Starting a business during a pandemic isn’t easy but it’s not impossible. With that in mind, it’s important to remember that you’re starting a business during a financially strenuous time for many people, so you’ll have to be strategic about it. Here’s how.
Establish the ‘why’
It’s really important to understand why you feel like right now is a good time to start a business. Different people will have different reasons for wanting to start a business during COVID-19. Perhaps you’re realising that there’s a need you need to fulfil, maybe it’s something you’re passionate about, or you’re trying to establish multiple streams of income. Whatever your reason is, you’ll need to define it and help that guide you.
Have a business plan
Businesses are going through a tough time right now. So, if you’re thinking of starting a business, you’re definitely going to need a solid business plan with good financial planning and considerations around the current crisis. Here’s a reference you can take a look at to help you with creating your business plan.
Consider your consumers' needs
Customers’ needs, wants and habits have changed quite a bit over these past few months. Doing some research into this will help you provide a product or service that caters to customers’ needs and habits in a way that’s relevant.
Utilise digital platforms
Most people are spending more time online than ever before. It would be best to use that to your advantage by marketing your business online, improving your online presence where necessary and offering e-commerce and digital options. So if you can, invest in digital marketing, social media platforms, and a solid website.
We probably don’t have to tell you this, but it’s not a good idea to start your business with the assumption that it won’t succeed because of the pandemic. A positive mindset is integral to the success of any business, so make the effort to stay optimistic. While staying positive isn’t always easy, it’s worth doing if you want to succeed. Just remember that positivity isn’t the same as being unrealistic.
Starting a business requires a lot of time, research and effort. It’s advisable that you start a business that’s COVID-proof (something people need and can benefit from even during this pandemic). If you try and things don’t go as well as you’d hoped, that’s okay. Take it as a learning experience. What’s important is that you tried and you can always try again. If you need further help navigating entrepreneurship right now, you can take a look at this article. Good luck!