October 2020 2
The year 2020 proved to be fateful for a number of small and big businesses due to the coronavirus pandemic. There are a number of business that have already shut down or are struggling to keep up in the current scenario. While some have changed their directions towards other businesses, some are still finding ways to float. The good news is that you need not to shut, but apply a few strategies to firewall your business.
1. Cut on unnecessary expenses – This is a time when you need to cut down on the unwanted expenses where ever possible. This will help to get lean and will also help you to be confident to have some extra saving in your balance sheet. There could be a few things like magazines subscriptions and other things that do not make any sense anymore.
2. Innovate – You need to introduce innovation in every aspect of your business to make it work and survive. Make your clients realize why you stand out in front of your competition. They need to realize why you are unique and why your services are different. This is where innovation starts working.
3. Digital marketing – While the pandemic time might not be encouraging everyone to travel and give personal visits, digital marketing is the best way to reach your target audience. There are courses that could be done and watch how your company becomes popular overnight with the help of digital marketing.
4. Restructure – Make a new system completely by starting new. You can appoint limited yet new staff members to be explored to new ideas and new energy levels. Fresh ideas help entities to adopt new strategies with the help of influences.
5. Take Minimum risk – While the second name of business is risk, this pandemic, you need to take minimum or no risks. Working capital is what should be your preference and that could be limited. Give it a priority.
Photo Credits: Pixabay
Gone are the days when you need to have or rent a commercial space and have a lump sum capital to begin a business. Times have changed and so has the scenario. People these days are trying to find a revenue potential even in the smallest things. A thriving business can be set up even at the comfort of your home. All you need to have is some wisdom, tact, patience and off-course business ethics. For those who are longing to start a business from the comfort of their home, here are a few ideas that could be implemented without much efforts.
1. Photography – Not many are aware but there is a big demand for quality pictures and fine photography out there in different sectors. If you are good at photography and pursue it as a hobby then it can be a great idea to allow it function as a side operation. It is a great way to earn some extra income.
2. Baking at home – There is nothing sumptuous and inviting than the fragrance that comes out of an oven that is baking a cake or some cookies. Baking cookies and cakes at home is a thriving idea and people are usually attracted to home-made stuff than the ones that are packed and sold at the stores.
3. Freelance writing – This is the cheapest option as you just need your writing skills and our laptop and fulfill the demands of a number of people who demand for online web content.
4. Digital marketing – There is a huge demand of people who have a hand on the social media or for people who know how to post an add on Facebook.
5. Party planning – This is another business that is lucrative and does not need much efforts or investment. You just need to pay attention to the needs of the people who wish to organize a party which is not rocket science.
6. Home day care – If you love children and like to spend time with them, you can open a home day care for children who have working parents. You just need some space and some basic amenities to be child-friendly.
Photo Credits: Pixabay