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.
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:
If you’re considering going into entrepreneurship right now, here are a few things to keep in mind:
Consumer habits have significantly shifted amid the pandemic, so consider how your offerings fit into your customers’ current lifestyle.
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.
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.
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.
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.
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