The Covid-19 pandemic has taken the world by surprise. State lockdowns, multiple economies have been struggling, and thousands of people have lost their jobs. To add to that, there are also countless small and medium businesses that temporarily or permanently shut down.
According to the Washington Post, more than 100,000 small businesses have closed forever as the nation’s pandemic toll escalates.
However, some businesses have already resumed their operations if they follow proper health protocols. And one might think to re-establish their business again after this pandemic. But how would you do that? Where would you get your resources and funding?
You may need to make adjustments given the fact that people’s lifestyles have drastically changed over the last few months. Here are some advice to guide you in restarting your business from scratch.
Consider getting a commercial mortgage
Whether you are just starting or not, one of the major problems that entrepreneurs face is where they will get the funds to start or sustain their business. A commercial mortgage will be your answer. A commercial mortgage is a loan secured by a commercial property instead of the typical residential mortgage.
Essentially, this applies to properties outside of your residential area. This is ideal if you are thinking of renovating your space or offices, buying a new property, getting new equipment or inventories, and expanding. Finding the best mortgage rate; will definitely help you in re-starting your business.
As mentioned before, the lives of people around the world have changed. Re-assessing the situation and needs of customers for your strategy will increase the success rate of re-launching your business. This might mean that you will have to pivot your business in order to survive, especially if your target market has decreased.
Since you will be reopening post-pandemic, you might want to think of ideas that will offer recovery to your customers. It’s also a good idea to offer your services in a way that will minimize exposure, such as delivery services. Prioritize your employees’ and customers’ safety and follow proper social distancing, washing hands or using an alcohol-based sanitizer, and wearing masks at all times.
Get a business insurance
Insurance, in general, is a safety net. And since starting and running a business involves a lot of money and effort, getting business insurance is a must. This will protect your assets and employees from any threats or unwanted disasters that may happen. According to National Centers for Environmental Information, the 2019 North Atlantic hurricane season had 18 named storms, 6 hurricanes, and 3 major hurricanes.
Natural disasters that are out of our control, such as hailstorms, earthquakes, etc. In these cases, business insurance can help lessen the financial costs that you may have to shoulder. This will also protect a vital part of your business, your employees. It will let them know that you care for them and their welfare.
Your insurance may also help in building your company’s image as it makes you more credible and trustworthy.
Take advantage of technology
Technology has been making people’s lives easier. In fact, some people may even say that they can’t live without technology, especially since the pandemic started. It has played such a huge role in our everyday communication and entertainment as we continue to stay in the comfort of our home.
Hundreds of people have turned to game consoles and social media to kill time. This is where you can take advantage of technology to boost your business. Advertise and market your products through social media such as Facebook, Instagram, and Twitter. Setting up an online page and store that offers delivery services may also boost your business. You can expand your market and target audience.
Make use of your past works
As mentioned above, restarting a business after the pandemic might mean that you have to pivot your business. But it does not necessarily mean that you should throw your past works in the trash. As a business owner, it is important to be resourceful in times of crisis.
You may want to check your inventories to see which ones are good enough that you can still use for your re-launch. Your past works also include your past and loyal customers so make sure you don’t forget about them as they can help you form new connections.
Starting a business after the pandemic can be scary but that does not mean it’s impossible. With proper planning and this article’s guidance, your business will have a higher rate of success and eventually, contribute to reviving the global economy.