This global pandemic surely turned the world’s economy in complete disarray. We’re seeing both big companies and small businesses, across various industries, experiencing their lowest points. Some of them are even facing possible bankruptcy and closure. More unfortunately, people are losing their jobs left and right. However, life still goes on. Our bills will still come. Our family’s needs must still be met. That’s why you might be wondering if it’s possible to start a new business despite the crisis. The answer? Yes, it is. You must be able to run it from home, though, while we are still limited to the quarantine and lockdown procedures enforced in order to flatten the curve of the pandemic’s spread. Hence, in this article, we are going to share with you the steps on how to do just that. Let’s get started!
1. Know Your Coverage.
While the steps that we are going to share with you in this article are geared towards running your business remotely in order to minimize the possibility of contamination, there still might be times when you simply don’t have a choice but to go out and be exposed to COVID-19. Hence, it’s best to check with your insurance provider first and confirm your health coverage. Are they going to cover testing? What are the benefits that you can expect from your policy if you do get sick?
2. Set up an Emergency Fund.
Even if you have extensive health coverage that can support you and your family in case of a medical emergency, it’s still best to have an emergency fund ready for other unforeseen circumstances. If you still need extra funds, then we also recommend looking into personal loans for fair credit options online. Online lending institutions allow people to complete their loan application process and receive their money through the internet, after all.
3. Come up With a Risk Management Plan.
To further reinforce your safety nets, it’s best to come up with a risk management plan. List down all the possible risks and consequences and establish a protocol that you can follow should any of them happen. This is actually an advantage that newly established businesses have over older ones. After all, how would pre-pandemic businesses predict that a health crisis of this scale would happen this year? New business owners, on the other hand, are entering their respective industries with a certain degree of knowledge on what they can expect, making it simpler for them to create a detailed risk management plan from the get-go.
4. Review Your Business Goals.
With all your safety nets in place, we can finally move on to the next step and that’s to review your business goals. They will serve as a reference that can assist you through the next steps. It is easy to stray from the original path you have intended for your business if you’re struggling to bring in some income. Hopefully, this reminder would help you reassess your priorities and see the bigger picture, and not fall into the trap of shortsightedness.
5. Take Advantage of Online Tools.
Another reason why we recommend going through your business goals again is to choose the best online tools to use. For instance, if your current goal is to expand your operations and hire new employees, then getting a time tracking system and creating an online training platform will be absolute musts. On the other hand, if your goal is to boost online engagement, then you might want to look into AI integration such as chatbots to automate responses to common queries and ultimately, to reach out more efficiently to both your potential clients and loyal customers.
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6. Establish a Remote Working Process.
With your online tools ready, you can now plan your remote working process. You’d want to start by creating a diagram of your business’s life cycle from ordering raw materials up to fulfillment. From there, you can set-up alternative online processes to replace any physical contact required, at least while this pandemic is still an issue. Who knows? These processes might just be better than the traditional ones we’ve been used to before the pandemic. Industry experts refer to this phenomenon as the “new normal”. They predict that the world will not return to its pre-pandemic state after this crisis. Instead, people will adopt new practices that will change the post-pandemic world. It’s not surprising since previous pandemics have all changed our world in one form or another.
7. Strengthen Your Online Presence.
Your business, at this point, must be in full operation already. You’re doing great so far. The last two steps are actually just icing on top of the cake. While they don’t exactly serve as a main foundation, they are nevertheless still crucial to ensure business success. With that said, the next step is to establish a strong online presence. And we’re not just talking about your brand’s visibility alone. This includes your personal profile too, as a business owner. Your online reputation will help reinforce the impression that you set upon your clients, including your credibility as a member of your industry. In any case, expect to rely heavily on digital marketing strategies for this step. Here are some tips to help you get started:
- Develop a website for your business.
- Improve this website’s search engine optimization (or SEO).
- Set-up an email marketing campaign with the help of your website and lead capturing techniques.
- Gain a foothold on the social media platforms that your target demographic frequents.
- And finally, keep in mind that it’s all about your engagement with your audience. So be sure to reply and react to your audience’s posts as much as you can as well.
8. Be Prepared to Adapt.
Finally, the last step is to prepare yourself to adapt. We’re currently living in a very unstable world. Things might change all of a sudden due to the development of the disease. As mentioned, you should not be shortsighted when reevaluating your business goals. You should definitely continue planning and preparing for the long-term. However, you should learn to balance this with your flexibility. Take it one day at a time and ready yourself to make adjustments and critical business decisions on the go.
To Sum Up
These are really tough times that we’re currently facing, and it’s not just happening in the United States alone. It’s all over the world. Fortunately, there are still ways in order to launch and run a business thanks to various online technologies. Before you start, though, make sure that your safety nets are in place: that you have reliable health insurance coverage and an emergency fund savings account just in case. After that, take the time to reevaluate your business goals so you always stay aligned with your vision. Take advantage of online tools as well. They will allow you to run your business remotely and allow your employees to work in the safety of their own homes. With your tools in place, it’s time to strategize how you’re going to perform your daily business processes with minimal physical contact as possible. Plus points if you find ways to complete everything digitally. Don’t forget marketing. There are numerous digital marketing campaigns that you can launch from home. Finally, be prepared to adapt to the ever-changing landscape. Stay hopeful and know that this pandemic won’t last forever.