Within every crisis lies opportunity. We shouldn’t ignore the fact that COVID-19 has been catastrophic for people in both a personal way and when it comes to business. People have lost their livelihoods, and in order to recover, the world needs people to be innovative and starting new businesses. Here’s a list of top tips for starting a business during COVID-19.
Choose the right niche
Certain business types and niches are proving more resilient in the current age of social distancing, when people are staying away from stores. Some niches are doing far better, and you might be able to take advantage of this. Did you know that, according to Google trends, interest in homeschooling and education has increased roughly threefold since COVID-19. If you were looking to start a teaching business, it could be time to take it online to suit the current age.
Getting the right commercial space
Do you need a physical location for your business? In the times of a pandemic, the space in which you are operating can make a big difference. Find a space in which you can socially distance, try to make it as secure as possible for your customers to feel safe. Things like signage to ensure that you have considered the commercial space and how it relates to the pandemic means that both staff and customers will feel much better and they will be protected.
Be financially prepared (keep expenses low)
A study of small businesses showed that the average firm with expenses each month exceeding $10,000 could only last two weeks in terms of their cash flow.
If you are able to “bootstrap” your way to a new business and keep your expenses as low as possible, it reduces the risk should there be a lockdown imposed as a result of the COVID-19 pandemic.
It’s not always easy to keep expenses small, but there are ways. Use your garage instead of investing in office space, and try to save money in your personal life so you don’t need to draw an income from the business initially. This will give you the best chance of growing your business into a success.
Be secure and smart digitally
Businesses have to move online. Whether you rely on the internet for your sales or for your marketing, you need to take business security very seriously. Every transaction online is a potential risk of your data being stolen. Not just that, you need to think about business security in terms of being responsible for other peoples’ details. If you handle online transactions then you need your website to be secure so you aren’t liable if anything happens to customer’s data.
According to cybersecurity statistics, the most famous type of information which was compromised during data breaches was credit and debit card numbers, online banking details, and social security numbers.
Take steps to ensure your site can’t be easily hacked. This can be a quick way for a business to fail if you do not stop hackers and fraudsters from impacting your business.
Innovate and be flexible
Things are changing so quickly, that businesses which can be nimble and make changes to their approach are probably the most likely to succeed and survive through uncertain times. Take a flexible approach to your business, and while you need a business plan, know that it is very likely to change as time moves on, and as the restrictions and regulations change, too.
The positive aspect of starting a business in trying times is the fact that if you can survive a pandemic, you can probably survive in much more healthy economic times. Though COVID-19 has been a catastrophe, you can still make steps to a better future in business.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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