The world has never looked more economically unstable. The Covid-19 crisis will go down in history as one of the most economically volatile periods that we have had to endure. As people across the globe are struggling with the threat of redundancy, others are looking to begin a startup.
The juxtaposition of these positions may seem crazy but just because the consumer spending is down doesn’t mean that you cannot make a success of a new business. This pandemic era, while challenging, can also be one of opportunity. Take a look at what you can do to make your new money-making venture a success.
Think of Your Customer More Than Ever
While the customer experience that a business can provide is always important, it is now more crucial than ever. People who are choosing to spend their cash do so with caution so they need to be certain that they are getting a good product. Ensure that you can under promise and over deliver by appearing to go the extra mile. If you produce custom made tee shirts and you know that you can get them delivered in forty eight hours, state that you will get them delivered in seventy two. This makes it look like you have gone above and beyond, and it gives your customer a warm, fuzzy feeling when it gets to them a day early. It is this intangible feeling that can inspire customer confidence, loyalty and repeat business – three key things that you will need during this pandemic.
It is crucial that your supply chain is tight and reliable. If you are sourcing components from the Far East, don’t simply go with the cheapest provider if their reviews are shockingly bad and they never deliver on time. Spend money wisely to go with a firm that produces top-quality components that deliver in a timely manner. You cannot afford to bring sub-par products to market. Make sure that you invest in reliable heavy equipment transport if you need to adapt your manufacturing plant and always go with a reliable logistics firm when delivering your product to the end-user.
If you require initial funding for your startup, business angels and banks will be more cautious than ever when lending money. You need to hone a detailed business plan that mitigates any risks that you may encounter as a new business. Ensure that your financial forecasting is accurate and that you understand your gross from your net. When you pitch your ideas, you need to know your business model like the back of your hand. Get a haircut and be suited and booted when delivering your engaging presentation. First impressions really count. Speak confidently, appear professional, and enthuse your audience with your business acumen and passion for your idea. Investors will be looking at you as much as your business idea.
A new startup may seem risky during a recession and a pandemic. However, with the right preparation, funding, logistics plan, and emphasis on the customer experience, you can see your venture soar in these uncertain times.