The Coronavirus pandemic has certainly made things trickier for small businesses and even put some out of business for good. So it’d be crazy to build a startup in this climate, right? For some this is the right time to ditch an hourly job and try their hand at self-employment.
If you are one of these people, ready to try something new, we have a few tips for you to help you succeed in this unique business environment.
1. Pick the Right Industry
You’ve definitely got to be careful creating a startup in today’s volatile market. Many industries are changing for good so make sure you aren’t simply duplicating another’s a failed business. Look at things in a new light and ask yourself how the world has been changed in the recent months by the pandemic. What can you do to address the specific needs of consumers?
It’s helpful to know that while many people aren’t spending in large amounts right now, they will be eventually! In fact, Americans’ savings accounts are becoming more full than ever! Think about what your neighbors are going to be buying with their savings. What are folks using their stimulus money for? Those are the industries you might want to target! Home improvement, for example, has soared during quarantine periods. Stay clear of industries that you and your friends have gone without during the pandemic.
2. Choosing a Product or Service
In addition to choosing the right industry, it is equally important to choose the right product or service within that industry.
If your skillset leads you to the service industry, get familiar with how services are being changed. Read through this guide to understand how a person-to-person business has changed.
If you’re wondering how to create a successful product read this to make sure you’re bringing a product into the market that can work for those you are trying to serve. Also, consider e-commerce as an option that will allow you to sell your product without a physical retail location.
3. Go Contactless
Convenience is no longer the only concern driving consumers to contactless delivery options. Ecommerce already allows for this and is a great option. If your business startup idea doesn’t allow for contactless delivery, make sure you do what you can to make your business as contactless as possible.
4. Sanitize and Wear Masks
If you can’t avoid having people interact face to face, make sure to show your customers that you do care about their well-being. Sanitize everything regularly and wear a mask. Although many of your clients or customers will not choose to wear one, it is important for you as the owner to show that you will do anything necessary to protect those that purchase from you.
5. Utilize Social Media
Social media usage has skyrocketed during the pandemic as people are at home more. Additionally, social media companies are making it easier to use their platforms to sell directly to consumers. Use these new techniques and post often on social media. You can increase sales and overall brand awareness as you build your new startup.
6. Select the Right Funding Options
Make sure you know and understand your funding options. While the pandemic may scare you into thinking that you need to hide away your savings under your mattress, don’t wait too long to make your move in starting up your business. In the not-so-distant future, the market may become packed with fresh startups and difficult competition.
To help you navigate through these times, find a CRM finance tool to manage your money and understand the relationship you have with customers. Profile clients and prioritize loyal customers while targeting promising ones.
Also, read more about what kinds of loans, grants, and other financing options you may have in 2020.
You may be surprised how quickly you can get started on your dream of self-employment! Don’t let the pandemic stop you from making a difference in your industry!