The following is a guest post from Chelsea Lamb of Businesspop.net
The global pandemic has forced both consumers and business owners to adapt to a changing marketplace. While some entrepreneurs were able to find ways to stay open, others closed their doors, and research suggests 60% of those businesses will never reopen. As the world economy and society slowly recovers, entrepreneurs must learn how to navigate an altered business landscape and find ways to succeed.
1. Maintain a Positive Mindset
These are challenging times. The world is still battling COVID-19. There is substantial political and civil unrest. Supplies of labor and materials have run short. To succeed in this environment, you must be able to adapt to what is going on in the world. Try to see opportunities instead of obstacles and focus on how your business can provide solutions that add value to people’s lives.
2. Look for an Existing Business to Buy
With everything being in flux, you might not want to take the risk of starting a brand-new business. Consider purchasing an existing business instead. When you buy a business, a lot of the hard work has already been done for you. The product or service has already been market-tested. It won’t take you as long to get your doors open and start bringing in revenue. You may have an easier time obtaining financing than you would with a new business.
People will already be familiar with your brand, so you have a built-in customer base, instead of starting from scratch. However, be sure to do your research. If the company has developed a poor reputation, many of the benefits of buying a business will be lost.
3. Simplify Your Payroll
Dealing with payroll is one of the most time-consuming and complex administrative tasks for any business. Mistakes will not only make your employees unhappy but could get you into trouble with the IRS and in some cases the law.
Using mobile accounting services takes a lot of the work out of doing payroll. You can schedule your payroll to run automatically, and the software can calculate taxes and other withholdings for you as well as handle same-day direct deposits so that your staff gets paid faster. Look for a platform that offers an iOS and Android mobile app so that you always have access to your payroll software even when you are not in the office.
4. Capitalize on Emerging Trends
Successful post-pandemic businesses are likely to be those that spotted new trends and found ways to offer solutions consumers are looking for. For example, being forced to spend most of our time at home generated an increased interest in gardening and home improvement projects, creating a larger market in these categories. Other hot industries include remote fitness, meal kits and food delivery, services for home workers, and home health and beauty.
Look for emerging markets that solve problems being faced by people transitioning out of pandemic life. However, be wary of trends that may only be temporary, and prepare to adapt your business model.
2020 was a difficult year for business owners, but many entrepreneurs found innovative ways to adapt their business model to the changing times. New business owners must be prepared to do the same to succeed in the post-pandemic world.