Starting Up Post Pandemic
Are you looking to launch your startup post-pandemic but feeling a bit apprehensive? It might be daunting to think about starting a business so soon after many businesses suffered major losses. While it is important to push forward, take calculated risks, and chase your dreams, it is also important to take note of the environment under which you will work. Here are a few pointers to think about while starting up post-pandemic:
Research before plunge: Research, research, research! Research cannot be highlighted enough when you are starting a business, and especially when you are doing it at a post-pandemic period. Before you take a plunge with your business research about the potential market. Will your product or service be sought after in this new environment? Will it be prioritized? Will it have easy access by people especially when there are lockdowns in place? If your business idea does not really cater to the current scenario, that is when people are prioritizing staying at home and venturing out less, it would be a good idea to wait. But if your service is required, for e.g. deliveries, food produces, essentials, masks, medical supplies, then there could not be a better time!
Prioritize digitalization: When starting up post-pandemic you will need to rely on digitalization a lot. From doing your marketing, promotions, to even interacting with your prospective clients and teammates, digital avenues will be important. You might not be able to have big opening parties like before, and it might be challenging to generate enthusiasm virtually, but that is also where your hard work will pay off if done correctly. While starting up post-pandemic, it is important for you to target establishing a digital brand.
Have a strong business plan: You need a strong business plan for any start-up and its importance increases in this post-pandemic environment where risks have increased exponentially. You need an in-depth understanding of who were clients will be, who your prospective investors are, what your methodology of service delivery is, what your target revenue is, who your board members/teammates are, what your transaction method is, and all this will be answered by a sound business plan. So before you take a plunge with your startup, have a sound business plan on hand.
Financial planning: This is the last time you will want to bite off more than you chew. Be thorough with your financial planning for your post-pandemic start-up. Where are your possible sources of money? Investors? Clients? What are your exit strategies in worst-case scenarios? Will you be able to take care of your employees? Will you be able to take responsibility for their well-being and security? For your own? Will you be able to afford to go bankrupt at this time? If you gain profit will you contribute towards the well-being of the community? These are the least questions you can mull over.
The pandemic has taught us that preparedness is everything. While you start your business, a key takeaway from the pandemic is also being adaptive. How effortlessly do you think you can tackle this turbulent business arena of the post-pandemic market? Now, these cautions and preparedness are not to cause you to doubt yourself, but rather to equip you necessary precautions and skill sets you will need. If you want to get your business started, go for it! But also, caution is key!