30 Jul Launching Your Own Business in the Middle of the Pandemic
Is now a good time to branch on your own? What kinds of businesses have the potential to be a success?
There is no bad time to start a business. People’s needs change and the lockdowns created new needs. Hence, it’s just really a matter of addressing and catering to those demands. COVID-19 could well be offering a new business opportunities for the launch of new startups.
If you are thinking of being your own boss, let us examine the “why,” “what,” and “how” of your budding empire.
Why do you want to start your own business?
Why are you doing this? You might be contemplating launching your own business because the pandemic has got you reconsidering your career options. Or you might be out of work and believe this is the time. You might be planning to start a business because you want to be more flexible with your time and spend it with your family and kids. Or you believe you can offer something that is not currently being offered in the market.
Your ‘why’ will ultimately position you in the mind of the buyer so they understand your value proposition and how you can help them solve their problems. The why is also your value proposition. What need, want or desire are you fulfilling for your buyers or potential buyers? Why will they buy from you and not your competitors? Which leads you to the “what.”
What are you going to offer?
Here are some opportunistic ideas that have a potential cutting through the clutter:
- Cleaning services – Expect an increase in demand for cleaning services as people are being reminded to constantly clean and disinfect their homes, offices, and other and facilities to prevent the coronavirus from spreading.
- Protective equipment and safety tools – Personal protective equipment (PPE), medical supplies, thermometer, alcohol, soap, disinfectant, and other items that promote safety and protection will be in constant high demand
- Stylish protection – Face masks have become an increasingly common sight on city streets. Specifically, masks with style or even branded ones for businesses.
- Delivery services – Since people are advised to stay at home as much as possible, delivery services have been in high demand. As a startup, you can focus on niches delivering what never used to be delivered
- E-commerce – Thinking of selling a physical or tangible product? Build an e-commerce site! People are mostly online, especially now more than ever, so make sure to take advantage of that.
- Remote learning/training – The future of online learning or digital training has become brighter. Seize this opportunity and launch an online tutorial for kids or launch your new business course through digital training.
How will you start?
There are several reasons that are probably holding you back so start to identify these by examining and then mitigating the reasons/excuses. One of which could probably be the lack of financial resources.
Most entrepreneurs want-to-be do not know where to find the capital they need to start a business. So even if they want to start a business, the lack of capital is a huge stumbling block for them. As a matter of fact, there are plenty of lenders in the market that offer deal for people wanting to start their own business. As a mortgage broker, I can help you assess your financial situation so that yo can have a thorough understanding of how much cash you will need as you ramp up your business to get it to a steady state.
If there’s a will, there’s a way. Now is the perfect time to launch your startup! If you look back over other recessions or downturns in our economy, great companies have been born in this time. This pandemic will also spawn some amazing startups and a host of new products and service.
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