conomic crises are usually the perfect time to start a business.
Why? A crisis ends up affecting many companies, and not all of them take the same time to recover. COVID-19 has made going to your local business a dangerous activity. This pandemic has forced many companies to migrate to online platforms and look for other ways to encourage their customers to keep in touch.
In this blog, we will explain the steps you can undertake during the crisis:
Find a need
Times of crisis generate new needs in the market, use them, and turn them into an opportunity to benefit post-crisis. If you spot a rise in demand for economy-related services or products, see how you can offer them, and in-turn help your clients.
Don’t ask for loans
It is a bit contradictory to suggest a new business but not take out a loan, but there is a reason. Asking for financing can be healthy when we are looking to create a new company. However, in an economic crisis, banks are also exposed, and the economy tends to slow down a bit, which will make it more difficult for you to cover your obligations. Use your knowledge and creativity to turn your business into something viable without the need to lend money.
We do not recommend having an extensive portfolio at the beginning because, amid the crisis, it will be much better to focus on a single service or product and make it your strength. It is essential that you study your target audience very well, since trying to meet the needs of everyone will be difficult and may conflict with your initial business idea.
Creating a new business during a crisis can be somewhat tricky since people, in general, stop producing their average output. You see, people start to create strict saving plans that help them cope with the crisis. You, as an entrepreneur, must offer competitive and affordable prices so that they can purchase your products or services and begin producing again.
Create a marketing strategy
Marketing in times of crisis tends to be the savior, as it is responsible for exposing your business and highlighting its qualities to differentiate it from the competition. With a good strategy, you will be able to reach many users. We recommend catering towards what your customer is looking for in order to attract them.
Do not rush
We know that growth is always going to be the goal of an entrepreneur, but you must understand that entrepreneurship must go through a process of market coupling for that to start happening. Be patient and grow little by little; this will give firmness and solidity to your company from the beginning. We recommend starting small and investing in what is necessary for you and your company.
Take advantage that in these times everything is cheaper. Reduce unnecessary expenses, look how far you can cover, so you don’t have to hire a lot of people and don’t have a very high payroll. See how you can maintain liquidity that can be used for post-crisis growth.
Now, you must do a lot of research on the market you are going to enter and define a target audience to help you direct your business and advertising. Dare to venture into the world of entrepreneurship, and you will find opportunities that perhaps, only in moments of crisis, you can see!
In the following video, we go over the steps you can take to start a business during a crisis
We are QA Digital Advertising, a company dedicated to web design, programming, and positioning! We are located in Glen Burnie, Maryland.
If you are looking for advice on how to start your online presence, we at QA Digital Ads can help you. Contact us at 240-521-8700, and we will be happy to assist you.
Contact us if you need help with any of these steps, and we will gladly assist you.