While the prospect of starting a new business during a global pandemic might seem daunting, that doesn’t mean it isn’t doable. With a well-constructed business plan, the right resources and plenty of entrepreneurial passion, you can set up a small business that will thrive during and after the COVID-19 pandemic.
We’ve compiled four top tips to help drive success for your new venture.
1. Determine your “why”
The first step is to take time to think about why you want to start a business. Questions to consider include: Is it something you are extremely passionate about? What purpose do you aim to serve with your product or service? Are you willing to make a difference in the community? Or are you finally ready to be your own boss after the last round of corporate layoffs? The process of figuring out your “why” should help you zone in on customer pain points and identify clear goals for your small business.
2. Find your niche
The pandemic has impacted everyone and transformed how we work and live. This has engendered new gaps in the market and widened existing ones, leaving space for new ventures to grow and prosper. Keep in mind that a new small business can also create value in niche markets with unique needs that bigger companies don’t serve.
3. Go digital
Especially in the pandemic era, it is nearly impossible to start a business without establishing an online presence. Thousands of small businesses have shuttered during the COVID-19 pandemic but many managed to survive by expanding their online footprint.
Make sure your business aligns with changing customer priorities, and look for the right digital tools to reinforce your offline services. Take advantage of social media, and create personalized content to make the most of your brand’s online presence.
Don’t overlook the power of search engine optimization to make your business more search-friendly and garner more traffic. Email marketing is another inexpensive tool with potentially high rewards to consider exploring.
4. Network, network, network
The pandemic has changed how people network, since in-person conferences, workshops and other professional events have largely moved to the virtual space.
Leverage social media platforms, such as LinkedIn, Clubhouse, Twitter and Facebook, to build new relationships. You may also want to join Slack chat room communities to grow your professional network. Scope out local networking groups and events in your area to connect with professionals in your industry.
Recap
A successful business continually adapts to the changing world, and the pandemic is no exception. The past two years have brought great uncertainty, but many businesses have thrived by pivoting accordingly. New small business owners with clear goals and a market niche can leverage their online presence and social communities to forge ahead, both during and after the pandemic.
