More than 70% of startups have had to cancel the contractual agreements of their full-time employees since the beginning of the Coronavirus outbreak.
Thankfully, most economies are regaining strength because of the declining Covid-19 curve. However, the situation we have faced just a few months back raised many questions about the implications of the traditional entrepreneurial business models.
Many businesses that never felt an urge to go online are now reconsidering their approaches and finding ways to launch a website where customers can make purchases without social interaction.
For example finding out of hours pharmacies and pharmacies online are one of the biggest examples that are now making efforts to create an online existence even though they never felt it necessary to have a website before.
In this post, we’ll highlight some of the prominent challenges and opportunities that present-day startups are confronting amidst the onset and spread of the virus.
Some businesses are obviously doing better than others, while some are still finding ways to cope with the challenges and seizing opportunities.
Challenges Faced by Startups During the COVID-19 Crisis
While things are getting better, the time we all have experienced during an outbreak wasn’t easy. There were so many uncertainties. Scientists and research labs were clueless, and everyone has no other choice except to maintain distance and avoid gatherings.
Everything was under a strict lockdown – be it schools, shopping malls, offices, or banks. It became challenging for startups (especially for those with no online presence) to reach out to their target audience and sell products or services.
But with each passing day, businesses have eventually learned to cope with the situation. They found ways to connect with their customers through SMS, emails, and even print marketing mediums.
Some of the biggest challenges faced by businesses during the peak COVID-19 crisis include:
Maintaining Social Distancing Measures
This is certainly one of the biggest challenges. While most businesses were closed during the crisis, stores and businesses dealing with essential goods and medications have had to take additional measures to ensure the safety of their customers.
Businesses such as pharmacies and grocery stores had to ensure that no-one with fever or any other COVID-19 symptoms would enter their stores. Some of them even had to hire some extra labor to perform these duties.
Some stores dealing with essential goods took a step further and built glass shields in front of the counters to minimize interaction.
All of these measures contributed to extra cost during times when the overall sales and revenue were already at stake.
Marketing Products and Services
Another biggest challenge for retail outlets and startups was to continue marketing their products and services.
People were already confused and clueless. All they needed at that time was an assurance that the things they’re investing in are safe, free of contamination, and above all useful.
It became challenging for startups and luxury brands to market their products in a way that customers could find a reason to purchase them during those challenging times.
Providing Safe and Contactless Delivery Options
As mentioned above, businesses and retail outlets have had to make additional efforts to ensure that their customers are shopping in a risk-free environment.
Providing Cashless Transaction Options
Many customers preferred to use digital cash over paper or metallic currency during the crisis. For businesses who have not provided this facility to their customers earlier have had no other choice except acknowledging electronic currency.
Again, it was challenging for businesses to collaborate with digital payment platforms through which they can easily receive or send payments.
Wearing masks, maintaining recommended distance, and ensuring frequent use of sanitizers and face masks were all tough and challenging for businesses that were open during an outbreak. Local governments of almost every province also had their own set of rules.
The past few months were difficult and stressful for everyone. People wanted to ensure that they and their loved ones are protected and safe, whether they’re ordering things online or visiting a nearby pharmacy or a grocery store.
Maintaining Balance Between Supply and Demand
Maintaining supply and demand was another big challenge for businesses as they weren’t sure about the turnover they’ll receive in a given time period.
We know the time we’ve all been through was challenging and tough. But, it’s not all bad news. The Coronavirus crisis has also provided many opportunities for individuals who are planning to establish a new business in 2020.
Also, businesses that took the right decision of taking their business online during the crisis had a competitive advantage over those who didn’t take a leap and waited for the situation to get better.
The Coronavirus crisis has introduced many opportunities for individuals who wanted to start their business in the current year.
Many business opportunities that were of no use earlier have turned into million-dollar opportunities during the past few months.
Below you’ll find some of the most profitable business ideas you can start during a post-COVID crisis.
No matter what your career choices are, one thing is certain that this year and all the coming years will have their focus on online buying and selling.
So you have to choose occupations that you can easily carry forward over an online platform.
With schools, colleges, and universities all closed during lockdowns, the trend of online coaching classes have gained immense fame in recent months.
Parents are looking for ways to keep their kids occupied with academic activities that can help them maintain their connection with their studies.
If you like teaching and guiding others, you can use your skill to earn some money in 2020. Start online tutoring classes. You can either market your services through social media channels or can also seek help from family members and friends to spread the word about your services.
Just ensure you have a working internet connection and a nice video conferencing app. If possible, prepare a few custom handouts that you can share with your students when they join your online classes.
The job market has significantly impacted because of the Coronavirus crisis. Many people have already lost their jobs, and those who have just completed their degree courses or diplomas are in a state of confusion.
If you have an eye for identifying the best market opportunities, why not use this God-gifted skill as a business in 2020. You can start your career counseling business comprising 4-5 hours of sessions. Jobless individuals, fresh graduates, and those having a professional degree can attend those sessions and get an idea about professions best suited to their skills and qualifications.
Whether you hold expertise in the space of website development, WordPress solutions, SEO, or content writing, you can use your skills to earn money online.
Taking into account the present-day situation in which everyone is concerned about isolation, it’s a great opportunity for you to offer services online involving zero interaction.
Finally, things have started to get better. Yes, the risk factor is still there, but the majority of countries have lifted lockdowns. Many countries have resumed economic activity, and things are getting back to normal.
Try to consider the COVID period as a learning curve and benefit from the opportunities you get as a potential entrepreneur or a startup.
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