Although quite a lot of businesses have suffered heavy hit particularly during the height of COVID-19, there are still business ventures that were resilient enough to make huge profits up until today.
These highly resilient businesses remain strong due to the inherent need of affected people for the products and services that they offer. So, the question one should be asking is this: what about those businesses that are only starting (or about to start) during the pandemic? How could they keep on operating and making enough profits to survive?
Here are six tips to help business startups survive the challenges of COVID-19:
Target a viable business niche.
If you’re only considering your business options right now, then the first tip you should remember is to target a business that has proven to be resilient throughout the pandemic. Among others, you should include in your list of considerations an automotive business franchise opportunity given the high demand for used cars as people continue to stay away from public transport due to fear of COVID-19 transmission.
Other viable businesses during the pandemic are delivery services, meal preps, jarred goods, and the like. You should just choose from them the one business that you can start with the budget that you have, as well as your interest and skills.
Explore government financial assistance opportunities.
The federal government at the beginning of the pandemic enacted several stimulus bills that provided financial assistance to affected businesses and individuals. The CARES Act, for example, offers disaster recovery loans to impacted businesses up to $2 million. These low-interest loans are administered by the Small Businesses Administration (SBA) as disaster assistance for upstart business ventures that are hit by the crisis.
As such, be sure to explore all available loans and financial assistance that the federal and state governments are extending to businesses, especially if you’re financially challenged to keep your startup venture afloat.
Think of your customers’ situation, too.
The COVID-19 pandemic affects practically everyone, no matter how insignificant, financially, physically, and emotionally. This is why you should also think of your customers’ current situation and find ways for your business to help them in any way.
For example, you can offer small, periodic discounts or freebies to them to help them out. Despite the pandemic, your customers still need to access products and services, which is why they continue to support businesses. So, be sure to make small gestures for them as your way of thanking them for their continued support to your business.
Don’t be afraid to experiment.
The most successful business owners are the ones who are not afraid to adapt to changes, experiment, and take risks when all others are taking the safe route. If you’re running a startup business right now, you should not shy away from these things but instead, embrace them as part of your survival.
For example, consider offering online payments and deliveries if you still haven’t included them in your business model yet. As people tend to be more inclined to order everything online as possible these days, businesses that offer such convenient and safe features are the ones that would continue to rake in profits. So, if you want your budding business not to be nipped in the bud, then you should not be afraid to make such changes.
Use technology to your advantage.
Aside from accepting payments through online channels (such as electronic wallets Google Pay and PayPal), you have to keep your mind open to incorporating business technologies that are well within your reach. Among others, be ready to use project management software to keep track of your inventory, automate processes, manage multiple and simultaneous projects, and other matters that ensure smooth day-to-day operations.
Keep in mind that the ongoing pandemic forced a lot of businesses to harness the potential of technology to help them respond to the unique challenges that the crisis pose. If you want to give your business a fighting chance, then make sure to use all applicable technologies to make your venture stand out from the tough competition.
Give back to society.
The pandemic saw a lot of businesses regardless of stature giving back to society in whatever means they can.
From video sharing services providing their product free to students and educational institutions to distilleries that shifted production to alcohol and hand sanitizers to augment the overwhelmed production facilities, businesses truly stepped up to the plate and delivered home runs throughout the crisis.
You, too, can do the same for your community. It can be in the form of a small donation to a local charity or by offering generous discounts to your most loyal clients. There’s no limit to what your small business can do to chip in.
There’s no denying just how hard it is these days for startups to survive, let alone thrive. But with these simple tips, it’s highly achievable.