It has always been very difficult to start your own business in this country. There are many legal documents that you must fill out and permits that you must get. These forms can be frustrating, however, it can be even more difficult to market yourself and your company to get customers.
Recent statistics have shown that about twenty percent of new businesses fail within the first two years. This shows that all new startup businesses have extremely high risks. While it has always been difficult for startups to succeed, today’s trying times are making it even more difficult.
With the new pandemic affecting the entire nation, many startup businesses have been forced to close their doors before they have even really had a chance to show success or failure. As the country begins to open back up there are several things that Neon Funding advises new startups to consider. Here is the top money advice that Neon Funding has to offer startups during these trying times.
#1) You May Need To Change Your Reality
Some experts are preparing to completely change their reality. AS the coronavirus has hit the country very hard many businesses are forced to adapt to the changing market conditions and changing economy. For decades, many companies have operated the same way year after year. They may have made slight adjustments, however, today’s pandemic is forcing companies to completely rethink the reality of business.
For instance, business owners, especially those of new startups, must consider new and innovative ways to still make business and find potential customers when the doors are closed. Business owners of startups and top companies must find new ways to market themselves to continue to be successful.
#2) Digital Presence is Key
As people are forced to stay home from work more and more people are turning to the internet for entertainment, shopping options, and research. If you are a startup business it is crucial that you make your digital presence known. You should be spending the downtime that you have during coronavirus to strengthen your digital presence.
You should be finding every avenue online that you can to market your company, brand, and yourself. Some of the main avenues to consider include every possible social media site, a company website, blogs, and LinkedIn. These sites can help you find potential customers, connect with other business owners, and get advice from professionals.
As a startup business, it is impossible to do everything on your own. One way to find success is to network with others who are in a similar situation as you. If you are able to network you can more easily find advice and collaborate with others to share stories of success and failure.
Keeping your friends close can help your business grow and be successful. The ability to collaborate online and share stories of success is one path that startups should all use each and every day to strengthen their growth.
#4) Review Your Business Model
Another main thing that all startups need to consider and possibly revise is their business model. What worked in the past may not work in the future as the shopping needs of consumers has changed. Every business owner must ask themselves a variety of questions about how their overall demand will change after coronavirus if there are other avenues of delivery, will they have any new potential customers, and how does safety play a role in their business.
If businesses are able to answer these questions they may be able to adjust their business model to adapt to the pandemic. Staying ahead of what is to come can help ensure that businesses are prepared for the future and have a possibility of success.
#5) Communication Is Key
One of the main things that Neon Funding recommends to all startup businesses to communicate frequently with everyone you can. You should remain in constant communication with your employees, customers, and potential future customers. Letting everyone know what your plans are and how your business is adapting to the changing economy and pandemic can help give them reassurance about what to expect in the future.
Constant communication can help keep you stay relevant and help you stay on the mind of your customers. If you are a new startup business you likely have not had time to fully connect and build strong relationships with employees or customers. Giving them constant communication and updates about your plans can help reassure them that you will be around in the future.
One of the main ways that you can communicate with these people is through emails. If you have a list of emails you can send them weekly updates about your company and your changing plans to adapt to the new reality you are looking forward to. You can also use your company website and social media sites to stay relevant.
#6) Expect Lower Customer Turn Out
One of the main things that startup businesses should be prepared for during these trying times is to have a lower customer turn out. When the economy shuts down and people have lost their jobs many people are unable to spend money on the things that they want, or even need. Startups should be prepared to have a lower customer turnout rate in the present time and for the next few months.
If startups are prepared to go a few months without seeing profits they can start scaling down their business and cutting costs wherever possible. Cutting costs now can help startups save money and better manage their money. For instance, rather than spending large amounts of money now to launch a marketing plan, it may be better to wait until the economy fully opens up again.
These six things are all things that startups need to consider during these trying times. If you want your startup to remain in business and find success over the next few months to a year you need to prepare your company for what is ahead.