The year 2020 has been very challenging for many small business owners. They are hot the hardest during this pandemic, some are even close to bankruptcy. Many have crawled their way up to survive this crisis. This pandemic has drastically change their approach on how small businesses operate. Business owners and customers are adjusting to the so-called new normal. With these changes comes a number of opportunities for those who would like to start a new business in this era of COVID-19. Before starting a business one should closely look whether the product and service you’ll be offering in the market fits the current consumer needs. We should also look at how to budget and continually finance this business taking to consider the fast changing environment.
New entrepreneurs should always consider the following when thinking of establishing a new business during this times:
- Ask the question, what service and products will I offer and why offer it at this time? You should always be well equipped to give a new and unique line of products and services
- Look for businesses that are in demand in different areas. Take note of what people are searching for. Think of what they are in need of at this time and how your business will be able to serve these needs. Observe other companies’ in various categories. Compare them and make this as your basis for growth and improvement.