Starting a Business During a Pandemic: Tips for Staying Afloat

Starting a Business During a Pandemic: Tips for Staying Afloat

Some people think it’s impossible--or downright insane--to try and start a business during a pandemic. It isn’t. While it's true that launching a business is hard even when there’s no crisis, a startup can survive and thrive in the face of uncertainty.

For instance, disruptions caused by Covid-19 forced entrepreneurs to come up with other ways of doing business. Analysis of the U.S. Census Bureau data in the Wall Street Journal shows a steep rise in business applications--the highest since 2007. Here are tips you can use to start a business--and remain afloat-- when the world is reeling from the effects of a global pandemic.

Find a Need in the Market and Meet It

Consumer habits shift dramatically during pandemics. Therefore, it's crucial to consider offering products and services befitting the pandemic lifestyle. Businesses that have thrived during the coronavirus pandemic include:

  • Cleaning services
  • Telehealth
  • Online services--like fitness classes 
  • Delivery services
  • Pet stores (many people want companions)
  • Home improvement services: such as landscaping or yard care ]

Market needs vary depending on the nature of the pandemic. Take your time to evaluate the types of goods and services that resonate with people's needs.

Make the Most of Digital Marketing

Marketing has moved online, and marketing methods such as live events are no longer feasible because of the pandemic. For this reason, you must develop strong digital marketing strategies to bolster your new business venture during the crisis.

Show potential customers that you care about their needs and be transparent in all your communications. Stay true to your brand. Keep in mind that earning the loyalty of customers may take time, so be patient. As long as your product or services are great, referrals will soon start trickling in.

Leverage Your Network

Get the word out about your business by leveraging your professional and personal connections. Advertise your new business on social platforms such as Facebook, Twitter, LinkedIn, and Instagram. You can also use social media to gauge the demand for your product or service and the amount people are willing to pay for it.

Create small informal focus groups comprising your target customers to determine their pain points and crucial needs. Also, use online survey tools such as SurveyMonkey to solicit valuable feedback. In addition, start small to get a feel of the market.

Develop a Recession-Proof Business Plan

Adapt early to the pandemic climate to ensure your startup weathers any storm. Monitor your expenses closely and avoid overspending in such uncertain times. You can also review your supplier and vendor agreements and negotiate new payment plans. Most suppliers are open to such negotiations, especially if they want to develop long-term partnerships.

Lastly, take advantage of financial assistance. You can look for loans in your locality by typing “car title loans near me.” Most governments and states are aso offering financial assistance to businesses because of the pandemic, so take advantage of it. Also, remember that new businesses take some months to pick up, so consider setting some money aside to keep things running in the meantime.

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