Starting a business during a pandemic….some tips and tricks
IS IT THE BEST TIME?
The landscape of our economy is rapidly changing. With the pandemic (COVID-19) we have seen many businesses forced to close, while others pivot and adapt to new trends to stay alive and thrive. We have also seen many new startups emerge in aid of the pandemic across the globe.
But as I see it the best time to start a business is when the world needs it the most. Time and time again, in moments of crisis we see the most innovative, and successful companies get built. These startups take the global problems and find a solution to benefit the world as a whole, thus shifting the marketing demand in their favor. Airbnb is a perfect example of innovation in the crisis and many others.
Creating a startup is hard, it takes focus, demand, and innovation. As a founder, you must figure out if and when you can handle the pressure of building a startup.
Initial Components To Consider
- Industry — remember that industries are bound to be diminished, especially in rapidly changing environments during COVID. So when selecting your industry of business research what the market is demanding, or looking for.
- Financial investment — calculate all costs, including labor hours spent on research to determine what your startup cost can look like. The cost can include (legal, tech, staff, R&D, marketing).
- Target audience — research what your target audience should be (big picture market) then drill it down further and further until you have a small pool targeted in which you can enter and dominate initially.
- Stay positive — you will hear more no’s than you did when you were trying to date in high school. Just know that every no makes that YES! So much more worth it when the time arrives, and it will arrive.
- Assistance — there are multiple forms of gov, state, and local assistance that can help financially, legally, and even help advise on your startup into growth. There are also grants from the pandemic that may apply to some startups, bringing the economy back alive.
- One of the most important things to consider is to be able to adapt and change to the environment. Whenever things start to shift you’ll notice marketing is the first to create the change, enhancing new ways to attract targeted users. Be sure to use methods that reach your users effectively and while keeping your CAC low.
- Innovation doesn’t just live in the technology of your business, but rather in its strategy. The strategy used to approach and retain customers, that can then be applied to automation to create scale.
- When building out your startup save receipts for everything and account for everything, including man-hours, travel, R&D, ETC. When filing your first-year taxes, there are benefits that could apply to your startups in which can be paid back handsomely.
- As a startup validation is key for literally everything, it ensures growth, scalability, resource allocation, and target market. When building your product or prototype, test the market with it, who cares if it’s ugly, as long as it works you can beautify it up later. Spending money as a startup should be frugal. So validating where resources can be spent can initially ensure your survival and growth.
- When starting a business there are many components to get from ideation to launch and in growth mode. It’s difficult to balance innovating the company, and attending the needed administrative work to operate. This is why Maya the smart assistant was born, to help founders predict what work needs to be done for the business to operate and grow and then carry out the tasks to vendors most relevant. Founders can have the time needed to innovate and grow a sustainable company.
Meet Maya, an AI business assistant that learns, grows, and guides founder🤓