Covid-19 brought pain and devastation. We saw more than four million people fell because of this disease. It also caused a recession that is far worse than the global economic crisis in 2008. But as the government push for more vaccination, we finally see the light at the end of the tunnel.
According to the esteemed Dr. Anthony Fauci, we might even attain some semblance of normalcy by spring of next year. His words bring so much hope to the dreary reality of Covid-19. But economists and market gurus offer a dimmer outlook on the global economy. Their prediction makes everyone feel helpless.
It appears that the next few years do not bode well for entrepreneurs. But with the right attitude and a few carefully planned steps, you can change your circumstances. Here is how:
Let us talk about your market. According to Pew Research, 28% of the US population belongs to Gen Z or younger. Does this mean that you will immediately focus your attention on them? You probably should not because this age still relies on their parents. Should you base your business model on ethnicity?
You should not heavily rely on the data given because you must also consider your location. Let us say that your business is at the heart of a quintessential suburban community. According to another Pew Research study, the population leans toward those younger than 25 years old or 65+. In this scenario, you might want to focus on these two age groups.
On the other hand, if your business is smack right in the pulse of a highly urbanized city, you should focus on working-age adults. It creates the need to conduct a feasibility study. A marketing expert designs the survey to fit your business needs. Thus, they will submit a recommendation tailored fit to your company.
It is prudent to follow the recommendation submitted by the marketing guru. Ignoring their advice means that you wasted your money paying for their professional fee. Let us say that you are within walking distance from a prestigious university. It means that you will be catering to the needs of the highly educated.
Considering this fact, the marketing guru recommended that you ask for the professional help of sustainability consultants. He also points out that you must make your business more environmentally friendly because you cater to people who understand the science behind climate change. This type of people is more likely to patronize enterprises that follow sustainable business practices.
We must admit that these are costly measures. But they guarantee a loyal base of customers, who would promote your business to their friends. Considering the current political winds, you might be making the same changes in the future to comply with a more environmentally-friendly legislature. There is no better time to change than now.
After identifying your market and designing a business model that fits the needs of your base, let us talk about the tools needed for your daily operations. Considering that the first two steps were capital-intensive measures, let us find more economical options in acquiring assets.
Most companies had to temporarily stop operations shop last year. This inactivity might have caused rust to eat the machinery. Thus, the need to replace them. Let us say that you run a restaurant. In this case, how can you acquire the needed tools for your daily operations?
Instead of purchasing these pieces of equipment with cash, why don’t you try equipment financing? This option allows you to reserve your money for miscellaneous expenses. It is a win-win situation because you were able to acquire the needed machinery.
Let us take things further. Yahoo Finance reported earlier this year the growth of online shopping. The article states that this trend is here to stay, so capitalize on this movement. Does this mean that you should purchase a delivery van too?
The growth of e-commerce does not necessarily mean that you will purchase a delivery van, especially in the restaurant industry. You can still cater to online shoppers without this piece of equipment because your customers can tap on GrubHub and UberEats.
We designed these steps to help your company recover from the economic downturn. Although results vary, the chances of survival are higher if you apply these measures. We conceptualized these ideas with the promise of future business expansion.
We believe that economic growth should come naturally for entities that have a strong foundation. If you built your business on stable ground, your company offshoot is likely to succeed.