The pandemic has raged across Europe. With over 6,508,271 cases so far and no end in sight, launching a business is bound to be a complicated process.
While many people may think it’s impossible to pursue a business during such uncertain times, it might not be such a bad idea, after all. In fact, it might even have the potential to not just survive but thrive during a global pandemic. Case in point, our post on startups from Iceland shows that they can solve hard global problems, emphasizing how new businesses can present the key to issues around the globe.
However, it still pays to practice caution, so we’ve outlined a few things to note about starting a business during a pandemic.
Dedicate some time reflecting on where you want your business to go, and what steps you need to take to get you there. Create a thorough business plan. Look to plan out your online presence, and make sure you have a long-term strategy for the next 24 months. Given how the pandemic has given us a lot of time, consider also taking classes to develop or strengthen your skills in entrepreneurship or your area of expertise. Use this time to get your business in a prime position, and jump on opportunities to stay ahead of competitors.
Meet consumer needs
This is, perhaps, a golden rule for all businesses — but even more so now during the pandemic. What problems can you solve for the many stuck at home, and how can you add convenience to their lives? Consider new market opportunities and think about what you need to avoid. For instance, you might be thinking of opening a restaurant, but brick-and-mortar options aren’t exactly popular right now. Instead, consider a food truck or doing deliveries.
Take advantage of technology
In an age where technology drives most of our day-to-day operations, being able to properly take advantage of it is a extremely important. A feature on remote workers during the pandemic recommends finding apps and tools that can help with productivity. Apps like Trello, Notion, and more can help streamline and improve your workflow — a necessity when starting a new business — and smart home devices can help make work hassle-free. Find out what works best for you and keep in mind the team you’ll build in the future.
Create a stellar digital marketing strategy
Digital marketing is what will bring your business success — and a strong strategy can help during uncertain times. Transparent communication and staying true to your brand online are two key ways to build customer loyalty in the pandemic and beyond. Connect with customers on social media, and use these platforms to genuinely engage with your customers and get them excited about your brand. Additionally, Editor in Chief Gorazd Čad’s write-up on marketing during a pandemic also recommends letting your customers know what measures you’re taking in your business to battle the spread of the pandemic.
Be prepared for the worst
It’s a well-known fact that many businesses fail in the first few years — and that’s under normal conditions. Given this, it’s prudent to have a contingency plan and prepare for the worst. This is just being responsible, as dealing with bankruptcy is not a situation any business owner wants to consider or find themselves in.
That said, develop safety nets in case your business doesn’t work out, and take your time to do enough research on the market. If you feel that it’s not the right time to launch, then consider delaying it by a year or so and just spend that time improving your business plan.
Written by Juniper Blooms
exclusively for startupiceland.com