6 Tactical Ways to Get Off to a Good Start If You’re Going into Business During the PandemicJun 02, 2021
What are the factors to consider to meet the business goal during pandemic?
Timing is everything in life. Especially when it comes to business. And as the world comes to grips with life after COVID-19, some entrepreneurs find themselves in the intriguing position of starting businesses during these trying times. While the current economic climate is certainly daunting, it isn’t necessarily impossible to navigate. Tech Founder/Venture Capitalist Feliks Eyser advises that “A ‘bad time to start a company usually implies low consumer demand and limited access to funding. But that’s mainly a problem for startups that are already established…. With no legacy costs, and no bank calling you to cut the credit line, entrepreneurs who start companies now can focus on building a great new product or service.”
Here are a few tips on how to pull off going into business during a crisis:
1) Concentrate on Making Life Easier for Your Clients
The foremost thing that customers look for in situations of uncertainty, is stability. This should be the guiding principle behind your entire business model. Provide stability.
2) Use Thorough Market-Research
Uncertain economies don’t allow any room for logistical error. No matter how long you need to wait for actionable information, base all of your decision-making on scientific market-research and simulations.
3) Take Advantage of Discounts
Business vendors notoriously offer discounts during economic downturns. Don’t make any final capital investments without exploring these discounts. Even if they aren’t advertised, ask for them.
4) Barter Trade
Cash isn’t the only currency which exists in business. If you don’t have the money to pay for some operational expenses, consider trading comparable goods and services with a vendor. This is a convenient way to build business relationships as well.
5) Fill in the Gaps Left by Declining Competition
If difficult circumstances take a toll on existing competitors in the market, rise to the occasion by filling in the gap. This has the multiplied benefit of growing your brand, while increasing market share.
6) Be In it for The Long-Haul
The fact remains that crises increase the time it takes to profit from a startup. So be patient with your investment. Prepare for the worst, hope for the best, and accept the fact that the journey will take a long time.
Surviving emergency situations is all about streamlining. It’s about prioritizing tasks and marshalling your resources with peak efficiency. Make sure none of your decision-making is redundant, and focus all of your energy on being practical. Nobody’s saying the path is going to be smooth sailing. But crisis situations do make it possible to optimize your enterprise. All it takes is some critical thinking, and calculated risks. If you like what you just read from our blog, you’ll love the various informative courses, workshops and events listed on our websites and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Academy can help you break past your daily struggles and start soaring in success. For business development coaching by Richard Martinez, call at 626-202-2291 or follow us on Facebook and Instagram.
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