Is Pandemic the right time to Launch a Startup?
The world is battling a pandemic with its effect being witnessed on the small businesses which are considering shutting down. People are confined to their homes, with the economy facing the most of its hit. But, do you know what’s worse? Companies, to save themselves from future loss, are cutting down unwanted operations, implementing layoff of employees and providing them with a salary on a decreased percentage ratio. In such times, how do we start a business or a venture?
Do you know what it takes to start a business? Yes, you do! It requires zeal to succeed, hardworking employees, unique idea as well as a minimum amount of cash in hand. But is it enough? Let’s consider a case. What you wanted to be? Doctor, content writer, blogger or just an independent writer who wants to create a platform for a voice, which is it?
Have you ever wondered, your hard work is worth what amount of profit in a company? And, if you could invest all the efforts and hard work in yourself where you can be? The person you are currently working under was a former employee, and only then he might have come with an idea what to do next. The coronavirus has proved as infectious to mankind’s business as it is to our immune system. We cannot know how to get rid of it until someone comes up and provides us with the ode but we know clearly how to save ourselves from it. Yes, for the same purpose, entrepreneurs are conducting webinars motivating people keeping them sane. And, a few opportunistic are mapping the possibilities to design and sell the COVID-19 protective gear. That’s what a successful businessman does. He knows how to create ways even though there are some roadblocks and in the references listed below, we will try to figure out such cases. We have jotted down the popular brands that came into existence during hard times-
1. Burger King-
Do you know that after surviving the Korean War, the US economy was all injured and weak? But this did not hinder two brothers, who thought to come up with a business plan of providing the residents with cheap affordable fast foods. It was started at a time when people did not have money. And, today it has franchises all over the globe.
2. Hyatt Regency-
It was during the great recession of the world, 1957 that this hotel was first opened its operations. The recession lasted for about eight months GDP was reported to drop by 3.7% as well as the employment rate was 7.4%. It all started when an entrepreneur Jay Pritzker bought a motel near International airport. Today, Hyatt Hotels Corporation is worth of $5.6 Billion with having about 913 hotels around the globe.
3. Revlon-
It is reported that among the world of lipstick buyers, Revlon enjoys a popular share. But do you know this brand came into existence in 1932, an era of the economic depression? It was this time that it rolled out its first red polish which was based on pigment, and known as cherries in the snow. After the huge success of the product, the brand expanded its line of operations. Speaking of which, after an end of Second World War, Revlon enjoyed the title of being the second-largest cosmetics producer in the United States. To this date, the depression-era Revlon Company is valued to be about $3 Billion dollars.
3. Microsoft-
While the world was fighting the unemployment as well as stagflation, with the US being immersed fully in this situation, two college dropouts namely the renowned Bill Gates and Paul Allen laid the foundation of the large computer giant Microsoft. This was about in 1975, it beat the odds of being found in a poor economy and today it is a household name with finding its references in every student’s notebook.
4. Airbnb-
Founded in the year 2008, the multi-dollar billion company first started out as a business selling air mattress. Their operations were done through an online portal that allowed the users to rent out the mattress. And, nearly this time the great depression affected everyone, the need for the temporary as well as cheap living quarters was on the rise, and their business exploded exponentially.
By the end of 2009, the site reported about 10, 000 users and over 25,000 listings.
5. MD Ally-
This initiative started during the pandemic, many small businesses were shut down but one just opened up. Shanel Fields founded MD Ally that allowed the not-so emergent cases to go to the virtual doctors thus improving the overall medical response system in the state. Moreover, she said that the idea sparked after noticing that a plethora of 911 calls are non-emergency ones and the ambulances are filled with cases, outnumbering the most important ones. Therefore, with an objective that the important cases go to the hospital and those not so urgent ones are routed towards virtual telehealth facilities, this proved to be a huge medical help.
Moreover, there were companies like Uber, Whatsapp, Slack and Square that were the outcomes of the economic crisis. Just like that, you just need an idea. Idea or a plan of action that protects you from the time and economic changes and keeps you going!
You might have the required determination in you, but you may still be stuck and we have a few tips that can save you from such a stressful time.
Some tips that can help you with the management of your start-up business 1. Do not fear the unknown- Starting a business can be risky, and an overwhelming state of mind. And, it’s okay to have second thoughts. But what’s not okay is to worry more about the uncertainties. Be positive and hopeful no matter what.
2. The idea is the key- What can make your business to stand strong in the market despite your competitors? It’s the idea, it is the value that you offer when providing your clients or customers with a product or service. The right idea, will not only lay the foundation of your business but also will be your shield.
3. Analyse the market- Having a plan and idea is one thing but starting out with it before mapping the present competitors is another. No matter if you are thinking to start a business or already have, keep an eye on the competitors. Study their every move thoroughly and then only plan on yours.
4. The right investors- You require funding to start your project right? Everyone does. So how are you planning on this one? Well, investors have been a ray of hope for every start-up business owners. While pitching to them keep in mind that you highlight your strong points in a way that they are easily lured in investing in you.
5. The resources- To name a few, the office, the machines, the equipment, the desk and the employees are the much-required oil to keep your machinery (business) working. But make sure, that the choice of resources so opted complements your plan of action and even your working
On a concluding note,
And, at last, no matter what do not fret! Keep hope and keep working, because the economic crisis is just a matter of time, and only if you believe in your plan you can come out of this period beautifully.
If you are a start-up or thinking to start one then you will need a platform or tool that helps you to voice your opinions to the current market. One of the effective ways to do this is to build your business website accordingly. And, in case you are looking for an offshore website development service in India, then feel free to contact us!
