Across various industries, companies have had to adjust their operations to comply with social distancing protocols and stay afloat during the economic downturn. These conditions have made it difficult for many existing businesses to survive and even more difficult for new ones to open. Contact us.
Launching a startup is a complicated feat even in the best of circumstances, so it’s an especially complex process to tackle during COVID-19. Many people also think it’s impossible to pursue entrepreneurship in such uncertain times. However, with a little grit, doing so might not be such a bad idea. In fact, a business has the potential to survive and even thrive during a global pandemic.
Here are some things you should know for starting a business during a pandemic.
Understand the types of businesses that are thriving during COVID-19
Certain businesses are better suited to the current climate than others. Here are some types of businesses that are seeing a strong demand during the coronavirus pandemic:
- Cleaning services. With the importance of sanitation and hygiene rising, many people and businesses are turning to professional cleaning services that can safely and effectively sanitize homes, offices, and restaurants.
- Delivery services. With many staying home and avoiding nonessential outings, people are increasingly relying on delivery services whether it’s delivery for retail items, food, grocery, or meal prepping.
- Fitness equipment and online fitness classes. Most gyms and fitness studios have limited in-person capacities right now, so consumers are turning to products of fitness equipment companies and virtual fitness classes to stay physically healthy without leaving the house.
- Landscaping/yard care companies. Rather than going out or on vacation, people are spending more time at home with family or hosting smaller outdoor get-togethers. As a result, landscaping and yard care companies are seeing even more business than usual.
- Mask makers. With mask-wearing becoming a requirement in certain settings, several companies have cropped up or successfully pivoted their operations to create high-quality, aesthetically pleasing masks.
- Telehealth services. People have been wary of visiting doctor’s offices where they could more easily contract coronavirus. As a result, telehealth services have become increasingly popular.
Follow these tips for starting a business during a pandemic
If you’re considering going into entrepreneurship right now, here are a few things to keep in mind:
- Think about what consumers need right now
Consumer habits have significantly shifted amid the pandemic, so consider how your offerings fit into your customers’ current lifestyle.
- Develop a good digital marketing strategy
A strong digital marketing strategy can help bolster your new business through these uncertain times. Transparent communication and staying true to your brand online are two key ways to build customer loyalty despite the pandemic situation.
- Connect with consumers on social media
Social media is a great way to bring in new customers and share updates with current ones. Of course, you want to promote your business and any (virtual) events you’re having, but you shouldn’t just sell, sell, sell. Use your social accounts to genuinely engage with your customers and get them excited about your brand.
- Create a long-term, recession-proof business plan
The business landscape looks very different now than it did a few months ago and it could very well change again. Developing a long-term, recession-proof business plan with good financial planning in place will help ensure your startup can weather any storm.
- Be flexible and stay positive
Adaptability is the key to success for any entrepreneur and their business. Have a plan, but be flexible in the face of change.
Above all else, stay positive. While launching a startup right now has its unique challenges, it’s far from impossible.
To ensure that your business is financially secure regardless of what happens, it’s best to get insurance. We at CIII Insurance Services can help you with that. We provide a broad range of Commercial, Employee Benefits, and Management Liability products. We even partner with some of the finest carriers to deliver these products to you.
