Making a Startup Business Go Full Throttle Amidst the Pandemic: The Crucial Steps
“It was the best of times; it was the worst of times.” To this day, months after the community lockdowns, the famous words of English writer Charles Dickens resonate, as people recall mixed feelings of fears and hopes. For some persons who resolved to brave the waters, the pandemic became a launchpad for business.
The global pandemic led to the shutdown of many business establishments the past year. On the other hand, it was also a time for individuals doing the 9-to-5 grind to reassess money-making opportunities and dive into something new. Lots of small business ideas were tried and tested.
The challenging times spurred lots of people to cultivate their skills such as cooking, planting, online teaching, consulting and investing, or to venture into previously unexplored territory. Negosyo ideas that involved selling goods and services online were born.
With work-from-home arrangements becoming the norm, people realized the importance of having a social network and reliable supply chain, among the key elements for innovative business ideas to hatch and flourish. Having a hub with which to communicate with target consumers can prove very useful.
The Changing Landscape
In the months following the series of lockdowns, there was a surprising turnaround in demand and a huge surge in interest in franchising opportunities, particularly within the home services sector. Indeed, during tough times, certain businesses rebound quickly than others. While some brick-and-mortar retail stores continued to operate while adopting enhanced safety protocols, a large number of business during quarantine folded up.
With the home services sector such as laundry businesses, water delivery, food-to-go ventures holding up well, enterprising individuals have seen how such business options can be good investments. In the Philippines, lots of food ventures operating from home have sprouted, and such small business ideas utilized Facebook and Instagram to find a captive customer base.
Across the world, among the best business types that re-emerged and saw strong demand amidst the pandemic were professional cleaning services and transport logistic services. Bread-baking companies, gardening suppliers, quality mask makers, tutoring businesses, and home health organizations also fared well.
The next crucial step for many startup business operators was to find financing or partner up with a trusted entity to kickstart their business venture. The most successful small business ideas took off when they were anchored on a resilient strategy that looked at future needs and possibilities.
Having an expert financial adviser, like the Blend.ph peer-to-peer lending platform that offers loan products with flexible terms and lower interest, can enable the best business to start on good footing. In order to adapt to the new realities, business operators need to address supply chain disruption and other challenges. Part of an entrepreneur’s fivestep plan amidst the pandemic is to look at things from the outside and periodically assess where he is and where he wants to go.
Making Pipe Dreams Come True
An increasing number of people during Covid time contemplated on taking a stab at businesses that offered good work-life balance and at the same time promised lucrative returns over time. The times called for A-C-T-I-O-N. For the plucky ones, a main motivator was to regain a measure of control. “The ability to be creative and innovative could not be crushed” even during quarantine, as a business founder opined in a webinar. Here are some crucial steps and recommended tips when starting a business during pandemic:
Photo c/o FeedbackExpress
First, have a fallback plan in the face of the unexpected. This is a big and small business strategy that makes much sense. Even before Covid struck, having in place a contingency plan was vital. Planning ahead is imperative when getting a business off the ground during pandemic.
Beyond that, taking on the challenge of a responsible retailer also leaves a mark on most consumers. Today’s customers are smart, and take pleasure in supporting local enterprises that go the extra mile and support local communities and advocacies.
Alongside identifying the risks, having a fallback plan, and being responsible, startup businesses also need to maintain superb customer experiences – or engage customers, even in the face of a health crisis. So while some startup businesses may choose to halt promotions and stop offering certain products, others highlight what customers really need and want.
McKinsey, a leading private sector think-tank, underscored the strategy of rapid revenue response. This encompasses redirecting targeted campaigns aimed at winning back customers and attracting new ones, reallocating spending toward proven growth areas, instituting health and safety measures, and automating processes.
Automating the business is part and parcel of being flexible, especially in the face of change. Leveraging technology has enabled lots of startup business ideas to gain ground. Whether you have chosen to become an online reseller, an online teacher, bookkeeper, app developer, digital marketer, rideshare driver, or if you engaged in any of the other in-demand online business ideas 2020 presented, finding your niche and having a sound business model backed up by tech promised a rosy start.
Last but not the least, rethink your operating model if it does not produce the desired outcome. Junk the product strategy if it is flawed. Honestly assess if it is a good time to offer special promos. Weed out old and ineffective business models and focus instead on new ones pivoting toward the new social and economic reality, or the “new normal.”
Indeed, big dreams require efficient planning and decisive steps. Check out what the leading peer-to-peer lending platform Blend.ph can do to help get your business moving. The company’s growing list of service business providers or franchise partners illustrate that dreams can happen even during trying circumstances.
It all begins with gathering information on innovative business ideas, gleaning insights from seasoned industry players, and having sufficient capital to get the business off the ground and humming nicely. The initial capital, expansion money, or contingency fund can be granted by a crowdfunding platform supported by small-and medium-sized investors.
Focusing on a core business, and getting a financial backing for the business to start and gain market foothold, are definitely crucial. Consider these key steps for small business ideas at home or startup ventures to go full throttle amidst the pandemic. To create a strong financial future for your negosyo ideas, turn to a reliable P2P lending platform for support.
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