Startup Struggling During Coronavirus: How to Adapt During this Time

Starting your own business is an accomplishment in itself as a number of people do not have the entrepreneurial spirit. This accomplishment in no way guarantees long-term success as there are too many factors that impact the success of a business. There are startups that are still in their infancy that have been severely impacted by COVID-19. Unhealthy startups during this period will likely go out of business but those that were thriving can still survive. Adaptability is essential during this unprecedented time to stay profitable and generate revenue. The following are tips to adapt as a startup to thrive instead of struggling during the current pandemic. 

Freelancer to Full-Time Hire Programs 

Freelancers can be a huge tool used by startups that can save money without sacrificing the quality of products/services offered. Freelancers can be utilized often and can eventually be brought on as a full-time if they decide to. Most freelancers want a consistent stream of income so a majority will accept a part-time or full-time job offer if it makes sense financially. Building a pool of freelancers will take patience as freelancers differ immensely in quality. Find freelancers that provide quality work by the deadline, communicate, and that take direction well. 

Look into PPP Loans 

The Paycheck Protection Program was put in place by the federal government to assist small businesses impacted by the pandemic. Most businesses viewed this as a stimulus check of sorts as the second round will come once another stimulus package is approved. Look into a PPP loan database will allow you to see the options you have for the loan. The loan needs to be used in specific ways so creating a plan will be a necessity. 

Allow Employees to Work from Home 

A startup founder that has trouble letting go of complete control might not want their employees to work remotely. You would rather employees work remotely than not work at all. There are so many systems that can be put into place to help ensure productivity. Time tracking software can be immensely helpful in a variety of ways. This will hold employees accountable by eliminating time spent on personal projects or emails. Training can also be created through viewing this data by tracking top performers so it is clear where they are spending their time. 

Do Not Undervalue Digital Marketing 

The worst thing that can be done during this time is to stop marketing. Once the world recovers, this can lead to a drop in revenue for the foreseeable future. The last thing that a startup wants is a competitor to take clients due to their digital marketing tactics. During this time, it is essential to retain as many customers/clients as possible which will require a focus on customer experience. Digital marketing can drive organic leads through search engines by driving up a company’s rankings. Ranking at the top position for a competitive keyword or phrase can change the trajectory of a business. 

Startups that make it through this tough time throughout the globe will have an advantage over others in the post-pandemic world. Driving costs down and optimizing processes during this time can allow for scalable growth in the future. Adapt during this time and show flexibility where possible to ensure the survival of your startup.