Is a Pandemic the Right Time to Start a Business? It Just Might Be.

 

As millions of businesses shut their doors and sent their workforces home during the early stages of the COVID-19 pandemic, many wondered what they would do with their copious amounts of new free time. "Pandemic Bucket Lists" quickly became a viral internet meme, with many sharing the personal development goals they hoped to achieve in their free time:

 

●     Run a backyard marathon.

●     Learn how to bake sourdough.

●     Write the next great American novel

●     Finish an online degree.

 

Unlikely to make that list of pandemic bucket lists is "start a new business." From the startup costs and massive amounts of energy required to launch a company, starting something new in the best economic conditions can be hard enough. Throw into the mix a global pandemic that has the power to shut down national economies, and the idea of starting a new business can seem far-fetched… if not downright insane.

Yet, history has shown us time and again that some of the most significant innovations in business and culture occurred during times of massive disruption. For entrepreneurs who dare to take a step forward instead of back, these economic upheaval moments can create avenues for new opportunities. Sure, some ideas may flop before they get off the ground. The ones that do work have the potential to change the business landscape forever.

 

So You Want To Start A Business?

The pandemic has given many would-be entrepreneurs to put themselves in the first shoes of great innovators such as Steve Jobs and Jeff Bezos. However, just because you have an excellent idea for a service or product that could come in handy during this time of great need, make sure you consider the following tips before you hop online and purchase www.mygreatnewbusinessidea.com:

 

Define Your Unique Value Proposition (UVP)

The first step in launching your business is defining what you are offering the world. Take a look at your product and service, and consider what unique value it brings to the market. This will be regarded as your unique value proposition - what sets you apart from the rest of the market. Do some research online for other versions of your business idea and note whether or not the market is already saturated with your product.

The last thing you need is your brand new business venture falling below the noise of countless copycats- especially if your business is going to rely on online digital marketing to get off the ground.

 

Do Some Research On The Startup Process & Experience

Think of your model entrepreneur who hit it big with an industry-breaking innovation. While their story is likely filled with success and fame, they probably didn't start at the top. Behind every great business idea are countless failed attempts and sleepless nights.

The process of launching a new business in today's competitive market is not for the faint of heart. It will require you to put in the work - often physically - to help put your name and brand in front of your future customers. You will likely fail - which can be a great thing if you know how to fail well!

The best step in ensuring you succeed in your launch phase is to build a strong foundation of support. Find individuals who support you and your vision, and will be your strongest cheerleaders. The market is full of cynical critics - drown them out with a strong startup team's support.

 

Run A Systems Check On Your Leadership Abilities

What was your job before setting out on your own? Were you at the bottom of the rung, or were you wasting away in middle management? The pandemic shutdown might have been the catalyst you needed to break free of the chains of having little influence. However, leading a new business as the founder and CEO is no walk in the park!

Make sure that you read, interview, and study the great business leaders of the past. Heading up a department or a small team is one thing. Ask questions about their leadership tactics, their team-building methods, and their work-life balance. By finding a tribe of mentors to help you grow your leadership skills, you will set your new business up for success with a strong foundation of confidence and credibility. This will be vital for building a healthy team and a strong brand reputation.

 

Start Your Business For The Right Reasons

It may be tempting to start a new business simply because the current job market is difficult. With high unemployment numbers and increasing anxiety about the future of the economy, it is easy to see why so many are considering now as the best time for something new. However, before you throw your life into a new venture, make sure you are starting something for the right reasons.

What are the "right reasons"? Part of that answer depends on how you respond to the above tips. If you are simply frustrated with your current situation and are looking for something new for your nine to five, then the leadership and management needed to start a new business might not be right for you.

However, suppose you are driven by a passion for bringing a new idea or innovation to the market or are desiring to see a need met where none have answered before. In that case, you will find that you have the drive necessary to push forward against the obstacles that a pandemic economy can bring to a new business.

 

Ready To Start A New Business In The Pandemic Economy?

 

So what do you think? Do you have what it takes to step out in faith and start something new when the world is pulling back? For those with the entrepreneurial edge, the opportunity to enjoy success where others are withdrawing from the market is everywhere.

By taking the time to consider your aspirations, your current situation, and what you want to bring to the world, you may find yourself looking at a brand new life. If your idea catches in the winds of pandemic-led change, enjoy the ride. If not, pick yourself, dust yourself off, and get started on your next idea!

Get started! Register a business online or get incorporated in Canada! 

How To Increase Your Business Earning Potential During A Pandemic

 

As an entrepreneur, did you ever imagine that you would need a global pandemic response policy? Few businesses could foresee at the close of 2019 that the opening months of the new decade would see a complete global economic shutdown.

The novel coronavirus pandemic took no prisoners - especially for businesses. In a matter of days, the COVID-19 pandemic hit economies like a tsunami. Many companies and organizations were shuttering their doors to mitigate the spread of the virus. From small startups to established enterprises, the rulebook on effective business leadership and growth was thrown out in exchange for crisis management. For others, the sudden shift was fatal. As early as May 1st, nearly 100,000 businesses closed their doors for good.

Is there hope for businesses to survive amid a once-in-a-century global pandemic. Better yet, are there ways that a company can thrive despite the challenges that lay ahead?

Empty stores and challenging sales environments don’t mean that your business has to struggle. There are huge benefits to be gained in the new pandemic economy for entrepreneurs and business owners who are willing to pivot their operations and adapt to new processes. The only limit is your creativity. Consider the following three practices to increase your business earning potential and thrive during COVID-19 and beyond.

3 Ways To Boost Your Business During A Pandemic

 

1. Revisit & Revamp Your Digital Presence

When the world goes online to shop, you should be there to meet them with open digital arms. It is shocking to see how many businesses ignore their digital web and social media presence. Many simply open social media accounts and websites and allow them to become antiquated and outdated quickly. As consumers head online to shop due to health risks and business shutdowns, your presence in the digital marketplace is more important than ever.

The first step to boosting your business during a pandemic is to invest in a digital audit. Look over every aspect of your social media and website presence to analyze whether you are taking full advantage of digital marketing opportunities.

Are you reaching current and new customers through targeted, ad-driven posts and organic content?

Does your website feature updated content and an online shopping system?

Have you placed a line item in your budget for digital marketing strategies?

By combining high-quality online content and a robust social media marketing plan, you can quickly reach and remind your audience that your business is still open and ready to meet their needs. Don’t let your storefront on Digital Main Street suffer - open your online doors and watch your sales traffic skyrocket.

2. Invest in Online Sales & Delivery

Once you have adapted your online presence to a pandemic-friendly marketing plan, you need to ensure that your products or services are online-sales friendly. One of the hardest-hit industries during the initial months of the shutdown was the restaurant and hospitality market. However, those businesses that adapted their sales to online-only with quick delivery or curbside service saw their sales take a much smaller hit than those who shut down completely.

Having a way for customers to reach your business and buy online through your website and social media is essential for creating an environment for your business to thrive. Revamp your services by creating outlets for curbside delivery or contactless door delivery to help your customers enjoy your company without risking their health. The increased convenience will pay huge dividends as the market goes digital in the years to come.

3. Help Serve Your Community

The pandemic is creating opportunities for businesses to increase their PR presence and raise awareness for various causes. A byproduct of getting your business involved in the community is increased awareness and brand reputation.

Lisa Laventure, Director of Strategic Communications at online businesses commerce company Lightspeed, says that mission and value are among the most important aspects of a business finding a way to reach consumers during a crisis:

“Companies that are more in touch with their customers and brand will be the ones that succeed. These are the moments when you fall back on your values… It’s not the time to market and promote, it’s the time to stick up for your customers.”

To increase your business’s impact on your customers, find a local or regional cause to support and create new ways to invite your customers to join you. During COVID-19 shutdowns, many business owners began to look outwardly and started initiatives to serve and celebrate frontline workers with unique events and donation-driven sales. Don’t miss the opportunity to increase your brand reputation and recognition by getting involved in your community.

Get Creative & Watch Your Business Thrive

One reason many entrepreneurs start their own business is to lead in creative ways and impact the community in which they live with quality services and products.

The pandemic has created a tragic and challenging environment for everyone. Still, it has also created an incredible opportunity for creative business owners to flip the script and lead new and exciting ways. Your ability to thrive amid a global pandemic is limited only by your willingness to be bold and creative.

Starting a Business During The COVID-19 Pandemic

 

Think that a global pandemic is the worst possible time to start your dream business? Think again - the opportunity may never be better to capture the momentum of a market in flux.

For many business owners worldwide, the COVID-19 pandemic has been one of the most unexpected events they have ever encountered. From sudden economic shutdowns to government-mandated restrictions on patron numbers and health code requirements, not a single element of “business as usual” has remained “usual.”

The pandemic’s impact has been even more unbelievable for businesses and startups just getting their feet under them when the pandemic struck. Whether they were only signing paperwork for a loan or moving equipment into their new locations, the hopes and dreams of many entrepreneurs in 2019 were quickly dashed when 2020 reared its ugly head.

For all its havoc, are there any silver linings for those just starting their businesses amid the global pandemic? The plunging markets, the increased health concerns, and rising unemployment could offer more than enough reasons to pull the plug on any new business venture - at least until the pandemic subsides. However, could there be hidden pearls of success waiting to be uncovered for entrepreneurs who are willing to push ahead and open their business doors during the pandemic?

There are many ways that your business or restaurant can begin to pivot and optimize adaptability to function in the post-pandemic economy. Below are four examples to consider leading your company into the pandemic economy:

1. Hello, Reduced Overhead Costs!

We get it - opening your new business during a global pandemic may seem like an insane decision. If you are looking for a silver lining amid the chaos, consider the reality that the pandemic has brought to companies around the world - decreased overhead costs.

As consumers move to online shopping, and team members increasingly work from home, businesses have quickly discovered that many of their daily operations can be done just as effectively from home. Unfortunately, this has left large, expensive buildings to sit empty and rack up costly utility bills.  

As a new business, how can you take advantage of new business practices to reduce your overhead budget? Can your team members work from home to help launch the business? Do you need to purchase a lease on a brick-and-mortar location after all? Do you need to spend money on physical business cards, paper supplies, and more?

You will be surprised how much margin you can regain in your startup budget by moving away from the traditional cost of starting a business in a physical location. Don’t fear the unknown that comes with launching a business in a digital-only format. Should the time come that consumers start emerging and returning to physical locations, you will be primed to move in that direction. However, don’t be surprised if you never do. The pandemic is changing many traditional ways of doing business - and the need to visit companies in-person may fall victim to the effects of digital convenience.  

2. Reach Your Target Audience Through Online Advertising

Just because doors are closed doesn’t mean you can reach your target audience with news and announcements about your new business opening. In fact, the pandemic’s impact on consumer behavior may give your new business an edge that few have ever enjoyed.  

Instead of depending on in-person sales and engagement, throw your marketing budget toward online engagement through a robust digital marketing strategy. By hosting live streams that showcase your new business mission, values, and products, you can reach more potential customers than ever before.

A benefit of launching your new business through an online medium is the ability to reach your audience on their terms. Instead of inviting them to visit your business location physically, simply show up on their smart devices through an integrated advertising plan. With a robust digital presence, you can potentially open your brand to more customers than you expect. Social distancing doesn’t mean you have to postpone your business launch. It may make reaching your customers more manageable than ever before.

3. Take Advantage Of New Technology

The world of COVID-19 has given way to incredibly significant new technological advances. This shouldn’t be that surprising - most innovations in the business world have come from a crisis. By adopting new technologies early in your business startup phase, you can enjoy the benefits of being on the front-end of exciting innovations that will lead the businesses of the future.

Consider the power of analytics-driven automation and applied intelligence to your business from the beginning. These solutions can help you choose the most price-effective products to help you engage your customers in new ways online. While other companies and businesses attempt to adapt their large-scale operations to these new technologies, by implementing them from the start, you can race ahead of the pack - before you even begin building your customer base.

Smart analytics is a great way to lead your digital marketing above and beyond in a world where online sales and engagement are taking precedence. As you move forward in opening your new business during the time of COVID-19, make sure to take advantage of all possible technological options to help you build brand awareness quickly.

Ready To Start Your New Business?

As you can see, there are many reasons to consider launching your business during a global pandemic. There are new, emerging technologies available that will allow you to reach customers like never before. Reduced overhead costs and the ability to conduct business digitally will open up new avenues of revenue to help you focus on providing the best products and services. Don’t be afraid to be bold - there is much to gain in the post-pandemic economy for those entrepreneurs who are daring enough to launch their passions!

Get started! Register a business online or get incorporated in Canada!