Why and How You Should Start a Business in the Pandemic

Why and How You Should Start a Business in the Pandemic

In Business Leadership, Business Strategy, Digital Marketing, E-Commerce, Marketing Strategy by Naomi JohnsonLeave a Comment

Reading Time: 7 minutes

Starting a business is a scary prospect at any time. Throw in a global catastrophe, and it can cause anxiety, fast. But, it doesn’t have to be that way, and if you take a more optimistic approach to entrepreneurship, you’ll find it may not be that frightening after all. You might even be able to use the pandemic to your benefit. Ready to get started? Heed the following advice, and you’ll be that much closer to finding your own success during the pandemic.

Master the Internet

When you are getting ready to launch your own business, one of the first things you must do is understand how the internet plays a role in your success. In a world where social distancing has become the norm – and will likely continued to be so for the foreseeable future – your online presence matters.

Flying V Group can help get your business to the top of search engine results by utilizing best SEO practices. Moreover, superior web design, paid advertising, content marketing, and other digital services will broaden your online footprint and make you more visible to your market. Why is this important? Because nearly every customer you will have starts their search for your product or services on the internet.

Use Your Downtime Wisely

If you’re not yet ready to commit to being your own boss, you can use your time out of work to hone your skills. Although you may consider yourself savvy in your industry, there are likely areas where you fall short – accounting, for example. Pursuing an accounting degree from an online school means you can learn valuable new skills at your convenience. This type of course will help you expand your knowledge base on business ethics, marketing, finance, and economics.

Make Smart Financial Decisions

As a small business owner, one of your key responsibilities is to use your capital wisely. This might mean starting with a small investments and growing as demand increases. It pays to know when and where you should spend your money. Hiring experienced staff and investing in quality materials and products is critical to your success. With unemployment still high and many businesses closing, you do have some leverage in this respect.

Yelp has reported more than 150,000 permanent business closures amid the pandemic. If you are looking to get into an established franchise or small business, websites like BizBuySell can help you find a business to make your own. You can also look for liquidation sales for businesses in your industry, where you can almost certainly find the equipment you need at a discount. Finding employees should be a fairly straightforward process now, too. To ensure you get the right people for the right roles, write your job description accurately and outline exactly what you expect from your staff.

Look For The Gaps

No matter what you do or how many other providers of your service or product there are, there will always be gaps in the market. Look for them and then fill them. You’ll need to monitor trends, ask for customer feedback, and spend time evaluating your competitors. Gaps can be something as simple as offering faster turnaround on custom products or targeting an underserved demographic. Many businesses cast a broad marketing net but trying to sell to everyone rarely works. Inevitably, some groups fall through the cracks.

Conclusion

While this is not a definitive guide to starting your own business, the above tips can help you navigate some of the trickier aspects of entrepreneurship during the pandemic. Remember, even if you’re not ready to go solo, you still have options. Whether you choose to research your competitors or go back to school until you’re ready to launch, everything you do now will put you in a much better position to master the market when your time arrives.


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Robb Fahrion
Robb Fahrion, Partner
Flying V Group