A global pandemic might not seem like the best time to start a business. But with the future looking uncertain and coronavirus still very much in full force, waiting for life to go back to normal no longer looks like an option.
With the second wave sweeping the world, it looks like we will have to adjust to a new normal and start making the most of a post-COVID society.
Millions of businesses worldwide have either collapsed or are currently at risk due to the pandemic. They have either been forced to close or have seen an enormous drop in their customer numbers. Yet in the face of catastrophe, many businesses have seen the opposite result and thrived. Delivery companies, streaming sites, and online collaboration technology are all business ventures that have seen a massive uptake through lockdown, proving that there is still hope for prospective small business owners even in the darkest of times.
For those looking to start up their own business in these turbulent times, here are some tips for entrepreneurial success throughout COVID-19.
Fulfill a need
Over the past eight months, consumers’ needs and desires have changed dramatically. Back in January, there was not much of a demand for face coverings outside of medical or chemical manufacturing industries. Yet, now we all have our own face masks in various styles and have to face the general public’s contemptuous glares if you accidentally leave the house without one. People are spending more time online and communicating with loved ones remotely, and working from home has become the new normal for many. If you are looking to start a business now, it’s crucial to look at how our needs and behaviors have changed as well as carrying out the difficult job of trying to predict how these will change going forward.
Have a digital marketing strategy
With lockdowns, self-isolation, and social distancing still very much in action, many traditional forms of marketing are not feasible. Events marketing is still a no-go, and outdoor or print marketing will struggle to get the same numbers. But with people spending a lot more time online, digital marketing is very much the way forward. Whatever your business, it’s crucial you have a bombproof digital marketing strategy including such avenues as social media, online advertising, and customer referrals, while staying true to your brand identity throughout. It’s easier than ever to find your customers online, and our shared circumstances make it easier than ever to connect with one another.
Protect your business
New businesses in 2020 face a whole new range of challenges compared to only a year ago. The pandemic has thrown everything up in the air, and it is a lot riskier to put all your time and money into a business venture than ever before. For this reason, it’s crucial to ensure you have adequate insurance against every eventuality. This could take the form of business insurance to cover general liability or even a specific COVID-19 policy to protect your business from losses incurred due to the pandemic.