6 Things To Keep In Mind If You Want To Start A New Business After COVID-19

Naveen Mittal had been working as a developer in a reputed company since 2018. Unfortunately, he was laid off when the company downsized its workforce by 20%, in the wake of the coronavirus crisis. However, Naveen decided to see his glass as half-full. He decided to chase his dream of starting an online gaming business.
We all have something valuable to learn from Naveen. And that is, to turn every crisis into an opportunity and make the most of it. However, you need to plan properly, so that the rewards of starting something new outweigh the risks.
Here are the things to keep in mind before starting a business in the post pandemic stage.  

First things first
Since social distancing and lockdowns continue to be a reality, more and more people are resorting to the virtual world to buy things, pay bills, get work done and play games. So, like Naveen, you need to brainstorm and figure out what customer needs you can meet during these uncertain times.
Plan your course of action to suit the new normal and avoid risking everything on one endeavour. Decide how much technological support, manpower, and office space you might need to get started.So,manage your resources smartly to avoid excess costs later.

Also Read: 6 strategies to Keep Your Business Afloat during Covid-19

6 tips to get started

1. Plan your finances

Arranging sufficient funds for start-upright after a pandemic may be a little difficult, with fewer venture capitalists willing to take high risks. However, if you have the option, taking a loan against property can be wise and a good credit score may help you secure a line of credit or an unsecured business loan. If you have a strategic customer in mind before you start the business, you can request an advance for the incubation process. Avoid investing in office spaces if your business idea allows the concept of work from home.
 

1. Prepare for contingencies

As you gear up for the launch of your business, prepare for contingencies too. Have a plan in place for the worst-case scenario, while hoping for the best. Be positive but cautious and always have a Plan B to fall back on, in case something goes wrong.

Also Read: COVID 19 Economic Package: Implications For The MSME Sector

 

       3. Focus on getting revenues from the start
These are difficult times and getting new business may be challenging. So, before you embark upon a risky venture, it is better to identify sources of early sales. The initial influx of revenue will boost your morale and help pay off debts on time. Rather than going for a business with a long gestation period, it might be better to get regular revenues right from the start. This way, your variable costs will be supported.
 

1. Be flexible and agile

Make your operations and product lines flexible and agile to suit the needs of the customers. You should be prepared to meet changing consumer behaviors and needs, as people will most likely have different priorities, concerns, future plans, and financial situations.
 

1. Take the digital path

Your online presence will largely determine your business’s success post COVID, as shoppers will try to visit stores less and purchase most things from the safety of their homes. An attractive website that features high-quality, informative and engaging content will be extremely helpful. It should also be easy to navigate and the checkout process should be simple and secure.
 

1. Communicate right

Remember that in the wake of the pandemic, consumers will look up to brands that solve their problems, offer products that meet their changing needs, and are empathetic. So, the way you communicate through your website, blog, newsletter and social media pages should be aligned to that. Avoid hard selling and focus on how you are aiming to bridge the gap between what customers want and what is available in the market. Use engaging visuals, videos, or infographics to enhance your content.
 
Also Read: Growing Your Business With Machinery Loan—It Is Easy!

Concluding thoughts
There is no denying the fact that starting a new business post COVID might seem daunting. However, by planning in advance, being flexible, and embracing digital technology, you can overcome your hesitation and aim for success. Being empathetic, understanding changing consumer needs and being innovative can help you in more ways than one.