By Tina Martin
[Image Source: Pexels]
Throughout the pandemic, uncounted small business owners have experienced — and are still experiencing — the confusion and uncertainties brought by the global crisis. While many enterprises are having a hard time navigating the ongoing impacts on the economy and consumer market, some have found ways to thrive in this situation.
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Starting a Business During a Pandemic
Launching a business is a complicated feat in the best of circumstances, but it's an exceptionally complex and elaborate process to manage during a global crisis. Many people might consider the feat impossible in such uncertain times, but doing so might not be such a bad idea. In fact, an enterprise has the potential to survive and even thrive during a pandemic. Here are some tips on how to get started as a COVID-preneur and build a successful business.
Think About What Consumers Need Right Now
Consumer habits have changed during the pandemic, so consider how your products or services fit into your customers' current lifestyle. For instance, more environmental, health, and safety protocols have been implemented. While the pandemic might allow your business to fill a need in the market, you still need to focus on what's impacting consumers in their daily lives to succeed.
Create a Long-Term, Recession-Proof Business Plan
The business terrain looks highly different now than it did before the pandemic, and it could change again. Developing a long-term, cost-effective business plan with sound financial planning in place will help guarantee your venture can weather any storm.
While drawing your business' roadmap, also consider choosing a structure that's right for your venture and benefits you in the long term. A great business entity for small startups is the LLC model, which provides limited liability, less paperwork, tax benefits, and more flexibility than other business structures. Because regulations around forming an LLC vary from state to state, do your research before proceeding with Oregon LLC formation. If you'd prefer not to handle the process independently, consider hiring a formation service instead of a lawyer for lower fees and excellent delivery times.
Develop a Good Digital Marketing Strategy
A robust digital marketing strategy can help propel your new venture through uncertain times. Transparent communication and remaining true to your brand online are two essential ways to build customer loyalty during a global crisis and beyond. Because the pandemic has made marketing far more complicated, many of the common avenues you might use to market your brand — like events — are not possible now. That's why you need to turn to digital advertising and customer referrals as your primary sources of traffic.
Connect With Consumers on Social Media
Social media is an excellent way to bring in new customers and share updates with regular ones. Obviously, you want to promote your venture and any virtual events you're planning, but you shouldn't just focus on selling only. Use your social media accounts to genuinely engage with your customer base and get them excited about your brand.
Get Creative and Resourceful
Every business owner needs to get creative and find new solutions to customer issues. The crisis has given innovative, forward-thinking entrepreneurs an opportunity to shine and show off their creative muscles. Enterprises that think outside the box and reimagine how their startup is run — such as bringing in-person experiences to the online mode — make it possible to continue expanding and engaging clients in new ways.
Grow Through Adversities
Even though numerous businesses have been harmed because of the pandemic, others have thrived. Besides, many courageous entrepreneurs have started their own ventures and fight to make them work. By focusing on what consumers need, creating a long-term business plan, using digital ways to market your services or products, and getting creative, you can not only succeed but thrive during these uncertain times.