Many businesses in the UK and further afield are facing an uncertain future in the wake of the coronavirus crisis, with organisations across all industries forced to contend with drastically reduced income streams. This has led to a tightening of the purse strings – perhaps in the form of trimmed operating costs, furloughing staff or, unfortunately in many cases, redundancies.
For some businesses, the effects of the Covid-19 pandemic have been too much to overcome and have forced a temporary or even permanent closure. But what about those entrepreneurs who are thinking about launching their ventures amid these uncertain times? How does the future look for them?
The good news is that there are numerous examples of businesses that were launched during a recession and went on to become a roaring success – including the likes of Microsoft, Airbnb, Whatsapp and Disney.
In Fact, There Are Plenty Of Benefits To Starting a Business in An Uncertain Market:
- You’ll be thrown in at the deep end, so if you can survive these difficult financial times, you can be confident that you can overcome almost anything.
- The unprecedented nature of the pandemic means there are new needs to be met, offering you the chance to capitalise on opportunities that did not previously exist.
- There may be less competition in your sector, and the financial situation means borrowing rates are likely to be lower than when the economy is booming.
- With redundancies rising, it could be easier to find the talent you need to get your business up and running.
- Time is on your side. Lockdown rules have meant that the budding entrepreneurs out there have more time to devote to developing their ideas.
The above are just some of the opportunities that the pandemic has thrown up. But how to actually go about starting a business in these times?
Create a Sound Business Plan
Without a solid plan, it could prove extremely difficult to get your company off the ground. You need a clear understanding of the capital you’ll need to get started, the running costs, projected incomes in the short and long term, as well as any funding or grants you may be eligible for. Without this strong foundation, your business could crumble around you so it’s imperative that you take your time in creating a comprehensive plan that covers all aspects.
Research Your Market
You need to know that there is the demand for the product or service you’re offering and the only way to do that is to conduct thorough market research. Is the demand there at the moment? Is it sustainable, or does the need for your product only have a limited shelf-life? And what about your target customers – do you know enough about them? Who are they, what are their needs, how can you reach them? All of these factors need to be considered.
You might be offering a world-changing product or service, but that’s not much good if nobody knows about it! Being able to effectively promote your organisation is absolutely essential – whether that be via your website, emails, social media, flyers, leaflets, business cards, word of mouth or a combination of everything. That’s where your research will come in, and you’ll know how to target certain demographics based on their preferences.
Hire Top Talent
We’ve already mentioned that the current climate may mean there is an abundance of high-quality candidates out there. Be sure to take your time in choosing the right people – if you’re going to be working closely together, finding someone you can get along with is arguably as important as their skills for the role.