The coronavirus pandemic has created a great deal of stress, confusion and anxiety in the business world, both in the long and short-term.
This pandemic might seem that now is a strange time to launch a business with so many being forced to close their doors, but actually now can be a smart time to open a company if you are able to adapt to ‘the new normal’ and take advantage of new opportunities that this will present.
Learn from the situation
Look at what businesses are failing, which are surviving and how businesses are changing in order to survive during the pandemic. You must also look ahead to what the future will look like and consider how you can succeed in this environment. Of course, a lot of this remains to be seen but things like contactless and online services, remote working and home-based products are all thriving right now.
Solve a problem
A good business idea is one which solves a problem and in 2020 there are many new problems to deal with. This means that your business idea should address and solve one of these problems which could help you to not only survive but thrive in a post-pandemic marketplace. As an example, gyms have had to close which has seen a sharp rise in the sale of home exercise equipment and online fitness classes.
Develop a strong business plan & strategy
It is always important to have a business plan and strategy when starting a new company, but particularly during turbulent times like this. It is difficult to predict what the lay of the land will be both in the short and long-term, but having a clear vision while showing how you can be flexible will be vital for not only paving the way but also securing funding for your business venture. Investors will want to see how you plan on managing during COVID-19 and beyond and what action you can take in difficult circumstances which might occur in the coming months and years. Investors are looking out for good opportunities right now with the stock market crashing and interest rates low, so a smart business idea could certainly catch their attention.
Start promotion early
With markets coming to a grinding halt, now is actually a good time to start a new business as it allows you to enter the market at the “start of a new beginning”. Promoting your new business with eye-catching banners and other forms of print advertising can be a great way to announce your brand and help you to attract customers from the very start.
A pandemic could actually be a smart time to start a new business, but you must make sure that it is a good idea to launch and that you can thrive in the post-pandemic marketplace.