Starting a Business During The COVID-19 Pandemic

 

Think that a global pandemic is the worst possible time to start your dream business? Think again - the opportunity may never be better to capture the momentum of a market in flux.

For many business owners worldwide, the COVID-19 pandemic has been one of the most unexpected events they have ever encountered. From sudden economic shutdowns to government-mandated restrictions on patron numbers and health code requirements, not a single element of “business as usual” has remained “usual.”

The pandemic’s impact has been even more unbelievable for businesses and startups just getting their feet under them when the pandemic struck. Whether they were only signing paperwork for a loan or moving equipment into their new locations, the hopes and dreams of many entrepreneurs in 2019 were quickly dashed when 2020 reared its ugly head.

For all its havoc, are there any silver linings for those just starting their businesses amid the global pandemic? The plunging markets, the increased health concerns, and rising unemployment could offer more than enough reasons to pull the plug on any new business venture - at least until the pandemic subsides. However, could there be hidden pearls of success waiting to be uncovered for entrepreneurs who are willing to push ahead and open their business doors during the pandemic?

There are many ways that your business or restaurant can begin to pivot and optimize adaptability to function in the post-pandemic economy. Below are four examples to consider leading your company into the pandemic economy:

1. Hello, Reduced Overhead Costs!

We get it - opening your new business during a global pandemic may seem like an insane decision. If you are looking for a silver lining amid the chaos, consider the reality that the pandemic has brought to companies around the world - decreased overhead costs.

As consumers move to online shopping, and team members increasingly work from home, businesses have quickly discovered that many of their daily operations can be done just as effectively from home. Unfortunately, this has left large, expensive buildings to sit empty and rack up costly utility bills.  

As a new business, how can you take advantage of new business practices to reduce your overhead budget? Can your team members work from home to help launch the business? Do you need to purchase a lease on a brick-and-mortar location after all? Do you need to spend money on physical business cards, paper supplies, and more?

You will be surprised how much margin you can regain in your startup budget by moving away from the traditional cost of starting a business in a physical location. Don’t fear the unknown that comes with launching a business in a digital-only format. Should the time come that consumers start emerging and returning to physical locations, you will be primed to move in that direction. However, don’t be surprised if you never do. The pandemic is changing many traditional ways of doing business - and the need to visit companies in-person may fall victim to the effects of digital convenience.  

2. Reach Your Target Audience Through Online Advertising

Just because doors are closed doesn’t mean you can reach your target audience with news and announcements about your new business opening. In fact, the pandemic’s impact on consumer behavior may give your new business an edge that few have ever enjoyed.  

Instead of depending on in-person sales and engagement, throw your marketing budget toward online engagement through a robust digital marketing strategy. By hosting live streams that showcase your new business mission, values, and products, you can reach more potential customers than ever before.

A benefit of launching your new business through an online medium is the ability to reach your audience on their terms. Instead of inviting them to visit your business location physically, simply show up on their smart devices through an integrated advertising plan. With a robust digital presence, you can potentially open your brand to more customers than you expect. Social distancing doesn’t mean you have to postpone your business launch. It may make reaching your customers more manageable than ever before.

3. Take Advantage Of New Technology

The world of COVID-19 has given way to incredibly significant new technological advances. This shouldn’t be that surprising - most innovations in the business world have come from a crisis. By adopting new technologies early in your business startup phase, you can enjoy the benefits of being on the front-end of exciting innovations that will lead the businesses of the future.

Consider the power of analytics-driven automation and applied intelligence to your business from the beginning. These solutions can help you choose the most price-effective products to help you engage your customers in new ways online. While other companies and businesses attempt to adapt their large-scale operations to these new technologies, by implementing them from the start, you can race ahead of the pack - before you even begin building your customer base.

Smart analytics is a great way to lead your digital marketing above and beyond in a world where online sales and engagement are taking precedence. As you move forward in opening your new business during the time of COVID-19, make sure to take advantage of all possible technological options to help you build brand awareness quickly.

Ready To Start Your New Business?

As you can see, there are many reasons to consider launching your business during a global pandemic. There are new, emerging technologies available that will allow you to reach customers like never before. Reduced overhead costs and the ability to conduct business digitally will open up new avenues of revenue to help you focus on providing the best products and services. Don’t be afraid to be bold - there is much to gain in the post-pandemic economy for those entrepreneurs who are daring enough to launch their passions!

Get started! Register a business online or get incorporated in Canada!