Are you interested in starting a business, but you’re not sure where to start – or if this is even the right time? After all, we’re in a pandemic and the business environment is unpredictable.
Here’s a secret for you, though: There’s never a perfect time to start a business. Now is just as good a time as any.
What do you need to know to start a new business in times like these? Let’s take a look.
Focus on Online Sales and Service
87% of consumers start product shopping online, so if you don’t have a digital marketing presence, you almost don’t exist. The pandemic has shown us that having a high-quality remote shopping experience helps a business stay flexible and continue to serve customers in any environment.
People are not likely to want to leave home often, even as stores and restaurants reopen. This is especially true as cases spike in the U.S., and the timeline for a vaccine is uncertain. That means that a successful new business will focus on online shopping.
Consider Market Opportunities
You never want to see another business fail, but the reality is that there are a lot of openings in the market that you can take advantage of. Think about what caused the businesses to struggle and fail and how you can avoid that same issue.
For instance, you might want to open a restaurant, but you’ve seen the weakness with the standard brick-and-mortar model. Why not open a food truck instead? You can avoid many pandemic-related concerns by going where customers are and serving them takeout directly.
There are many openings in the business world right now. At the same time, there are lessons you can learn from companies that recently failed. When you take advantage of these, you’ll position yourself for success.
Offer High Levels of Security
People are very conscious of safety and security due to the pandemic. It’s essential to address these concerns, both in-person and online. Your website should offer the best cybersecurity available, especially when it comes to protecting personal data and payment information.
If you plan to open a physical store, make sure that your cleaning protocols are up to date based on the latest science behind the pandemic. You’ll need to sanitize often, offer personal protective equipment to your staff, and encourage social distancing.
When you offer proper security and safety, consumers will feel confident shopping with you even in a challenging market.
You Need a Strong Plan in Any Market
Starting a business is difficult, no matter when you start it. This pandemic offers you some unique opportunities to learn from other companies about what business models can handle disruption and which ones are vulnerable.
However, you still need a strong long-term business plan and a well-defined operation model. Make sure you carefully think through your business opportunity before you take the plunge.
We wish you the best of success!