Starting a business is always a challenge. However, the COVID-19 pandemic has made starting a company even more difficult.
You can take many steps to give yourself the best chance of starting a business during the COVID-19 pandemic. Read on for ten tips from Stephen Odzer for young entrepreneurs who want to start a business during the COVID-19 pandemic.
Research Customer Habits Thoroughly
It is always good to research your customers and know their habits well. However, it is even more crucial to do this during the COVID-19 pandemic. As you likely know, customer habits have changed quite a bit during the pandemic.
You should think carefully about how well your products or services suit the current lifestyle of your customers. If necessary, you should adapt your products or services to your customers’ habits and ensure that they are helpful and of high quality.
Create Your Budget and Stick to It
Stephen Odzer notes that financial difficulties are one of the biggest reasons most startup companies do not succeed. You should evaluate your financial resources and develop a reasonable budget for your company. You might want to speak to a financial advisor to ensure your budget is reasonable and to ensure that you haven’t failed to include any business costs in your budget.
After creating an appropriate budget, you must ensure that the company operates within this budget. A new startup is unlikely to have a significant budget, but this is normal, and you should plan accordingly.
Take Advantage of Free Promotional Opportunities
Promoting your company at the lowest cost possible is ideal for running a startup with a limited budget. You can promote your company for free in several different ways. One of the easiest ways to do this is to promote the company via social media.
You don’t have to pay anything to create social media accounts. Additionally, the popularity of social media platforms like Twitter or Facebook makes them an effective way of promoting your company.
Create Effective Social Media Campaigns
Social media can prove to be an invaluable and low-cost tool for promoting your company. That being said, you do need to know how to promote your company effectively on social media. One tip for an effective social media campaign is to make it interesting or unique.
Social media users are more likely to check out your company if your ad catches their eye. You should also promote your company on the correct social media platform.
If most of your company’s customers use Facebook most often, you should focus your promotion efforts on Facebook. That can help you avoid wasting resources on a social media campaign that effectively reaches your customers.
Formulate A Suitable Digital Marketing Strategy
If you have an excellent digital marketing strategy, this can help your business navigate challenging periods of time. You should first make sure that you are transparent in your digital marketing. This helps build customer trust and loyalty.
You should also ensure that your company holds its core values in any online setting. You can use digital advertising to replace some in-person promotion that is not feasible during the current COVID-19 pandemic.
Use Social Media to Connect with Customers
As previously mentioned, you can use social media to promote your company and its products or services effectively. However, this is not the only way to use social media to benefit your company.
You can use various social media platforms as a way to connect with your customers and increase their excitement about your company. Doing so can create a stronger relationship between your customers and the company, leading to more loyal customers who are more willing to promote your company via word-of-mouth.
Come Up With A Business Plan That Is Recession-Proof and Long Term
You probably know that the general state of business is quite different now than it was only several months ago. Of course, this general state of affairs can certainly change once more and change rather rapidly. That is why you should create a business plan that is recession-proof and long-term.
You have to ensure that this business plan includes sensible financial planning. That will make sure that your business can withstand possible future financial difficulties.
Remain Optimistic and Flexible
Stephen Odzer offers another tip for aspiring entrepreneurs ensuring that you can adapt to changing circumstances. It is good if you have a plan in mind. That being said, you should also do your best to remain flexible in adapting to change.
You also have to make sure that you remain optimistic about the prospect of beginning your new startup. You can launch a successful new company even during this pandemic with careful planning and financial discipline.
Stephen Odzer Recommends Determining the Purpose of Your Business
You should also make sure that you have a clear purpose in mind when you start your company. The reasons can range from a simple passion for giving your customers your product or service to positively impacting your community.
Whatever the case, it is critical that you know this purpose very well and set up your business to fulfill that purpose. Doing so provides your company with a necessary sense of direction and can help your company survive in the long term.
You Should Recruit Freelancers
You most likely will not have that much money set aside for salaries when you begin your startup. That is quite common for startups. One way to recruit talented employees at a low cost is to hire freelancers.
Freelancers are much cheaper than actual salaried part-time or full-time employees. Additionally, you only have to pay freelancers for the work they do for you instead of paying them an actual salary.
You can find affordable freelancers on various websites, including Fiverr and Upwork. Regardless of your company’s industry, you can use these sites to recruit good, affordable freelance workers.