Starting A Business During COVID? 10 Steps To Make Sure You Succeed
by Startacus Admin
If you're considering starting a business during the pandemic, these basic tips will help you get that business up and running...
Covid-19 has put the world in a very peculiar situation. The shifts in the status quo it caused has created a myriad of opportunities for startups to get going, make a name for themselves, and get their business off the ground. Doing so is unlikely to be easy,but according to experts, there's no better time than now to start working hard on making that happen.
So how do you start a business during COVID?
Identify a Niche in the Market
It's important to remember that although the opportunity for people to take advantage of a certain product may be restricted at the moment, its desirability is not necessarily decreased. This creates the perfect environment for companies providing an online substitute for that product to flourish. Keep this in mind when considering the direction of your new business venture.
Identify Your Customers and Their Needs
Take the time necessary to consider your potential customers. You need to make sure that the service you offer them is particularly suited for their needs and the price point is right for their budget. Additionally, think about expanding the services rendered to encompass other needs that the same people may have.
Do Due Diligence
Really dig into the details of what you have to do to start and run a business. Get in touch with some experts that can provide you with legal and financial advice on the matter and get the paperwork sorted out as soon as possible. Talk with a person who's already done something similar to get a better idea of what you're getting yourself into. Their advice could help you dodge a lot of pitfalls and help you prepare for realizing your ideas.
Set up a Production Process
Setting up may be easier now than it has been in years. Premium office space is available due to companies closing down, and you can find specialized equipment at symbolic prices due to liquidations. Skilled employees that are usually inaccessible to startups may now be looking for work, and other companies may be willing to cut more favorable deals than usual just to ensure a steady cash flow. Take advantage of all of this.
Market Your Product
Legacy marketing is not dead by any stretch of the imagination. However, the pandemic has already forced people online - which means that'd be where you would need to focus your marketing efforts. The very first step toward securing your online presence would be the creation of your own sleek and professional-looking website. This will add an air of legitimacy to your brand and help solidify your image in your customers' minds as a serious business with a worthwhile product.
After this necessary bedrock is in place, you should invest time, effort, and money in online marketing - ad campaigns, social media, and influencer marketing can be extremely effective ways to promote your product.
Connect With the Right Partners
Reaching out to companies that share a similar market niche as you, or serve the same customers, may prove beneficial in a myriad of ways. Cross-promotion is an effective strategy, but you can partner with them on so many more fronts - you can share expenses for marketing, deliveries, storage, and even production costs.
Set up a Delivery System for Your Product
Lockdowns and social distancing have imposed severe restrictions on people's movement. With this in mind, it'd be prudent to ensure that whatever your product is, it could be made available online via your website or ordered via your site and delivered to your customers.
Take Advantage of All Available Technological Solutions
Online storefronts, collaboration platforms, file sharing, communication networks, and data storage tools have become essential for running a business nowadays. They are a great way to smooth out the operations of a company and remove barriers that may set you back and cost valuable time and effort. Take advantage of all the benefits technology has to offer and be on the lookout for new ways in which it may boost your productivity.
Prepare a Backup Plan
A single COVID-19 case in an office can jeopardize an entire company, bringing production to a screeching halt. Even if that company isn't you, this may still cripple your business if your business is reliant on said company for services that make your production possible. Always have a backup plan for procuring all the goods and services that make your own production possible.
Plan For the Future
While the COVID-19 pandemic doesn't look like it's going away any time soon, you'd do well to make sure that your business' existence isn't tied exclusively to it. If that is the case to begin with, gradually diversifying your portfolio is a good idea.
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Published on: 23rd October 2020
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