For entrepreneurs whose small businesses have closed, the coronavirus shutdown has been an economic struggle. But as cities begin to reopen, albeit, with plenty of modifications, business owners need to look to the future. From new business approaches to getting support for your company’s goals to maintaining your sanity throughout, here’s how to recover your business post-pandemic.
Think About a New Business Approach Amidst the Pandemic
Part of recovering your livelihood following the coronavirus might involve taking a new professional path. After all, if your current business model isn’t working, there are plenty of other opportunities to explore.
The key to creating a new business lies in finding the right niche for your talent and choosing a product or service to sell that customers are currently buying. For example, WWD reports that health and home care products are still wildly popular among shoppers. Choosing a product or service with longevity—despite economic changes like a global shutdown—is a smart step.
One excellent option for jump-starting your new business is dabbling in e-commerce. Selling online is also a foolproof way to ensure your business can keep making sales when brick-and-mortar stores are closed.
For example, you could use Shopify to create an online storefront. Of course, you might need help with elements like customizing your digital theme, inserting product images, tracking consumer analytics, or managing orders. In that case, you can hire a freelance Shopify developer to check off all the boxes.
Alternatively, you could aim for a home-based business instead. But to be successful, you will need to take the commitment seriously. Keeping to a schedule, focusing on finding and retaining clients, and using the right tools are all necessary elements of a home-based business.
Take Steps to Refresh and Reinvigorate Your Business
If your business closed during the shutdown, you might be facing unique challenges in reopening. The good news is that many companies can recover post-lockdown. But when facing reopening, you’ll need to take proactive steps to preserve your finances and business model.
For example, if you have staff, take steps to protect them in the workplace. This includes everything from COVID-19 testing as they return to work to implementing on-demand pay to ensure their financial well-being. Depending on your business and location, providing personal protective equipment (PPE) may also be an employer’s responsibility you need to consider.
Review crucial employee trends HERE to understand how to better adjust your practices throughout Covid.
It’s also wise to give your brick-and-mortar a freshening up. Now is the perfect time to move displays, clear clutter and dust, update signage, clean fixtures, and even hire a pro to make your carpeting look brand new. All of these small tweaks can breathe fresh life and positivity into your store’s atmosphere. Plus, rearranging the interior to accommodate a set amount of people can send the right message to your customers.
If the financials feel uncertain for you, there are ways to make changes without taking a hit. First, connect with a financial advisor to see what you need to do to keep your business finances on track and how to plan for the future. Next, if you need financial assistance, there are ways to access funds needed for a cash injection; these come in the form of small business loans or even grants.
Take Time for Recovery
Business ownership can be stress-inducing at the best of times. But during a pandemic, owning a business involves plenty of anxiety and unpredictable circumstances. Preserving your business is a necessary task. But you also need to think about preserving your mental and physical health.
Self-care is a crucial part of entrepreneurship, as you need time to decompress in order to give your new business your all. In fact, Thrive Global confirms that smart self-care correlates with long-term business success.
Try self-care strategies like mindfulness, social connection, enjoying hobbies, and asking for help when you need it. Exercise should be a non-negotiable when it comes to your self-care too. Time spent exercising, regardless of the activity, can reduce stress significantly, and it even allows your mind to hit auto-pilot, paving the way for innovative ideas to creep in. For an extra boost of motivation, use a smartwatch or fitness tracker to monitor your progress and vitals.
Finally, finding ways to delegate tasks to others is another way to reduce the pressure you feel and help keep your business running smoothly.
Whether you plan to recover your small business or move on with your next great idea, you’ll likely encounter challenges. After all, the coronavirus shutdown impacted both employees and employers in significant ways. Being prepared financially and emotionally can help you maintain your footing as you ride the post-pandemic economy wave.
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