The business industry is taking a 180-degree turn from the traditional way of trading. This pandemic, which started six months ago, has not only changed the way business transactions happen but has also transformed every market's need.
Building a start-up business is already hard enough, but having to push through with your business ideas during these trying times has made it more challenging. Nonetheless, pursuing your dreams and succeeding in your chosen business is not impossible.
To help you manifest your vision, here are five awesome ways small businesses can pivot this quarantine - even while working at home!
1. Tap New Markets
The needs and wants of your target market have changed, yet you have to keep going by adding new items and services. Tailor fit them with the market demand. A great example of this is the fashion industry. Tons of scrap fabric are being discarded and thrown away daily, but at a time when face masks and Personal Protective Equipment (PPEs) are in demand, making these available using the scraps will surely earn the appreciation of the market.
Another example is the sanitation industry. You can multiply sales by formulating alcohol and other disinfectants. You can tap your connections. Together, you can concoct, certify, and start selling your new products.
2. Adapt To The Change
The "new normal" is setting in. So, you must have a better understanding of what lies ahead in the business world. If you are selling food, but your restaurant is not allowed to serve dine-ins yet, you can make use of delivery services. It is safer than getting people crowded in your store. It is also cost-efficient.
3. Digitize Your Strategies
Renting a store, hiring employees, distributing pamphlets, giving away food samples, and free swatches are now things of the past. Instead of losing hope, turn your computer in and click on the search button. There are thousands of ways to keep your business going without spending so much money on rent, overhead, and testers!
Digitizing your strategies means that you have to make use of technology for you to operate. Open an E-Commerce business, create social media accounts for your brand, build a website, send marketing materials through email. The list is endless!
4. Listen To Your Market
Since your market wants and needs have changed, all you have to do is listen to your clientele. Ask them for ideas on how you can improve your product or service. By doing so, you are not only hearing them out, but you are also connecting to them, turning them into loyal customers in the future!
5. Delegate Your Tasks
Building a business from scratch is extremely exhausting. If you have extra cash to spare, save yourself the hassle by delegating tasks to a trusted virtual assistant. Investing your time and money in training. Outsourcing could also help you manage your time and your business more effectively, allowing you to focus on the essential areas of your business while keeping it productive and stress-free.