Bulletproof Your Startup from The COVID Effect
Are you looking to start your own company but are a bit wary about having to deal with another virus pandemic? You’re not alone. Many people who have always wanted to be sole owners of a startup are wondering how to prevent losing their investment at the first sign of another worldwide pandemic. Fortunately, there are several effective steps you can take to insulate your new entity from the unwanted economic effects of a potential shutdown. While it’s impossible to make any small company, 100 percent bulletproof from the possible impact of another COVID outbreak, smart entrepreneurs are already building some clever stop-gap measures into their new companies. Here are a few of the most popular and workable ways to avoid a potential crisis.
Get Personal Finances in Order
This is clearly not the time to dive headlong into a venture without solid financial footing. That means making sure your plans, budgets, and backers are all solidified before day-one. A quick and easy way to slice expenses from a personal budget is refinancing student loans that have been around for a few years. Doing so with a private lender means more room to breathe, money-wise, in your entrepreneurial life because personal expenses won’t be weighing you down. Not only are private loans an excellent way to reduce monthly payments, but you’ll have access to longer repayment periods and possibly better rates. In fact, it’s a good idea to review your personal budget and see what other areas could stand a little trimming. Every dollar in reduced costs adds to your entrepreneurial solidity.
Target Your Clients
Do some in-depth thinking about who your customers will be. Aiming a product or service toward a younger clientele means protection from many kinds of medical crises. That’s because healthier, youthful people tend to be less susceptible to illnesses of all kinds. They also spend more on certain kinds of products, are easier to advertise to via social media. If your target audience is the older crowd, keep in mind that they have more discretionary income, are not as mobile as the young set, but tend to be much more brand loyal than any other demographic. Once you are able to describe the age range and other characteristics of your main buyers, set out to use the marketing and sales channels that they respond to. Keep expenses low by leveraging social media, local networking, and targeted giveaways or coupons.
Look for Unique Opportunities
When considering the wide array of products and services you might offer, choose those that tend to be immune to crises like COVID. For example, even at the height of the coronavirus scare, several items continued to sell quite well, including at-home meal supplies, hobby kits, art supplies, computer peripherals, and pretty much anything people could use in their homes during quarantine.
Keep an eye on your own health so as not to suffer too much down time during the first few months of your venture. That means getting regular checkups, arranging to work from home if necessary, exercising regularly, and getting enough sleep. There’s no point in letting your own well-being, or lack of it, jeopardize your profit-making potential.
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