The COVID-19 pandemic affected businesses worldwide. While some entrepreneurs were forced to shut down completely, others had to reimagine their business structures or just press pause on operations. If you're a business owner or are thinking of becoming one, you want to adapt to the post-pandemic environment accordingly. This guide provides some pointers for starting and maintaining a successful business in the "new normal" as the world transitions out of the height of the pandemic.
Do your research to figure out what goods and services will be a success
Market research will allow you to determine what kinds of goods and services your target audience wants. Even if you've already started a business, you may want to tweak your offering in light of COVID-19. For example, consumers are overall more eager to order online and have products delivered to their homes than in the past, a trend that took off during the pandemic. There are many ways you can do market research, from running focus groups to looking at what competitors in your field are doing.
Look into diverse funding options to help with your business finances
Running a business requires money. Whether you're just getting started or are already operational, make a list of all your overhead costs to get a sense of how much you need to maintain on a monthly basis. This could cover everything from employee salaries to technology. When you're starting out, you can look to various sources of funding to help you get on your feet, from personal loans to crowdfunding. If your business is already running, COVID-19 relief programs may be able to help if you're struggling with money.
Invest in the tools and technology you'll need to streamline business operations
Once you have the money you need for your business, make sure to use it wisely. Investing in tools and technologies that save time and effort in the workplace can be a great way to improve your overall business structure. Folio by Amitree provides a guide to work tools worth considering, like Slack, Toggle, and Evernote. These products can help with everything from better collaboration to improved task management and easier scheduling. Make sure to train any employees on these new tools so you can make the most of them.
Outsource non-core business jobs to professionals to save time
Some entrepreneurs are reluctant to outsource work, thinking it will be a waste of money. However, outsourcing can actually be helpful, allowing for greater operational flexibility and giving you the chance to focus on your core business activities. It can even save you money in the big picture by helping to streamline your operations. The U.S. Small Business Administration provides a roundup of small business functions that are often outsourced, including accounting, marketing, sales, and IT management, among others.
Even some of the initial operations needed to start your business can be outsourced, like registering your company with the state of California. For example, an online formation agency can form an S corp in California for you if you’re hoping to see self-employment tax savings and deductions on business losses, or file an LLC on your behalf if all you need is asset liability protection.
Establish a unique brand and promote it widely
Make sure your brand is unique, starting with your company logo design. You can hire a freelancer or use an online logo maker to create a design that will make a strong first impression, adapting details like the colors, graphics, text, and font to fit your needs. Once your branding materials are prepared, look for diverse opportunities, both online and offline, to promote your business.
Starting or maintaining a business in the wake of the COVID-19 pandemic can be daunting. However, you shouldn't let your fears stop you. The above guide explains how you can ensure your business thrives as the world adapts to the post-pandemic new normal.
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