The COVID-19 outbreak, lockdowns and socials distancing measures have had an unprecedented impact on the economy and have forced many business, including startups, to restructure their models and move to a more robust online structure.
Experts at Drexel University’s Charles D. Close School of Entrepreneurship provided three basic tips for entrepreneurs looking to keep their startup businesses afloat during the economic crisis brought on by the coronavirus.
Go digital
With the need to reach customers in new ways, this may be the perfect time to get an e-commerce store up and running. In fact, according to an analysis of Commerce Department retail data by Digital Commerce 360, online sales have grown by over 12% year after year since 2010.
Digital transformation can mean a variety of solutions depending on the business and its operating model. For example, a fitness instructor may try selling digital fitness and meal plans, or a restaurant could look into offering online cooking classes with common ingredients people tend to already have at home.
As things slowly change back to normal, having more than just a brick and mortar store will help businesses come out of this more diverse than before.
Connect with customers
If a consumer wants to learn about a product or company, the first place they’re going to check is online. About 55% of people will search online for reviews and recommendations before making a purchase, with 47% of those consumers visiting the company website according to KPMG’s 2017 Global Consumer Report. Whether your company’s solution is picked or not may depend on its online presence, so having a good digital footprint will help your business. A quick online search should give new customers all the information they need to know about your brand.
Being active on platforms such as Facebook, Instagram, Twitter, and LinkedIn is a great way to share your company’s voice. Having a well-curated social media strategy will make your company more relatable and give you more opportunities to connect with potential customers.
Take advantage of the extra time
One of the best investments you can make is an investment in yourself and your team. With so many working from home, more time can be set aside for improving one’s skill sets and growing your business. The time you would have spent on your daily commute can be used for reading the latest industry publications or taking an online course to learn a new skill. Another benefit of having extra time is that you’ll have an increased ability to test out new business ideas without daily distractions.
The daily hours you are reclaiming by working remotely, with the addition of a lot of hard work and dedication from your team, may just help your business grow stronger. True entrepreneurs know that change is inevitable but evolve their businesses to adapt to it.
