You want to launch your online business, but COVID-19 is still around, and you wonder if it’s a good idea.
My answer will be if your business is COVID-proof, meaning it’s something that someone would be able to enjoy in the COVID world we’re currently in. With a digital business, you aim to serve your customers during and after the pandemic.
If you’re considering launching your online business, here are some tips for starting a business during a pandemic:
Confirm your ICA
Consumer habits have significantly shifted with the pandemic, so consider how your offerings fit into your customers’ current needs.
Ask yourself if your new product or service will be needed after the pandemic is over!
Developing a long-term, covid-proof business plan and excellent financial planning will help ensure your startup survives any storm.
Develop a digital marketing strategy
A strong digital marketing strategy can help your new business through uncertain times. You also want to build customer loyalty in the pandemic and beyond.
Consistency is the key to success! If your marketing strategy includes a blog, don’t platform-switch. Don’t blog post one week, then a podcast episode the next, and then throw in a random video the following week. Stick with what you do best and what best serves your audience. One platform is best!
Connect with your ICA on social media
Use your social accounts to engage with your customers and get them excited about your brand. Using Facebook, Instagram, Linkedin, Pinterest, and Twitter is free, so use them to promote your business and build trust. If you decide to post on Instagram every day, don’t stop after one month because you don’t see enough engagement. It will take at least a year before you see results.
Have a plan, but be flexible in the face of change. If you need to adjust because of the pandemic, do it! Your suppliers may have delays when it is time to ship your order, or your team may have to work from home on a different schedule if schools close again, but you can figure out how to make things happen!
Prepare a budget
Every single company must create a monthly budget and stick to it. When setting your budget in this new post-pandemic era, make sure you create a cash flow budget to ensure it can survive any unexpected crisis.
It’s not because you sent an invoice to a client today that you will get paid today. Your cash flow budget should include cash in and cash out, literally (and only) the ins and outs of cash movement in your business!
What about you? Are you thinking about launching your online business? Or did you launch your business during the pandemic? Comment below; I’d love to read your story.