With negative news about the impact of COVID-19 lockdown measures on businesses taking up most news online and offline, starting a business might be the last thing in your mind. You might even consider the idea impractical and out of touch. Businesses reporting a massive decrease in revenue, people losing their jobs, and, most of all, businesses deciding to close their doors to customers permanently.
The current economic climate doesn’t look very ideal for businesses. You’re probably thinking venturing into business at this time screams financial trouble. However, in this article, we’ll talk about starting a business amid the coronavirus pandemic—a ridiculous-sounding idea. But don’t good ideas sound bad the first few times you think of them?
How are small businesses faring?
If you already have started your own business in mind, you might want to know how small businesses are doing in the midst of it all. A research paper written by the National Bureau of Economic Research found that in April this year when the effects of movement restrictions were starting to be felt, no groups or types of businesses were spared from the restrictions’ negative impact. The social distancing efforts that forced establishments, both small and big, inevitably contributed to the decrease in business transactions, which led to business closures and job loss. However, according to the same study, all affected groups showed a partial bounce back. This gives a sliver of hope for current and potential business owners.
As establishments are starting to reopen, businesses, regardless of size, are thinking of ways to say afloat. Small businesses are preparing to collaborate with others their size to make enough to avoid closing for good. Ones with physical stores are strategizing ways to maximize their spaces without disregarding social distancing measures in place. Another concern for small businesses is the reluctance of customers to engage in businesses that require face-to-face transactions.
Is it the right time to make a business move?
The answer depends on you having a concrete idea of what type of business you want to run and what kinds of customers you want to serve. Despite the number of negative impacts of the virus on small businesses, there are ones that managed to thrive through tackling business management in a way that doesn’t separate digital and physical. They were able to grow at this time due to future proof business models that have allowed them to continue operations without requiring customers to transact in-store.
The act of business planning with future adversaries in mind has been highlighted by how the pandemic took its hit on businesses, both large and small. If you already have an idea in mind, do note that the business you’re planning to start should be able to thrive in environments similar to what we’re currently in. It is impossible for anyone—not even the brightest of us—to predict the next problem that’ll potentially harm businesses.
On the flip side, businesses are thriving at this time. Businesses such as cleaning, courier service, grocery stores, meal preparation, and video game sellers are currently enjoying the spotlight. You can base your ideas on businesses similar to those types.
Your impending business move should be able to serve the needs of customers today. They should be accessible without the need to go out. A good option would be to start managing your small venture online. Make use of Facebook, Instagram, etc. to reach your target customers. That is why we’ll reiterate the importance of utilizing online platforms in doing business. Movement restrictions won’t permit your potential business to operate—establishing a good online presence is your key to reach people.
Businesses start with ideas. But the success will depend on how you’ll manage it and how you’ll serve your consumer base. If you’re looking to join the competition, this could be the right time to innovate and take advantage of your competitors’ downtime. It may sound harsh, but competition is at the heart of running businesses. It pushes participants to come up with ideas that will give them a competitive advantage, allow them to grow, and provide better services to stand out.
If you’re a brave, innovative, and idealistic soul with a business idea in mind, there’s no reason for you not to take this article as your green light. Concretize that idea. Act on it when you find the excellent timing. And most especially, establish your presence. There’s not a single business that started with customers waiting to transact with them. They all started with ideas and the grind for visibility.