Starting a Business During a Pandemic | Davis Thorpe & Associates

Starting a Business During a Pandemic

There are many reasons to start your own business. You get to be your own boss, set your schedule, choose who you work with, and even follow your dreams. The COVID-19 health crisis may have introduced new challenges to starting your business, but it’s also forced people to re-evaluate how they make decisions for their future. As an entrepreneur, with the right mindset, your business can thrive, despite the current state of the world. Here are some essential tips if you’re thinking of starting a business during a pandemic:

Ask yourself why.

Before you start your business, ask yourself why you want to launch this business. Your “why” can help you answer other questions, such as whether there is a market for this business right now, what unique skills you have to offer, and understanding who your competition is. You want to launch a business people are spending money on, and this “why” will help people understand what makes your business (or product or service) different from anyone else.

Focus on a digital element.

Now more than ever, businesses are creating a virtual element to their business. Virtual classes, virtual fitness, and virtual consultations are all on the rise. As you contemplate starting your business, make sure your business has a virtual component. It is especially important as more and more consumers are reluctant to shop in person or go to in-person services.

Grow your brand identity.

Developing your audience is an important aspect when starting any business, but especially when starting a business during a pandemic. You need to do more than make announcements on social media. Increase a demand such as special offers and discounts. Start a loyalty program immediately to attract potential repeat customers. Develop an email list to communicate directly with your customers.

Take action.

With the ongoing pandemic, even businesses that have adopted a digital aspect to their business have had difficulty. Despite all of this, you don’t need to delay your dream. Take action and get your business out there. However, leave room for flexibility and diversify your revenue, which is where you can have an advantage over any existing businesses. Research ways your competitors are underserving their customers and fulfill those needs. It can be where you shine. The COVID-19 pandemic does mean that you shouldn’t start your business. It is crucial, though, to adapt to how the world is right now and prepare for any upcoming challenges ahead of you.

If you are in need of help with launching your business, contact us at Davis Thorpe where we offer an array of coaching services, based upon your exact needs.

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