Starting a business is a daunting prospect at the best of times. The countless ideas, plans, and discussions can take months, if not years to perfect and implement. Unfortunately, for many COVID-19 was the unfortunate end to their business, or has left their business in a worrying stasis. But could now be the best time to start a business as the world begins to recover from this global pandemic?
Nature of the Business
Naturally the first thing to pin down is the nature of the business you are wanting to start. Will you be providing a service or will you be a supplier of goods? Considering the current global climate it is an important distinction to make; now may not be the time to get your niche café based around share-plates off the ground, but a delivery service that opens the door to at-home platters is something a lot more people are considering. COVID-19 has shone the light on some interesting behaviours of people as they have been spending more time at home and indoors and it is your job as the entrepreneur to analyse and embrace these nuances.
All businesses will need some kind of supply chain; whether local, national or even global. With borders closed for the foreseeable future and a lot of supply chains greatly interrupted it is imperative you know where your supplies are coming from. What this has opened up is a unique opportunity to support your local community at a grass-roots level. Ask around, speak to your neighbours and friends and you might be provided a unique opportunity to build your local economy by not only being a part of it, but by buying local.
Whilst restrictions are slowly loosening as time goes on and cases go down, in-person stores are still seeing reduced foot traffic compared to general averages with patron restrictions and social distancing being the root cause. Naturally most see this as a chance to utilise a digital storefront, or perhaps a mobile service that comes to you. Conversely, this might be the perfect opportunity to develop that dream frontage that is now available and on the market. Taking the risk and installing a new fit-out is also a fantastic way to build local connections and support your local businesses.
One aspect that has had to change dramatically is marketing. Normal advertisements and physical marketing methods simply aren’t as effective as normal at this uncertain point in time. A digital driven, accessible, and empowering marketing model is as vital as any good product being offered. A streamlined and efficient website and potential online shopping options might be the necessary requirements for the moment, but are undoubtedly a long-term investment for a successful company.
Starting a business can be a terrifying prospect for the underprepared. But as with anything, if you can see through the glaring negatives of the COVID-19 pandemic, there are still opportunities for the savvy entrepreneur to plan, prepare and possibly profit from these strange times.