There are numerous reasons to start a business, and some of those reasons are that it gives you the luxury of autonomy, allows you to have a flexible schedule, and helps you focus on your passion.
However, starting a business during the Covid-19 year can be somewhat tricky as there’s a general uncertainty in the global financial environment. Are we going to have another lockdown? Is the Covid-19 Virus going soon? Will there be another wave? And how will it affect my business? There are some of the questions that are in the mind of people nursing the idea of starting a business during this pandemic.
Here are some tips to keep in mind if you’re thinking of starting a business during Covid-19:
1. Go for safe credits
If you’ll be applying for a loan to start your business, ensure that it’s one that doesn’t require collateral. The business environment is filled with so much uncertainty, and you shouldn’t be using your asset as collateral right now.
If, for whatever reason, you want to apply for a loan without a bank account, that’s pretty possible. This is particularly useful to individuals that don’t have a strong credit history or those without a bank account. If this seems like a worthy option for you, then you should read more here.
2. Opt for a business that thrives this season
Some businesses are more suited for the climate than others; those that are more suited can be called the Covid-19 proof businesses. As such, it’s best to opt for one of them as they’re experiencing an increase in demand this season. For example, Pet adoptions have soared by 700% since 2019; this is because more people are now seeking pet companionship because they’re spending more time at home.
3. Be consumer-focused
This isn’t the era to open a business venture and hope that people will need your service/product. You should be certain of the needs of your target market and ensure that your product solves their problem.
Consumer’s habit has shifted significantly during this Covid-19 year, and you should tailor your style of doing business to fit that.
For example, in pre-covid, people prefer to walk into restaurants to make their purchases, but in the covid year, more people are now ordering their meals from home.
4. Develop a good digital marketing strategy
Your new business can be bolstered in these uncertain times by having a strong digital marketing strategy. Effective online communication and staying true to your brand will help build customer loyalty during this pandemic and after.
Covid has driven marketing more digital as the traditional avenues of marketing a consumer brand is not practical right now. More businesses are coming to terms with digital marketing, and you also should.
However, if you’re delving into digital marketing, you should ensure that you acquaint yourself with the right information and tools. Digital marketing can be somewhat tricky; thus, you should only opt for digital marketing tools that are effective and easy-to-use.
5. Use Social Media to connect with consumers
Very few tools bring in new customers and enable you to keep them updated, like social media. Of course, you’ll like to have mind-blowing orders, but it shouldn’t always be about selling. You should genuinely engage your customers and make them excited about patronizing your brand.
6. Create a business plan that is recession-proof
The business landscape is very different now than the pre-covid era, and a change may be imminent again. Thus, it’ll be in your best interest to create a recession-proof business plan and have enough funds to help you weather any unforeseen “storm.” A recession-proof business plan is one that’s scalable irrespective of the economic environment.
7. Stay positive and be flexible
Every entrepreneur and their business need to ensure that adaptability is prioritized. Create your business plan, but ensure that it’s not too rigid for some alterations.
And most importantly, keep being positive. Although there are challenges to starting a business right now, those challenges are not impossible to surmount. There are millions of resources you can easily access for help; they include online seminars, articles, books, and YouTube. But most importantly, don’t hesitate to ask mentors and more experienced entrepreneurs. You’ll be surprised at how helpful people can be; you just need to ask.
8. Hire a freelancer
Since you’re just starting your business, the chances are high that you won’t have the funds to hire full-time or even part-time employees. Instead, hire freelancers, who are much cheaper and fit for the season. There are loads of freelancers on Dormzi, Fiverr, and Upwork that can handle graphic design, social media management, web design, and content writing. Plus, you’ll only be required to pay for the services rendered and not a full salary.
The task of starting a business during the covid year may seem daunting, but the truth is that it has always been difficult to start a business. However, you might find the process easy if you read the tips given above.