There is no doubt that COVID-19 has had a significant impact on our lives. In this article, we’ll share 4 things to consider to start your post-pandemic online business. It is becoming apparent that the pandemic effects will be with us for years to come still. We are asked to minimize our time outside of the home as much as possible to flatten the curve.
This public health measure has had a significant impact on the way we do business. After millions of years of exchanging goods and services in a physical marketplace, humans may finally be moving away from such a physical location and trading right from the comforts of their homes.
We have all seen it in the news— the doom and gloom of hundreds of businesses and dozens of well-known brands closing shop and disappear. However, with consumers with a tonne of time at home, demand for online purchasing of products and services are booming.
So, should you take advantage of this boom and start an online business?
Here four things to consider before starting your online business:
TIP#1: MONEY – Have to Invest some to Earn some
Before jumping into any business venture or project, it is crucial to assess your financial situation. The pandemic has affected financial security for millions of people. Even if your current financial situation has not changed drastically, it can still change in the coming months and years due to the pandemic.
This is why it is essential to assess your financial health. How much income is coming in from the household earners? Are they in recession-proof jobs? How have your expenses changed? Answer these questions and figure out how much you can invest in an online business.
Yes, you will need to invest some money to earn some cash. Anywhere from online services to help you market your product to creating your website to advertising on social channels, all of it will require some upfront investment.
If you are not sure where to start with the planning stage, check out The Loaded Lab and Matt’s stories, and learn how to start an online business.
TIP#2: FOCUS To Start Post Pandemic Online Business – Know your Niche!
After figuring out the finances and the seed money, you will need to figure out what you will sell. Check out the trending products, and what you will be able to capitalize on is necessary.
Knowing your niche will be important as you design your websites, source your suppliers, and promote your business. This is why it will be essential to research the market trends and demands and focus on that one thing you will do (and do it well) to earn revenue.
If you can get the focus of your business right, the work will seem streamlined and less complicated. You will also find sustainable success sooner.
TIP#3: TIME – Prepare for part-time hours at least
Very few online businesses run on auto-pilot. Starting an online store and finding success will require time – both in terms of hours of work you have to put in and the time it will take to build up traffic and revenue.
This is where you will need to look inwards into your family and work commitments as well. Do you have enough bandwidth to operate a business online without affecting your current responsibilities and priorities?
It will be essential to remember that the pandemic lockdown will not look like the way it is today. Therefore, if you are suddenly experiencing a reduced workload, and feel optimistic about the hours you can dedicate to the new business, be sure to assess if the free time you have today will exist in the near future.
Without effort and time, your business will not thrive. Therefore, commit the time, prepare for it, and put in the hours, days, weeks, months it will take to get your business on a successful track.
TIP#4: GOALS To Start Post Pandemic Online Business – Be realistic and aspirational at the same time!
Goals are important. They motivate and inspire us, and they help up assess the progress and retool if required.
New online business owners often face disappointment and frustration because of the lack of setting realistic goals. Once the disappointment sets in, the motivation takes a big hit. That is how the downward spiral starts.
It is essential to set your personal and business goals appropriately. Is this business meant to supplement your income? Or will this business replace your job someday? These two questions will set the trajectory of your business, work, and investment.
For example, during a pandemic, expecting an online business to turn you into a digital nomad is not realistic. You will not be traveling without restrictions for a while. So, maybe it is an opportunity to invest more time and effort to launch your business.
At the same time, the post-pandemic economy is just starting. So, be realistic about what type of success you can expect under the new normal.
There is also nothing wrong with being aspirational and set long term goals. How much profit are you expecting to make from this business today, the next year, and in 5 years?
Set your goals, and assess them as your business goes live and progresses. Just remember success takes time. So be realistic and aspirational with your goal at the same time.
Start Post Pandemic Online Business Final Thoughts
We have all heard the stories of that power couple who retired early in their 30s and now travel the world thanks to their online business. There are a ton of such beautiful success stories where people hacked their income-generating sources to achieve independence early. We certainly will not follow what our parents have done – work four decades in the same company and retire with a pension.
We will need to charter our unique success paths. This means starting side hustles and online businesses to earn money. With proper planning, time management, picking the right goals, focusing on the right products for your niche will help you achieve success in your next new online venture. Good luck!