Across different industries, businesses have to adjust their operations to adhere to social distancing regulations and survive amid this current economic downturn. These circumstances have made it challenging for several existing companies to stay afloat and even more difficult for new ones to start.
Commencing a startup business is a cumbersome deed under the best of circumstances. With the spread of the Coronavirus disease, it is all the more difficult. A number of people would agree that it is implausible to venture capitalism during these uncertain times.
However, a recent survey conducted found out that only 2.6 percent of startup businesses have abandoned their business plans, while 18.4 percent are in actuality scaling up their plans. It only goes to show that startup entrepreneurs see this pandemic as an opportune time to open up a business.
It is certain that companies launching their businesses right now will face inconceivable challenges. But the buying trends of millions of consumers during this time provides a window of opportunity for entrepreneurs to venture into new products and services that people need.
Pointers for Launching a Business During COVID-19 Pandemic
Understand Pain Points of Consumers
People’s buying habits have notably changed amid the Coronavirus pandemic. For one, the e-commerce market has boomed over the past months. In planning on what product or service to sell, ponder on how your business offers to contribute to consumers’ current lifestyle.
One of the highly marketable businesses right now is food. Consider looking into restaurant franchise costs and opening your own joint. Despite the lockdown and social distancing regulations, several food establishments are thriving amid the pandemic by offering delivery and take-out options.
Take Advantage of Digital Marketing Techniques
With continuous lockdown, quarantine, and social distancing being implemented by various states and regions, traditional business owners are now tapping the power of digital technology as an alternative marketplace.
Having a strong digital presence in this day and age is important, even without the pandemic. Before doing business with a company, the majority of younger consumers would do an online background check of said company.
By utilizing various digital marketing strategies and applying such on different digital channels, your business will surely thrive, pandemic, and beyond. With digital marketing, any startup business will have no difficulty building a credible and trustworthy brand name.
Connect Using of Social Media Platforms
Social media continues to play a significant role in businesses of any size and shape. The majority of the world’s population are on different social media platforms, making these social networking sites (SNS) an ideal place to reach out to more audiences.
Furthermore, consumers are more likely to repeat business with companies that feel human when they interact with people. Do not underestimate the power of social media and use this digital channel to respond to potential clients regarding their queries and concerns.
Being able to adapt to change is always fundamental for any business venture to succeed. Even when the current economic landscape is quite uncertain, launching a startup business is always possible.