How To Launch A Business In The Middle Of COVID-19 If You Feel Ready

The COVID-19 pandemic has created massive disruption and uncertainty across industries. However, with challenge comes opportunity. If you have an idea for a new business and feel equipped to take the risk, this could be an ideal time to make it happen.

Assess Your Finances

Carefully evaluate your personal finances before moving forward. Do you have enough savings to cover living expenses for 6-12 months? Operating capital? What about friends and family who might invest? Make sure your basic needs are met so you can focus fully on your business.

Choose The Right Business

Some businesses thrive in downturns while others flounder. Consider industries benefiting from stay-at-home measures like food delivery, online education, telehealth, etc. Think creatively about problems needing solutions right now. Validate your ideas by talking to real potential customers.

Develop an Online Presence

Most commerce has moved online due to social distancing. Build a great looking website to establish credibility and drive sales. Make sure it works seamlessly on mobile devices. Provide plenty of pictures, product information, and ways to contact you.

Get The Word Out

With traditional advertising limited, use social platforms like Facebook, Instagram and TikTok to showcase your brand. Reach out personally to friends, family and relevant online communities. Ask happy customers to organically share their positive experiences.

FAQ

What financial preparation is most important?

Making sure you have adequate personal savings to cover 6-12 months of living expenses is the most critical financial step, providing stability as you build your business.

What industries tend to thrive in economic downturns?

Industries like food delivery, online education, telehealth, entertainment, and consumer goods typically grow during recessions as people spend more time at home.

Should I build a mobile-friendly website?

Absolutely. With much commerce shifting online, having a website optimized for mobile devices is extremely important for credibility, branding and sales.

How can I market my business on a tight budget?

Leverage free social platforms like Facebook, Instagram and TikTok to actively engage followers. Reach out personally to friends, family and relevant groups. Incentivize happy early customers to organically share experiences.

What if my business fails during COVID-19?

Don’t be discouraged if your business doesn’t succeed right now. Many external factors are at play. Learn from the experience, make adjustments if feasible or pivot to something new. There will always be more opportunities ahead.