Start A New Business In 2022
Covid restrictions are coming to an end in the UK. We may assume this will happen in most other countries eventually.
Politicians are now realising that less economic activity means less money for the taxpayer and thus less money for the state.
People need to get out of the house and get their daily needs. They also want to be stimulated, informed and reinforced.
Thus, the economy must roar again!
Here are some strategic ideas for the small businessman operating in a post-Covid economy.
1. Jump into the next big niche.
Pre-Covid, it was fairly obvious that PPE was going to be lucrative. Many people made significant profits being first-movers in that niche.
Post-Covid, anything that was restricted, and desirable, will experience a boom e.g. entertainment and hospitality and leisure shopping.
A percentage of the competition will have been wiped out, so entry to these niches will be easier.
2. Source that which is in demand and scarce.
Business is simply providing what someone else badly wants, for a fee. So, at this time, what do people want? Note: Wanting is different from needing; people need food and clothing but they want streamed movies on their laptop.
Look around where you live, at your family, friends and associates; is there a gap you can fill?
3. Be proactive when it comes to basic marketing.
'Free coffee and doughnuts' cost pennies and brings paying customers to your premises. One 'ridiculous' special offer will get people 'in the door.'
The best marketing is word-of-mouth and you get word-of-mouth by having a remarkable product. This can be accomplished by it being cheaper, faster or better, or just more noticeable, due to daring or outrageous advertising.
Some clients thus earn a nice side income.
4. Keep costs down.
Take a militant view of your business: what is essential to achieve your goals, and what is not. Be thorough about dropping wasteful objects, persons or processes.
5. Get discounts from suppliers.
Most businessmen are hagglers themselves and have a system to deal with people who negotiate with them. They are happy to give a discount if it means a larger sale. Even 5% off a large purchase is money in the bank.
We've all seen reports of housewives who use coupons and discounts to furnish their families' needs. They are highly motivated to do so. You can do the same.
6. Get any grants going.
National and local governments get problems thrown at them all the time. Often they are not qualified to deal with them, so they outsource. This can be highly lucrative for the problem-solvers.
You can get some of that money too, by researching grants, lobbying local politicians and being aware of what is currently a social problem in your area.
7. The time to start is now.
A time of crisis is a good time to start a business. You can get the basics going and test the waters. When the rest of the pack pluck up the courage to cross the torrent, you will already be on the other side and heading to pastures new.
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