The Benefits Of Starting An Online Business During COVID

Despite the ongoing pandemic all around the world, you might want to still opt to start that online business you’ve been putting off for months.

The “new normal” is no doubt a drastic change from what everyone was used to pre-COVID, but being able to navigate it can give you an advantage. You can serve potential buyers in the ways they might be looking to be served at this point in time and with the circumstances surrounding them.

It might seem like these difficult times will dampen the entrepreneurial spirit businesses have, but the opposite is what’s actually true. A survey from SCORE examined the impact of the pandemic on startups. It reported that although 43.9% of startups have a “wait and see” attitude about beginning or carrying on their business journey, 18.4% have scaled up their plans. Only 2.6% have totally abandoned their business.

This just goes to show how self-sufficient and determined entrepreneurs are. If you’re not convinced by this, here are some solid benefits of starting an online business during this pandemic:

Bootstrapping Knowledge

When everything goes awry, only savvy business owners learn how to bootstrap in order to survive. To save on money to overcome the consequences of the pandemic shutdown, businesses have been working with a skeleton crew, cost-sharing with other businesses, and renegotiating terms with vendors.

Startup entrepreneurs need to bootstrap now more than ever as the financing environment tightens. If you’re starting out, here are some things you can consider:

• Start your business from your own home
• Keep your job and start your business part-time
• Employ freelancers or independent contractors instead of hiring in-house staff
• Choose a low-investment business to establish such as an ecommerce business using drop ship suppliers

As your business grows, this bootstrap mentality stays with you. You will become innovative and agile while being frugal at the same time.

Changes In Business Model

Now is the best time to observe the changes in the way consumers and businesses communicate, buy, sell, receive and deliver goods as well as how they work. People are adapting, so understanding these new trends, norms, and behaviors can give you a clear advantage.

These are some of the new behaviors you can keep in mind as you launch your business:

For businesses:

• Virtual meetings
• Remote work
• Availability of talent

For consumers:

• Flight to digital and omnichannel retail
• A shift to value and essentials
• Homebody economy

 

The Need For Change

Savvy business owners know that success is dependent on the ability to constantly adapt to changing consumer needs. In this regard, startups have the means to step in where bigger, more established companies cannot fill the gaps.

Remember: innovation is problem-solving at its root. Who better to solve those problems than you, an entrepreneur filled with brand-new ideas?

Consumers today are more open to newer and fresher ideas. While they may have less money to spend right now, they are looking around for businesses they can engage with, businesses that can cater to the new normal.

If other startup owners are reluctant to launch and big businesses are still playing it safe, then starting now has an advantage. The new normal is intimidating, yes, but it is prime time to reach customers looking to build new relationships with newer brands that have adapted to problems they are facing today.