The Corona virus has shaken the entire global economy on a massive scale - a lot of business operations stopped due to the financial crisis. As this global economic breakdown continues, it is expected that small business owners are at significant risk. Business activities will not return to normal for a long time, and even consumer behavior will take a new turn.
With the "new normal,” people are now expected to stay at home and observe social distancing. This set-up will give rise to an increasing number of people online, according to the research published by Global Web Index, the Philippines is home to more than 69 million internet users, and 91% of them search online for a product or service to buy.
Time and time again, we have noted that being an entrepreneur is about solving problems, and this is the best time to put your skills on the test! This goes especially to those who are still building their knowledge in the entrepreneurial world. Take this financial set-back as a challenge in your business, take a deep breath, and start analyzing your next action. Consider these questions to increase your success rate in building a new idea for a business:
How will you adapt to the new changes? What is the best approach for the customers in this time of crisis?
These are some of the fundamental things you need to bear in mind before thinking about start-up companies and businesses:
1. Recognize the patterns and trends - Since most of the people are on their gadgets and social media accounts, use this as leverage to observe trends and patterns of the community. Identify the trending products or services that the people are asking, evaluate their likes, and start forming a concept.
2. Innovate your business idea - Take a look at the business plan, Your business model may have worked perfectly fine pre-COVID-19, but coming out of it may mean you have to innovate. Specifically, you may need to consider how your business can pivot to adjust to a new normal.
For example, you are planning to open a fast-food restaurant, and the pandemic happened. People will have lesser interaction outside their homes, but what you can do is create a page in any social media. Promote your restaurant and offer them quality food through a delivery service.
3. Never stop learning - Crisis creates new needs, and learning the process won't be that easy, so show your passion and transform it into action. One of the best things that you should learn is how to use the internet and devices, use this to your maximum advantage.
This pandemic keeps us at home, which puts a strain on our internet, which means that a new solution comes in and that innovative solutions enable new technologies, which will give rise to entirely new industries.
3.1 Personal mastery:
Participate in conferences, take online courses, read books and blog posts, listen to a piece of entrepreneurial advice, do all you can to improve your skills, and stretch your mind.
3.2 Learn how to browse the internet:
Study the basics of browsing the web, learn how to do the fundamentals, and master it.
3.3 Build your profile:
Promote your page to the people, invite your friends to like and share your platform to create more online users interaction.
4. Increase consistency, quality, speed, and reliability - It is not enough to have a customer, make sure to value them, so they will have a fantastic business transaction with you. Build a relationship with your customer. Provide them a great experience. Give them the "best deal" you can offer. This will elevate customer satisfaction and help you stand out in the market.
5. Identify leverage points - Choose a business that is close to your fields of expertise, find the points that you can tweak to adjust the whole. Meadows says they're places where “a small shift in one thing can produce big changes in everything.” This expertise of yours might change the whole system of your business in the right way.
With the fundamental values and entrepreneurial skills mentioned above, this time, we will now be thinking for start-up companies and business idea:
1. Mask production business - If you happened to own a tailoring business, the production of mass would be a great start. Aside from clothes, a face mask is now necessary. People need it to at least prevent the virus from spreading. Some countries, like the Philippines, made it mandatory to wear a face mask when going outside of the house. Or if you have a tailoring machine at home and some cloth, use this quarantine time to produce face masks for the people.
2. Bread Baking business - The pandemic has pushed more people to cook and bake at home, making all kinds of new recipes. Bread is one of the staple foods in many countries, despite the new normal, there are still a lot of people craving for pastries. If you happen to love baking and you have all the necessary ingredients at home, start baking, and make a profit out of it.
3. Fitness Videos - Staying at home is not easy, sleeping all night long, and sitting on your chair will give your body ache. Since most of the people are not doing physical exercise, maybe, this is your time to encourage them to lift their body and start a healthy life. Upload your comprehensive exercise routine and turn your muscles into money.
4. Online Tutoring - Educational institutions around the world are forced to shut down and shift to online learning programs. This crisis has triggered an online book for the education industry. If you have the internet and enough knowledge on the topic, try tutoring online, and turn your brains into gold.
Long term Businesses
1. Food Delivery - Several restaurants had to shut their business after the government ordered an enforced strict lockdown. Waiting for the situation to get back to normal seems no longer a good option for them. But switching to online delivery sounds undoubtedly perfect. With the free delivery app, it is now only one click away to satisfy their cravings. Through food delivery, people from different areas will have access to taste the food they want.
2. Pickup & Delivery- With all types of businesses finding ways to reach their customer's doorstep, delivery solutions are becoming a life-savior. From foods, types of equipment, and other things that are out of people's range is now being solved by pickup & delivery service. Delivery services are now becoming a booming business amid the coronavirus crisis.
3. Grocery Delivery - People need to resupply their needs; however, most of them are scared to be exposed to the virus, so going outside to buy their needs is an inconvenience. Ordering groceries is just one click away, and in an instant, your needs will already be in the doorway.
4. Healthcare Consultation - To reduce the risk of exposure from the virus, healthcare services that are in reach of the internet will be a good business. Especially psychological consultation, as this lockdown continues, more and more people are having anxiety attacks and psychological disorders. The online psychological discussion will be a great help for their mental health.
5. E-commerce - This outbreak, while a potential death blow to physical retail outlets, will accelerate e-commerce in the next level, as this will be the new trend. Businesses will have a golden opportunity to expand their customer reach by going online and boost their sales.
Learn for Today, Prepare for Tomorrow -
With all the events happening, we are unconscious and uncertain of the things that will still occur. But what we can do is learn and gather the knowledge needed for us to be prepared in the next upcoming battle. The above-listed business ideas for small and long term businesses can help you emerge out as a leader through this crisis. Moreover, it is equally essential to understand that the concept of the online marketplace comes with a futuristic approach. It is equally important to realize that the online platform comes with a futuristic vision.