6 Business Aspects to Consider When Starting a Small Business During A Crisis
As discussed in previous blog posts, natural entrepreneurs have a way of making the best out of the most uncomfortable situations. Whenever there is a lack of resources, creative minds are put to the test to come up with innovative ideas and products that solve a current and future market problem. If you have decided or thought about starting your own business, but are afraid because of the current situation, there are some things you should consider prior.
With the COVID-19 pandemic, the world finds itself exploring a new normality, meaning that there will be new consumption patterns, health and safety regulations to be followed, all of which will become the new normal. It is your responsibility as a business owner to adapt to this new normality in order to succeed and stay afloat. These are the matters you should consider in order to start a successful business during and post-pandemic:
· Adapt to the new world
This point cannot be stressed enough. Understanding the difference between current and future market needs versus prior pandemic needs will result in having a business that will succeed long-term.
· Focus on current market needs
When high magnitude events occur at a bigger scale impacting the entire population, they pave the path for new market needs. Identifying and targeting these needs in a way that is sustainable, is the core of any successful business.
· Less competition for resources
With everything going on, there will be less demand for resources such as business loans, equipment and infrastructure. This will result in lower interest rates, cheaper equipment, and lower lease rates.
· Focus on solving a problem
Do some market research to identify market needs that businesses are failing to satisfy and find your own way to solve these. Not only will it make your business relevant, but this will be your differentiator. Once you have identified the need you are going to target, find innovative ways to ensure that your business or service becomes a need in people’s everyday lives.
· Focus on the things you can control
It can become overwhelming weighing all the things that are out of our control, leading us to feeling helpless and lacking motivation to start a business. Instead, try focusing on the things you can control. Be proactive about your business, recruit top-qualified talent that matches your business needs and standards, and try starting to drive attention to your business by implementing marketing and advertising strategies that catch your target market’s attention.
· Implement the necessary safety precautions
Having the perfect business that solves certain needs at the right time will not be enough if your customers do not feel safe visiting your business. Make sure your business is compliant with the new health and safety regulations to create a safe environment for you, your employees, and most importantly, your customers.
Lastly, ask yourself these questions as a guidance to build the foundations of your business:
· Can I identify a new need that resulted from the crisis? If so, which one?
· Do I have a competitive advantage where I am able to serve this need?
· Do I have the proper qualifications to serve this need?
· Am I able to hire others or find a co-founder to treat areas where I lack expertise at?
· Do I have the necessary financial resources to start my business?
Bibliography
Forbes Business Council . (2020, June 8). Starting a New Business Venture in Trying Times? Here's How To Do It Right. Retrieved from Forbes : https://www.forbes.com/sites/forbesbusinesscouncil/2020/06/08/starting-a-new-business-venture-in-trying-times-heres-how-to-do-it-right/#74aca4177f0c
Haimerl, A. (2020, May 20). Is a Pandemic the Right Time to Start a Business? It Just Might Be . Retrieved from The New York Times : https://www.nytimes.com/2020/05/20/business/coronavirus-small-business-startup.html
