Starting a business is difficult enough. Imagine starting a business in the middle of a global pandemic. This is not to say that it is not possible.
Companies around the world have to adapt to the changing business environment, or else they won’t survive the crisis. Many big names have already shut their doors and declared bankruptcy. The economic and social conditions have made it for many businesses difficult to stay afloat. It will also make it challenging for newcomers to set up and open new businesses.
However, the changes brought by the pandemic that ended so many businesses can also be an opportunity to launch your start-up business. People started to rethink the way they do things and the way they live. To survive, they have to change their buying habits as well. It provides newcomers in the business an opportunity to provide for the new needs of the consumers.
Now is the time to put on your innovator hat. Successful businesses are successful because they served a particular and pressing need. Now that the people’s needs have changed, you can fill in on the gap that only a few have discovered yet.
Starting a business is risky and involves a lot of work. There are legal matters that you need to take care of that you may need a lawyer’s legal services to ensure that you can proceed smoothly. Here are the things that you must consider before you embark on your new venture.
Does it serve a pressing need during the pandemic?
Remember that many businesses closed their doors because people realised that they are not essential or can get them somewhere through safer means. Make sure that your business idea serves a need so pressing that people will still pay for it.
Here are some businesses that are thriving despite the COVID-19 pandemic.
- Professional Cleaning Services. The best way to fight the virus is to ensure that your home or business establishment is clean. Professional cleaning services can help ensure that your home is clean and sanitised. High touch surfaces carry the most risk, so they should be sanitised properly. This service is needed by homes, offices, schools, and other businesses and public establishments.
- Telehealth Services. With the virus’s positivity rate going sky-high, people are wary of visiting doctor’s offices unless it is dire. Telehealth services allow them safe access to health care services that they need.
- Delivery Services. With lockdowns in place, more and more people are turning to delivery services. People avoid non-essential trips to reduce their risks of contracting the virus. Delivery services allow them to enjoy their favourite comfort food from the comforts of their homes. Instead of going to the nearest grocery store, they can have their supplies delivered to their doors.
Of course, other services may serve the needs of your target customers. Online services, such as online tutors and online professional services, are also doing great in a stay-at-home setup.
Think of how the needs of the consumers have changed due to the pandemic. From there, you can decide whether you should shelf your idea or pursue it.
Who are your target customers?
When you have identified your target customers, you can tailor your business to their needs and preferences. If your target customers are senior citizens, you would want to help ensure their health and safety amidst the threat of the virus. Most likely, seniors living on their own will find it difficult to go out and buy their groceries. They may also find it difficult to prepare their meals.
If you are offering grocery delivery as your service, you can add meal plan deliveries designed to meet seniors’ nutrition needs.
If your target customers are busy mothers, think of how their days are like in the pandemic. Mothers who are working at home may have their hands full. With work, homeschooling their young kids, and maintaining a household on their plate, they probably do not have the time to do many things. A laundry pick-up and delivery can make her life much easier and more hassle-free. A grocery delivery service can also greatly help a mom working at home and taking care of her children at the same time.
Can you make your business pandemic-proof?
You also need to check if your business idea is pandemic proof. The current economic environment is different from the way it was before the pandemic broke loose. Your business should be flexible enough to serve your target customers even if there are lockdowns and restrictions. Create a business plan which will include your strategy on how to make your operations pandemic-resistant.
If you have identified a new and urgent need brought about by the pandemic and have the fund and the energy to address it, grab the opportunity. Working on something that you love can be fulfilling and can definitely reward you in the long run.