5 Essential Entrepreneur Survival Tips During COVID

by Klaus on February 23, 2021

in Articles

Being an entrepreneur during the COVID pandemic can prove challenging, depending on what industry and niche you’re in. Some industries have been more affected by COVID than others. At home and global economic uncertainty has caused serious issues in how businesses do business.

Market cap is down 33 percent, showing the same numbers as 2008 and 2009:

 

And overall spending is down significantly, compared to past years. So how do entrepreneurs survive the COVID pandemic and ensure future growth for their businesses and startups.

Knowing what to do next can be confusing. The obvious safety tips are clear, because concise rules for running a business have been laid out by the CDC. Of course, if you own a brick and mortar business, you can always go the extra mile to speed up the sanitization process and keep your customers and employees safe. For example, the Protexus electrostatic sprayer is spray technology that makes sterilizing any environment easy and efficient. 

But in addition to keeping your space sanitized, how do you grow your business during trying times? Understanding how to grow as an entrepreneur right now can be even more difficult to conceptualize. To help, we compiled a list of essential entrepreneur survival tips. Let’s take a deeper look at what you can do.

1. Keep Your Entrepreneur Mindset Strong

Nothing lasts forever, not even pandemics. The times may seem pretty tough right now, but knowing that the pandemic won’t last forever is a top essential entrepreneur survival tip.

To ensure your entrepreneur mindset stays strong, you need to develop calming mantras and daily sayings to keep you focused, motivated, and positive. Spending more time with family can also be beneficial. Take advantage of being at home more.

2. Reduce Costs And Concentrate On Being Minimalist

During any economic crisis it is best practice to cut costs and become an entrepreneurial minimalist. This holds true for most entrepreneurs, unless your business or startup is in a niche that can make money during times like these.

Unfortunately, most entrepreneurs are in survival mode during the COVID pandemic. This means cutting costs. For instance, the rent you are paying on the office space no one is currently using. This alone can save you money.

But what if you are currently in a lease? There are other ways to cut costs. Businesses use a lot of digital platforms that may need to be reduced, like email marketing platforms, social media outreach platforms, and more.

You may even need to cut back on payroll. The good news is that you may have time to do more on your own, science in-person meetings and conferences are out of the question. Take this time to cut costs, learn new skills, and master business processes on your own.

3. Make Marketing Efforts More Efficient

The marketing budget may be looking grim during the COVID pandemic for entrepreneurs. Making marketing efforts more efficient may be a great survival tip, when done right.

For example, cut out non-essential marketing, such as social media ads. Ads are always great, but if the ROI is not there, why keep those social media ads going. One way to make marketing more efficient is to focus on sales.

According to Harvard Business Review, “Give sales the tools it needs to succeed by clearly identifying your ideal client profile, detailing the specific reasons clients will choose you over the competition, and getting clear about issues that will likely drive customer decisions.”

4. Begin Exploring New Markets During The COVID Pandemic

There are always a handful of very successful businesses that begin during economic uncertainty. For example, Airbnb, WhatsApp, Venmo, and Uber all began during or just after the 2008/2009 Recession.

This is a pretty clear call to action for entrepreneurs to begin exploring new markets and new business ideas that meet the new needs of consumers. Start by identifying key problems that have surfaced during the “new norm” of COVID.

It is also best practice to bring your team into the discussion, since they may offer up some fresh ideas for future markets, products, and/or services. You may find a completely new profitable direction for your business.

5. Develop A Strategic Plan For Stages Of Market Recovery

Market recovery will happen. It has happened after every crisis, whether at home or globally. Having a strategic plan for each stage of market recovery will help you position your business or startup effectively.

This can help you gain a competitive edge and grab more market share as recovery begins, and continues. If you have a strategic plan for 2021 and even 2022, you can shift business processes and maximize earning potential in the future.

What’s Your Entrepreneur Survival Plan During And After COVID?

The above essential entrepreneur survival tips during COVID may prove useful for entrepreneurs in industries and niches affected by the current economic issues. From keeping your mindset strong and positive to planning for recovery stages, there is much you can do right now.

Don’t get caught sitting on your hands right now. You can be sure that your competitors are thinking strategically. Being proactive and employing survival tips during the pandemic can ensure profits down the road.

 

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