Business and Contract Maker Tool
The post-COVID-19 world is upon us, or at the very least, it’s just around the corner. No one yet knows what the global landscape will look like when the dust settles, but what’s undeniable is that the pandemic has changed the world in extraordinary ways.
Almost all sectors have undergone momentous changes due to the ongoing health crisis, with areas such as retail and tourism struggling to recover and 2020 being officially marked as the worst year for US economic growth since World War II. However, amidst the debris, there comes the chance for unlikely flowers to grow. As society was forced to adapt in the face of the enormous challenges stemming from COVID-19, a breadth of enticing opportunities have arisen.
There’s been a stark increase in digitalization, with various online tools emerging to help entrepreneurs legally incorporate their companies and create contracts for employees. These technologies have made it possible for new startups to be founded during the pandemic through remote work and the online creation of legal documents. In fact, despite the health catastrophe, startup business activity grew in the United States last year by a remarkable 24%. And a number of other countries, including the United Kingdom, Chile, Turkey, and China, experienced similar positive patterns.
However, new young startups must pivot their business models and implement audacious strategies to succeed in the long-term, while surviving in the short-term until the economy has finally recovered.
Keep reading to learn about the key steps young startups can take to achieve success in the post-COVID-19 world.
Every successful startup delivers some type of value to one or more customer segments. News about overnight successes and college-drop-out success stories might persuade you to bet on the first idea that comes to your mind, but this will most likely limit your chances of success. The reality is that finding a viable business takes time, research, and planning.
Finding a problem for which you might be able to create a solution is one of the most effective methods to reliably build a new business. However, this is easier said than done. Many problems you’ll find will already have companies catering to them, and this might dissuade you from following in their path.
The reality is that competition is not necessarily a bad thing, and it might be a signal that customers in that particular market have the willingness and ability to pay for new solutions. Furthermore, you can also simply target a different geographical region with a similar solution to that of your competitor, taking their example as evidence that your offering resonates with certain audiences.
Due to COVID-19, a number of new markets have become viable opportunities for startups to take advantage of. Sectors such as education, health care, and public administration have undergone drastic changes in their delivery of products and services. For example, consumers are increasingly reliant on online shopping, an excellent signal for e-commerce startups.
Once you have identified an opportunity worth exploring, you’ll need to research the target market and make sure that the unit economics will enable your business to eventually be profitable.
Another key element to launching a start-up is formulating a business plan. A business plan document includes all the necessary aspects of a business, including its objectives, strategies, and marketing approach.
This also plays an important role when finding investors and partners. Especially at an early stage, one of the most effective ways to demonstrate your company’s potential is by showing possible lenders a well-researched and properly designed business plan. When created correctly, it can be an excellent tool to display the applicability of your solution and the value of the related target market.
Due to COVID-19, more and more entrepreneurs are turning to online tools to create business plans and other similar documents. These solutions make it much faster and easier to design a high-quality business plan through the use of simple step-by-step document builders. They also offer expert guidance to ensure that your document includes all the necessary fundamentals to help secure the right financial backing for your startup.
Once you’ve found a feasible idea and created a business plan, it’s important to continue building your team. With most startups being tech-based, a technical team is essential to help create the product.
If your founding team is already quite technical, then it might make sense to onboard some marketing or sales-focused employees to help position your product effectively and reach new customers.
As an early-stage company, you’ll most likely be facing tight budgets and even tighter schedules, which means that you’ll need to make sure every hire will bring exceptional and unique value to your company. Look for the experts on the market you’re targeting, and implement rigorous hiring procedures so that only the best join your team.
This is another part of building a startup that has become easier in the post-COVID era. Due to the massive layoffs that have taken place, there is a huge supply of highly skilled labor available on the market to hire at a below-premium salary.
After reading this article, it should be clear that despite the sheer magnitude of the pandemic’s negative impact, it has laid a potentially fertile ground for startups. Tasks such as finding a successful business idea, building a potent team, and creating a business plan, have been made easier due to the new opportunities and digitalization.
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