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Despite the pandemic, brave entrepreneurs are still moving forward with their startup plans. And for good reason! Many of the world’s most successful businesses were born out of economic downturns.
Some people became COVID-preneurs out of necessity after losing work. Others jumped on the opportunity to meet new market needs created by the pandemic. Whatever your reason for pursuing entrepreneurship, launching a business during a pandemic isn’t as crazy as it may seem—especially when you have access to valuable resources and services like Priceless Consulting! Let’s explore some of the steps you can take to build a healthy business during COVID-19.
Invest in Digital Tools
Digital tools offer many benefits to pandemic-era entrepreneurs. Online apps will save you many hours of administrative work every week so you can focus on growing your business. Some digital tools, like email marketing and social media programs, can even boost customer engagement and help you grow your business faster.
For business owners launching on a limited budget, automation software can greatly reduce the number of people needed to keep the business running smoothly. With the help of collaboration and communication tools, you can keep your business fully remote, generating massive savings in overhead costs compared to leasing an office space.
Automating invoicing and employee payroll can further streamline your business operations and cut costs as you get off the ground. Look for an online payroll system that includes same-day direct deposit as well as automatic tax calculating and filing reminders. Some payroll services, like QuickBooks, also include a payroll app so employers can handle payroll on the go. It stands to reason that one of their mottos is “Forget to run payroll? We have you covered.”
Capitalize on Your Small Size
Having the proper tools can also help you compete with big brands. Small business owners often get discouraged by the presence of major retailers that offer incredible product selections at unbeatable prices. But believe it or not, your small business can compete with goliaths like Amazon. According to Innovation Destination Hartford, Americans trust small businesses more than many other institutions, including the police, military, and the medical system. Consumers have far less confidence in big businesses. Use this to your advantage!
Business giants often sacrifice customer service quality for high-volume sales. These businesses are okay with losing a few customers here and there to poor customer service. As a small business, you can snap up these customers and offer an experience unmatched by impersonal brands. Go out of your way to build personal relationships with your customers and engage with your audience. Focus on providing an incredibly positive experience for every customer, and you’ll have a great shot at success!
Keep it Recession-Proof
While COVID-19 took everyone by surprise, financial experts knew that a recession was coming one way or another. Economic downturns are inevitable! Instead of living in fear of the next recession, build key business skills that will help you weather the next one. Be willing to adapt your business plan quickly to align with shifting consumer behaviors. Keep an ear to the ground to anticipate the changing needs of your customers. Diversify your revenue streams by adding new sales channels, subscription services, online courses, and affiliate products to your online store. Most importantly, keep an eye on your cash flow to ensure you always have working capital to pay the bills, even if your sales dip for a bit.
Whether launching a business out of necessity or in response to new opportunities, starting a company during the pandemic could be a great idea. Take advantage of automation tools, focus on customer satisfaction, and take steps to recession-proof your business from day one. Good planning will get you far!