highly suggested that you start with social media and email marketing first since they are convenient and affordable. Social media platforms are even free for the most part if you run a small business. Once you start growing your brand as an entrepreneur, you can then implement other marketing tools to increase your market presence and attract more customers.
3. Fill a market need
The global pandemic has created a shift in consumer demand. Although there is still massive spending for products across different industries, the pandemic has also created a demand for new ones most especially lifestyle and healthcare-related products and services. But it doesn’t mean you have to start a business with these products in mind as you have to consider numerous factors most especially when it comes to filling a long-term market need.
Whether you’re only selling within the community or catering to individuals across different cities, identify the needs of your potential customers and create products based on their needs. Don’t forget to do some research if that specific need can be sustainable and can help you pivot into selling similar products in the future. For example, if you plan on selling pet supplies consider if your market will also react positively if you offer grooming and pet hotel services. The more products you offer, the more you gain an edge against competitors.
4. Create a pandemic-proof business plan
As previously mentioned, you just don’t start a business without creating a proper plan. This plan will help you deal with potential internal and external challenges as well as help you proceed with your business ideas during lockdown. With this, make sure to create a pandemic or recession-proof business plan first before you start using your resources to purchase equipment or pay laborers, among others.
Remember that a business plan is not just a one-page document where you simply summarize all your plans for the next five to 10 years. It is a plan that details the entire operations of your business, from marketing to finance and even human resources. The business plan also lists down your long-term financial forecasts which is a helpful guide to present to investors if you need additional funds.
When creating a pandemic-proof startup checklist, don’t forget to list down how you will be able to counter challenges if another pandemic occurs. These measures should cover every aspect of your business most especially your customers and employees. Although it’s not mandatory, seek expert assistance when doing business planning especially when it comes to the financial aspect.
5. Stay positive
As cliche as it may sound, staying positive can actually help you start and run your business during a pandemic. Challenges are very common but you shouldn’t worry about failing and going bankrupt as long as rely on your plan and make quick adjustments if necessary. By staying positive you can also make better decisions and think clearly when faced with difficult challenges.
You should also surround yourself that can help you stay on course when things get rough. These can either be your business connections such as colleagues or business partners or even your personal connections such as family and friends. Remember that you are not alone in your professional career and you can achieve anything if you constantly stay positive and surround yourself with the right people.
When it comes to taking advantage of business ideas during COVID, it can be tough but it’s not impossible. The five tips listed above shouldn’t just help you start your dream business but also sustain it once the pandemic has been eradicated. Running your own business will definitely be worth it in the end.