When the going gets tough, the tough get going. This cliché has never been so true in current times when the pandemic challenged companies to stay afloat. Business ideas had to keep up with the times, with various shifts in trade and commerce noticed both by sellers and buyers. With this recent unprecedented crisis, most businesses know that their situation calls for adjustments in doing things.
Finding business opportunities during the pandemic may be a challenge, but think of this foremost: Customers never leave; their needs just change. Whether you are starting a business or doing your best to maintain one, read through the following ideas on how you can still earn a good buck despite the pandemic. In these uncertain times, stay in the hopes that fresh business ideas are still out there for you to try. Who knows, your next big break just might be during a pandemic.
New times mean new needs.
Facemasks, alcohol, cleaning, and sanitation services — these are just some of the relatively new business venture entrepreneurs dived into. While sanitation-related businesses are already a saturated niche, a discerning eye may be needed to scour through what people’s other needs are nowadays. Once you tap into a relevant need, you can turn this as a lens to find business opportunities.
One way to look for new needs is to look at current consumer trends. For example, food will always be a staple in any household, but this pandemic saw the rise of particular viral foods like sourdough bread. Hobbies also is a good business venture. All of a sudden, people are interested in baking or indoor gardening. While coronavirus is not going away, new trends just might come up. Be on the lookout, as these trends will shower you with new business ideas.
Sell what you have been selling differently.
Sometimes, you really do not have to do much change to achieve success. That applies too in business. Even if the pandemic is a major shift, you might not have to make a giant leap yourself to maintain your connection to your customers. Some baristas of closed coffee shops put up small businesses in their local area, and they are able to serve coffee to the community while earning. Many restaurants also packed their dishes and sold them as ready-to-cook meals, bringing the outdoor dining experience at home.
How can you do what you do differently? A good start is to think of how to bring your products closer to people who cannot leave home. Setting up deliveries and online platforms to sell your products and services is a good first step. You can also find talent for your business in the form of couriers, social media managers, or virtual assistants to help you set up your new business in this pandemic. Your new team can also help generate new ideas for the company so that your brand stays fresh and hip to customers. With some tweaking, your business will seem brand new.
What if the pandemic is over?
Keep in mind that COVID-19 took everyone by surprise. While everything had to be shut down, businesses were scrambling about how to keep income coming and operations running. You have to remember that the so-called new normal could be anytime soon. What does this new normal look like? How different is it from how we know things were pre-pandemic? These are things you can already prepare for.
While keeping the business alive right now is the utmost concern, spend some time planning for when society fully opens up again, in the time the virus is finally contained. What shifts you employed in your business will you keep? Is your current manpower sustainable in the new normal? Will you be opening physical locations, and how much effort will your business put into maintaining deliveries? Answer these questions now so that when the economy is doing another crazy shift, you are armed with the right decisions.
New moves mean reviewing rules, too.
While there is excitement in thinking of new ways to serve your customers in this new normal, remember that old and new rules are also in place. News of restaurants and other establishments being shut down due to violation of protocols may have gone through your news feed. You would not want to be that business owner who contributed to a “COVID19 super-spreader”, so while new business ideas are good, laws are still to be followed.
While basics such as social distancing and contact tracing should already be second nature to business owners, it still pays to talk to lawyers on what provisions you have to follow as you explore new business opportunities to keep the company running amidst COVID-19. You may also approach your local government to ask for guidance in putting up your business while still adhering to state laws and approved health and sanitation procedures. After all, new business ventures mean new responsibilities.
Thinking of selling the business or buying one?
Selling a business is not necessarily a sad option. Having capital on hand means new opportunities to start another business that will cater to new needs during the pandemic or the new normal. On the other hand, buying a business is a different option altogether. But whether you are selling or buying, it is best not to do it haphazardly.
Talk to a lawyer first to help you be guided on whether buying or selling a business is the right move. Ask them whether the prices that potential buyers or sellers offer are fair or not. Be careful as, in these vulnerable times, there are ill-minded business people who will take advantage of others. Having a lawyer with you keeps another trusted point-of-view at bay.
Adjusting to the new normal will not be a walk in the park.
Let’s face it: The virus might stay just a little longer. But it has pushed the community to fight back, and business owners like yourself should not back down. Many creative and innovative entrepreneurs found success in their littlest ways, thanks to some good old-fashioned wit. They have proven that winning in the pandemic is not just a possibility; it is an option.
We at Infinity Consulting Solutions understand that maintaining a business has its challenges, especially in these trying times. To find more ideas on managing your company well, may it be during a pandemic or not, go ahead and take a look at the ICS Blog. Better yet, contact us now and strike a conversation on what insights will best keep a business thriving.