How to Start A Business After Covid-19?
The timeline has again been divided into BC and AC (before covid and after covid)
‘How to start a business during covid times?’ is the current trending topic. People are losing jobs, shifting jobs and trying new things. Covid-19 accelerated us into the future.
The Know-how of starting business has been the same always. This blog is to enhance the knowledge and remind you of the forgotten facts before you start a business.
Starting a business was a trend from early 2005 even before the internet changed the world.
when the internet came into the picture, things changed drastically. People witnessed young entrepreneurs getting rich in 3-4 years. Earning money was never like before. These kids of that time like Bill Gates and Steve Jobs were getting ultra-rich. They knew how to start a business back then at that age.
Companies like wala services are also doing the same by providing doorstep services in Kerala.
The world before that was not ready for something that grew this fast. But whoever got on that train of revolution initially had the privilege of getting successful early.
During the time of the industrial revolution, it took 100s of years for a company to rise to the glory of what new unicorn startups have grown into. The reason is simple. The scalability factor. It was difficult to scale a business at that time with communication and transportation constraints.
Now with the pandemic usage of the internet has gone up multiple times. It changed the ways our normal lives worked. People are working but there are no offices. Students are learning but there are no schools and universities. Many businesses have shut down while many scaled up drastically.
Nature was in its hunt for the survival of the fittest. How to be the fittest in the current market scenario while you are starting a business after the pandemic. Yes!.
Note: Get help from Wala services if you are affected by covid-19.
- Why Should You Start Your Business with Passion?
Before, business was all about money. If a business makes money even if it’s boring people would invest in it. But now you are competing in a world where people choose a career because they are passionate about it. Not because they see so much money in doing that nor because their parents told them so.
Look around all the successful businesses today, all are the result of passion.
It can be a passion for coding, passion for art, passion for sales, passion for a certain sport.
Make sure you start a business only out of passion.
Gone are those days where people search for the best start ideas. Now success lies in the hands of people who pursued their passion.
Why do people starting something with passion never fail?
It is because they never stop. Until you stop trying you never fail. All the so-called failures are just lessons to make yourself fit for the success that you should handle.
Be passionate, that will make you persistent.
Remember one who doesn’t stop never fails. Thats the only way you can be 100%sure about success.
- What is the shortcut to success in Business?
The good thing about life on this planet is that you don’t have to learn everything from your own experience. You can educate yourself over others’ experiences.
The same applies to business. You don’t have to get hit by all the failures life gives you. Learn from the early adopters, learn what all they faced.
Read through not only the book of who succeeded. Read through who failed.
You will understand what are the mistakes you can avoid to get to your goal. In life and business, there are no shortcuts, but this is exceptional, this is the only shortcut to get there quick.
Learn from others’ mistakes, thats the smart way.
- How to Identify the risk factors and deal with them?
In every business, there would be many risk factors. Let me explain this with an example.
If you are starting a printing business, there are some variable costs involved in the initiation of the business. It includes staff, stores, machines, raw materials, etc. to understand what is going to shut down your business without giving you a warning. If a staff member leaves, you can hire another one. The hiring cost would be less mostly. If the landlord asks you to move away you can find another space in a few days, you just have to pay the cost of shifting. If raw materials are damaged it’s not going to kill your business forever. But what if your printing machine is damaged? It would be the costliest thing that you have invested in.
In such scenarios make sure you take enough steps to manage the crisis. Printer if bought from a local dealer it can be easier to repair. Make sure you can afford the spare parts and services are available.
When you control the amount that you invest, make sure you don’t cut on the investment for crisis management.
The same machine from China would have cost you 3 times less but if it stops it brings in a bigger loss than you saved at the time of initiation of the business.
Never compromise on factors that can kill the business instantaneously. For this learn from Other’s mistakes. Refer to point 2.
In this hypothetical situation, it was a printer that could damage your business. It can be anything. It can be the raw materials, an important person, space, etc. DON’T depend on a single factor while starting a business.
consult wala services if your planning to start a disinfection and sterilisation service in Kerala
- How to penetrate the market when launching a business?
Don’t let your baby business die when it enters the market. Make sure you can feed it with enough revenue by penetrating the market.
Don’t be fooled by thinking that you can enter the market offering a cheaper price alone.
Identify the factors that the consumers are enjoying as of now to understand if there is a demand-supply gap.
If you don’t see the supply gap it will be difficult to capture some market share. In that case, your product should be very innovative and easy to use. Your product or concept should be brag-worthy.
- What is MVP and Why is it Important?
A scaled downed version of your product or service that can be introduced in the market to get a market response is called MVP.
Make a minimum viable product or project and hit the market with all its imperfections. The more you try to make your product perfect without entering the market the more are the chances you stop in between or you are going to burn the investment when it hits the market, you never know what the market was expecting. Always start with a small website. A small area. Remember it’s not starting small. It’s starting slow.
- What is the Importance of USP?
You should have a unique selling proposition to keep yourself out of the competition.
This saves you tons of marketing costs and time. If your product is something that solves the inefficiency of the market and if that solution has not yet been properly introduced by anyone congratulations, you are a millionaire.
Uber is an example. it solved the inefficiencies of the taxi system. Even though they are not profitable yet the founders found their way through.
Wala Service’s USP is their business model. to know more visit Wala services
- What are the things to look after before building a team in a business?
If you are starting a business that is team-dependent make sure the roles are defined .the company has been registered and rules are written beforehand. make sure you have a hierarchy so that there is a leader. This reduces the decision-making time. Put in decision-making patterns.
These things are important even before you start making your MVP. This motivates the team and makes them more focused. The Roles should be challenging but not too draining. Find the Balance.
- Why is it important to scale your business?
Yes, this is also a reason why businesses fail. Many feel safe and comfortable when the revenue starts flowing in. that spirit of curiosity and risk-taking mentality slowly diminishes.
But meanwhile, your competitors are growing, new similar companies start you might not even know if something bad is happening until you face it.
It might be the 10th year of your business or even 50 but if the growth factor is zero your business is going to fade away from the market. There are many sad examples out there.
Now all car companies are making electric vehicles if you know any car manufacturer who thinks they should try electric, note their name because no one else is going to remember them.
They will be the next NOKIA
- Is it mandatory to study the legal aspects before starting a business
It’s not mandatory that you should know every aspect of your business. Yes, you heard it right, however, make sure you have reliable consultants who can do that for you. These consultants should be hired or associated with even before you start the business.
You can understand the legal aspects on the go. But make sure you study about it on the go. Focus on your MVP and marketing initially.
Go out there start your business keeping these things in your mind. These are going to save you money and time.
Share this knowledge with every aspiring entrepreneur out there.
Start your first business by not burning you money or getting into scams.
To Start your business with WalaPreneur visit www.walaservices.com
Avail services like Disinfection services in kerala.
Share this knowledge with every aspiring entrepreneur out there.