There’s no ever a right time to start a business. If you look at the past, there are a lot of powerful companies emerged during the financial recession. These companies raised tons of money and went on to be very successful. The world is constantly changing and you should grab the opportunity while it lasts. Here are some important lesson you can learn if you would like to launch a startup during the pandemic:
1. Focus on Solving Problems
The first and important point you need to consider is whether your new business is solving pain points relevant to today. What is the product you’re trying to sell and make? What is the service you’re looking to provide?
These are some important questions you should ask yourself if you’re looking to launch a new venture during the pandemic:
- What does my product or service offer customers, and who is going to buy it?
- What’s the compelling story here for someone to want to buy this product or service—and why now?
- Why am I confident I can solve this specific problem, or deliver this specific service, better than anyone else and stand out against the competition?
- Do I have the right team to succeed?
2. Learn from the failure businesses
As an entrepreneur, you never want to see your business fail. But, the reality is that there are some important and priceless lessons you can learn these failure businesses. Try to think what caused other businesses to struggle and how you can avoid the same issues.
For example, you might want to open a restaurant but you’ve seen the weakness with the standard physical store model right now. So, maybe you can consider opening an online F&B instead – cut cost and easy to operate.
There are many openings in the business world right now. However, you can to keep learning from companies that recently failed so you can identify what are some important points you should avoid. When you learn from these examples, you’ll be able to better position yourself for success.
3. Focus On Online Sales And Service
The majority of consumers shift to online shopping today due to the pandemic. 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 afloat and flexible where they can continue to serve customers in any environment.
As certain areas are imposed with CMCO, people will have problem to leave their home right now to buy things. As a successful new business, you should focus on creating a strong digital presence with online shopping options. Leverage social media opportunity and other platforms available.
4. Offer High Levels Of Security
As many people are shopping online, it is essential for your business to offer high levels of security. Your website should offer excellent cybersecurity especially when it comes to protecting personal data and payment information.
However, if you plan to open a physical store, make sure that your protocols are up to date based on the latest guidance and SOP from MOH. When you offer proper security and safety, consumers will feel more confident shopping with you even in a challenging market.
5. Have a Long-Term Strategy
You need to have a long-term strategy for making it through the next 2 years. Investors are still wiling to invest on your business today, but they want to see that you have a very clear plan for navigating the current environment. What investors want to know is:
- How do you plan on executing during COVID-19?
- Why would someone buy your product now—and who is that buyer?
- At what point do you plan to start generating revenue? If you’ll need to raise more money, how much more will you need to raise and when?
- What key metrics are you measuring, and are those strong indicators of business growth (or are they vanity metrics)?
If you are interested in starting a business during the pandemic but not sure where to start or if this is even the right time? Hope this article will give you some ideas on how to begin.