Entrepreneurs often have a lot of different projects on the go at one time, or they’ll move between industries as the market dictates. When it comes to major events such as the coronavirus, a lot of entrepreneurs will find their current business plans aren’t working and may be considering something new. So, will Covid-19 be an opportunity for you to change direction?
Assess the potential impact on your current businesses
No doubt, if you are an entrepreneur, you’ve assessed what kind of impact Covid-19 will have on your current businesses. Whether it’s from suppliers, for example, delays in objects being shipped from China, or in the production process, for example because people are going into lockdown. It’s likely there will also be delays in shipping your own products out, so you need to consider whether your business is viable in these circumstances.
Look at ways to keep your current projects going
While it may seem impossible at times, entrepreneurs are creative, so they are used to overcoming difficult obstacles. Think of the current challenges facing you and look for ways to overcome them. For example, if customers can’t come into your premises, can you deliver to them? Could you slightly adjust your product line or services to suit the current climate?
Think about what people want
The current lockdown is likely to be in place for a while, and people won’t be instantly returning to normal life. Therefore, a lot of products and services are highly sought-after, including:
- Food deliveries – both groceries and pre-prepared meals
- Online tutoring
- Online streaming
- Board games, puzzles and other boredom-busters
- Craft kits
Covid-19 may limit the things that people want and need right now, but in a few months, things will change, so keep up to date with the news and spot potential opportunities.
Utilise digital marketing to your advantage
When people are on lockdown, they’re more likely to use online channels to influence their buying decisions, so focus on digital marketing. It’s worth looking at firms such as https://www.moveaheadmedia.co.th/ who specialise in digital marketing, so whether you’re making changes to your existing business or starting something new, you can get the word out there.
Raising capital in a challenging economy
One setback that you may find when trying to start a new business enterprise is finding funding. When things get difficult, investors are often concerned about putting money into new businesses. It may be that you need to self-fund or find alternatives in the short-term, or perhaps you could use your creative skills to build your business with minimal start-up cash. Entrepreneurs love a challenge after all.
Obstacles like Covid-19 can be frustrating, as they can disrupt your momentum and mean you have to switch paths. However, as an entrepreneur, they can also present a number of opportunities for growth, whether it’s within your current industry or elsewhere. Think of some ways you can adapt to the changing business world and make the most of a challenging situation.