Starting a new business or keeping your existing venture going has always taken a lot of grit, determination and work. Owners find themselves pouring their heart and soul into their venture and they back that up with lots of extra hours too. There are always new ideas and strategies to implement as you try to grow your business. With the right combination of hard work, good timing and great products or services you can find success in the marketplace.
And then the pandemic arrived. The virus and its associated restrictions and lockdowns turned so many business models upside down. Entire segments of the economy were suddenly shuttered and revenues and customer traffic plunged. Business owners were instantly thrust into a Darwinian experiment, forced to adapt quickly or perish. Fortunately, with each tectonic shift in the market new opportunities always arise.
Take Advantage of the New Trends
The entire landscape of business and, indeed, of society was altered by the pandemic. Countless employees were laid off and individuals that were still working often were doing so from home. For a while most people could barely venture out of their homes and panic buying set in. These changes shook the structure of our lives to the core and people reacted by seeking reassurance and security in their life.
One of the trends that agile entrepreneurs can capitalize on is the desire for safety and being able to take care of yourself. With totally uncertain times and endless hours at home, backyard farming almost instantly became the newest pastime. Nurseries and garden stores sold out of seeds as, one after another, neighbors started taking to the land. New ventures that provide innovative ways to grow food and all the necessary seeds, starter plants, raised garden beds and supplies will boom now.
Develop and Manufacture Your Own Products
Many times budding entrepreneurs will try their hand at selling products. By sourcing products from overseas manufacturers in China and setting up e-commerce and Amazon storefronts they hope to capture their share of the burgeoning online marketplace. The problem, though, is that they are not selling a product that is unique. If their sales grow substantially, then other business owners can simply purchase the same item sourced from the same manufacturer.
To really establish your market position and assure ongoing revenues and profits you need to design, produce and sell your own products. It’s possible to partner with highly qualified manufacturers who have years of experience helping clients prototype and produce innovative products. If you have a great idea for a part made out of metal you could work with foundry that has a stellar reputation for producing alloy castings using the sand molding process. They will also have the tooling necessary to provide machined, finished products.
Use Crowdfunding to Launch Your Great New Idea
Consumers are finding themselves incredibly bored these days, with one day drifting into another as they work from home. A lot of people, in fact, hardly know what day of the week it is and some feel they are living a life straight out of the movie Groundhog Day. There is a hunger for variety, for innovative new things that captivate the imagination.
It is a perfect time for entrepreneurs with brilliant product ideas to set up a crowdfunding campaign. This method of raising capital lets you get your idea or product in front of people and build a viral word-of-mouth buzz that sweeps you to success. Consumers who love your product will tell their friends and you can let them pre-order the product so you’ll have the funding you need for production.
Even in the midst of the pandemic, there are business opportunities that can be taken advantage of by a savvy entrepreneur. By pivoting quickly and creating offerings for new or expanding markets business owners can still thrive in these uncertain times.
