How to Start A Business in the Post-Pandemic Age
Starting a new business in any socio-economic environment is a risky endeavor. However, no era in the last century has been filled with so much uncertainty, paranoia, and challenges as the one with the COVID-19 pandemic. Since 2020, thousands of businesses around the world have closed shop while millions continue to struggle for survival. Millions of workers have either been laid off or quit their jobs due to insufficient pay, toxic cultures, relocations, or other reasons.
As a result, many aspiring entrepreneurs proactively decided to wait out the storm before setting sail into the business world. Thanks to the launch of the vaccine, the world has gradually returned to “business as usual.” Therefore, we’re seeing more startups flooding the market than ever before.
So, if you’re a hopeful entrepreneur looking to join the trend, now is the time to learn how to start a business in the post-pandemic. Whether you’re starting from scratch or rebuilding an existing business, you need to understand that a lot has changed since 2022.
In this post, we’ll share five factors to consider before starting a business after the pandemic, along with some useful tips to help accelerate your journey and nudge you in the right direction.
So, let’s get right into it!
5 Factors to Consider Before Starting a Business After the Pandemic
1. Need
The first thing you need to understand as an aspiring business owner is that people’s needs have evolved drastically since the start of COVID. Therefore, you need to determine which product or service you want to introduce and what needs your expertise fills in your community. You can also look up the most successful business types during the pandemic and see if you can do something similar.
Popular options include food delivery, cleaning services, IT security, online retail, renewable energy, etc. The industries and niches are endless.
2. Uniqueness
Once you’ve identified what needs your business can fill, you need to make it stand out in the market, especially if you’re looking to sell existing products or services. In other words, you have to focus on branding regardless of whether you plan to operate online or offline. Moreover, you’ll have to consider the competition in the market as well to stand a chance of surviving and thriving in the same market.
3. Physical Limits
Most people often overlook their routine and physical capabilities when starting new ventures. As a result, they often bite more than they can chew and become overwhelmed with the workload. Therefore, you need to ensure you’re physically, mentally, and emotionally prepared to deal with the daily hustle and bustle.
You may also have to sacrifice some aspects of your personal life until your post-pandemic startup becomes profitable and sustainable. Even then, you may need to adjust your lifestyle.
4. Funding
Even before the pandemic, starting a business required an upfront investment to set up shop and commence operations. In this regard, not a lot has changed. The only difference is that the post-pandemic landscape puts your investment at more risk, so you have to spend your budget more wisely, especially if you plan on taking a loan, using credit, or asking for a government/investor grant.
5. Regulations
Finally, you need to understand the regulations related to your line of work to avoid violations or fines. For instance, if you’re opening a mobile food truck, you need to learn about parking and zoning regulations to pick the right location.
Similarly, if you’re starting a Cybersecurity business, you need to learn about HIPPA, GDPR, CCPA, and other regulations or standards in the IT industry. For offline and/or online retail, you may require permits to sell certain products or services.
So, take the time to do your homework and cover every ground before getting started.
How to Start a Business in the Post-Pandemic Age – 5 Useful Tips
1. Consider Freelancing or Starting a Business as a Side Hustle
Many professionals fail to start businesses simply because they don’t have the luxury to quit their 9-5 jobs due to limited finances. However, in the post-pandemic age, they don’t have to. We live in a gig economy where you can sell your skills as a freelancer.
Moreover, you can keep your day job to pay your bills and fund your business ventures by opting for a side hustle. Today, there are hundreds of ways you can earn money on the side, including:
- Teaching
- Driving (Uber, Lyft, etc.)
- Photography
- Web Design and Coding
- Virtual Assistant
- Stock Investing
- Junk Hauling
- Catering
- Dropshipping
- Handyman Projects
- Cleaning and Repairs
Ideally, your side hustle should be related to the industry or niche you’re looking to pursue so you can gradually improve your skills, services, connections, and experience. Once you gain enough capital, you can turn your side hustle into a business by going all in.
2. Seize New Opportunities and Explore Untapped Markets
The COVID-19 pandemic resulted in several factors and circumstances that unlocked new business opportunities and new markets to explore. For instance, face masks and personal protective equipment became mandatory. In a few months, they became fashion accessories as many renowned brands started producing designer masks and selling them at higher prices.
Similarly, the cleaning and sanitization industry has grown exponentially since March 2022. In a matter of weeks, cleaners became one of the most in-demand professionals in the market. Similarly, new cleaning products and technologies began to flood the market due to their role in stopping the spread.
The point here is that the pandemic has opened Pandora’s box containing a flurry of new industries and niches to explore. Some are still in their infancy and remain relatively untapped, meaning you can pick a product or service in high demand with limited providers and fill in the gap.
3. Opt for a Digital Startup
No matter your expertise or experience, you need to understand that we now live in a digital-first economy as the world rapidly transitioned from physical purchases to online shopping. From brick-and-mortar stores to restaurants, every major industry has gone digital completely or partially.
Therefore, even if you’re a technophobe or have limited tech skills, you should consider opting for a digital startup related to your line of work. For instance, if you want to open a restaurant, opt for a delivery-only model and build a stunning online presence via a website, mobile app, social media page, and profiles on third-party review sites.
You can also outsource the development work to professionals and focus on your core capabilities. Moreover, you can integrate several software solutions, such as payment gateways, CRM solutions, and live chat, to digitalize and automate key functions.
Furthermore, you can hire professionals on a full-time or freelance basis to take care of important functions, such as digital marketing (advertising, SEO, PR, reputation management, etc.) and customer service.
4. Look For Small Business Funding
If you’ve heard of Shark Tank or Dragons Den, you most likely understand the importance of external investments for startups and small businesses. However, you can get funding from several sources, including friends, family, colleagues, partners, banks, and even the government.
Depending on the scale of your startup and your financial circumstances, you may not have sufficient capital to kickstart or sustain your venture. Therefore, opting for business loans or credits can help you get the equipment and resources you need to get started.
5. Invest in a Communication Plan Proactively
Communication is often the last aspect of operations that most startups sort out. As a result, they deal with a lot of inconsistencies that result in increased churn rates and low conversion. As a startup, your communication strategy could make or break your brand. Therefore, you need to ensure you have all your channels ready to go.
You don’t have to invest heavily in this aspect. You can use common apps and solutions, such as WhatsApp, Facebook, Instagram, and Telegram. You can also set up a business phone or use your regular phone to make and take calls. The options are only limited to your budget and use case.
Moreover, you need to make sure that your target audience knows how to engage with you or your team. So, whether you have a website or are starting with a social media account as your digital door front, make sure you have your contact information visible.
Wrapping Up
The post-pandemic age is an exciting time for aspiring entrepreneurs. There are so many opportunities to seize and markets to explore. With proper research, strategy, and execution, they can kickstart their ventures and improve their operations gradually to break even and generate profits.
However, before you get started, make sure you pay attention to the factors described above to improve your chances of survival and success. Furthermore, try to do something you love to remain motivated.
A lot of startups pursue different ventures solely for financial benefits. However, they gradually lost interest and drifted off into other things. To make sure you don’t become one of them, think of your interests and align them with your skills and expertise.
You’d be surprised to learn about the business possibilities locked inside you.
