Some people are viewing the current economic crisis brought on by COVID-19 with concern and fear. You should consider looking at this all from a different perspective.
The coronavirus pandemic is changing the world and changing the way people do business everywhere. If you find yourself with time off of work, or worse, left without employment due to this pandemic, consider starting your own business.
It might seem like a counter intuitive idea at first, but consider that you may, for the first time in many years, actually have the time to devote to starting a business. As things have changed and more business has moved online, it has become easier to start your own business than it ever has been before in history.
To start a web based business or e-commerce store takes little to no financial investment and there is practically no barrier to entry. What starting a web based business or e-commerce store will take is time, effort and patience.
If you are home and not working due to COVID-19, you have to ask yourself, what do you really have to lose by trying?
Advantages to Web Based Businesses During COVID-19
The main advantage to running a web based business or ecommerce store during the pandemic is that it is a contactless system. You do not have to have face to face contact with customers and worry about the possibility of catching or spreading coronavirus.
Another great advantage to running a web based business right now is that you will not be as affected by the shutdown happening all over the world. Your supply chain may face some slow downs or stoppages depending on exactly where you are or what kind of products that you deal in, but you will not have to worry about having a brick and mortar store shut down that you will still have to pay rent for or product outdating and spoilage due to closure.
According to Forbes, 12,000 stores will close this year. While that is a sad statistic, it opens up the market for even more online businesses.
Quick Tips for Starting a Web Based Business
- Create a business plan
A business plan doesn’t have to be elaborate and take six weeks to create. As long as you are clear on your ideas you can write a lean business plan in an afternoon. Check out this free template from BPlans and start planning your business right away.
- Create a branding strategy
To stand out from the crowd and be unique you will need a strong branding strategy. You should choose a strong and memorable brand name, create a simple but memorable logo (you can do that for free by visiting a site like https://logocreator.io), come up with a catchy tagline and choose the colours you want to use. Alternatively, if you are looking for a unique brand that’s carefully crafted by a professional, consider hiring us!
- Set up your website
You can use a third-party platform, e-commerce marketplace or build your own website. Using a platform or marketplace will allow you a go between and connect you to customers for a piece of your profits, while establishing your own website will connect you directly to customers. At NavaWeb, we offer different website packages to help you get started, launch and grow your business.
- Research laws that apply to your business
Make sure you understand the laws pertaining to running a small business, in the US you can find those by visiting sba.gov.
- Choose a supplier
You will have to know where you are going to get the product you are selling. Options for this vary from drop shipping that involves no inventory, to resale items, to handmade crafts. You can also look into Affiliate Marketing, where you promote other company’s products or services and you get a commission (we are going to have one soon!)
- Launch your business
You are ready to start spreading the word that your products or services are available. Now is the time to launch your first marketing and social media campaigns and start taking orders! You can also look into advertising. At NavaWeb, we provide Facebook Ads Services, so get in touch and we can help with that!
Starting a home-based business and need a partner who can help you get off the ground? Contact NavaWeb to get started today.