The world around us is now slowly getting used to the idea of co-existing with Coronavirus pandemic. Even though the number of new cases are slowly declining, but if we have to believe the WHO and the fact that China reported new cases again, we might as well believe that the virus is here to stay.
With this somewhat certainty, it is now time for entrepreneurs to start afresh as the economy is slowly coming back in shape.
We understand how difficult it would be for entrepreneurs to start a business, especially with the thoughts of recession looming around the corner.
This article is intended to help you sail through and rise in this period of blessing in disguise.
A part of succeeding in the era of recession is knowing which industries or business verticals are recession-proof. Here’s a list.
The rise in on-demand services during coronavirus has been unquestionably high. In the ode of maintaining the rules of social distancing, people have been getting their everyday needs delivered on their doorsteps. The other thing that helps is the availability of massive options. In an on-demand system, the users have a lot of options to choose from – something they otherwise would have to spend a lot of time in a restaurant or a food and beverage retail house in.
The healthcare industry is the next one in the list that is known to sail through all sorts of crises. But what the COVID-19 outbreak has taught us is the fact that there is a need for health tech. We need to have systems in place that would enable remote health monitoring and treatment. This need is what makes it a good proposition for entrepreneurs to look into the digital health sector.
The next in our list of recession-proof businesses is Education and more precisely Edtech. With children being confined to their homes and schools and universities still taking their sweet time to reopen, we can treat this situation as the new normal for the time being. This means it can be a great new avenue for entrepreneurs to enter into.
The last in our crisp list of business ventures to invest their efforts and focus on is the Fintech sector. The finance domain is there to stay, no matter what the situation of the economy or what pandemic strikes us again. People will always need to transact money, pay bills or receive money from a friend. This means that with the right set of innovative ideas, you would be able to create a successful business.
With the probable profit business ideas now discussed, let’s go on to the strategy part of it all. The set of strategies that you should consider to ensure that your business idea not just sees the light of the day but also succeed.
Time-tested strategies for sailing through a difficult time and not be a victim of failure
- Understand your consumer’s mindsets
The first thing that you would have to understand is that the consumer’s mindset is likely to shift. A number of people from the global workforce have lost their jobs and there are big brands that are on the verge of closure. Brands that they have grown to trust and love.
This means, you will have to put in a lot of efforts into first understanding their psyches and then convincing them of good product quality and accurate pricing.
- Find future-centric use cases
There is one thing that is certain. All the old ways of conducting businesses are not going to fly anymore. After all, this is why the world has started talking about a need of change in a multitude of different industries and sectors.
As a business, it means you will have to think of future-looking use cases to help your customers get past from the current time, towards digitalization.
- Allocate your budgets rightly
The time is not just difficult for your customers, it is difficult for your business as well. This means, you will now have to get a lot more conscious about where you spend your money. What we recommend is to keep a set budget aside for marketing of your value propositions and business. Also, you should think about investing some money into bettering your customers’ experience.
- Make your brand voice more compassionate
Amidst this period of uncertainties, it is very important for your brand to not just your customers’ new pain points but also share them in a compassionate way to them. This means, you might have to find ways to be more accessible and available to them.
- Extend your technology stack
There are a number of next-gen technologies that have now entered the market. All operative with the intention to better how businesses function, how customers interact with a company, and the end result on the economy. Some of those technologies that make it possible are: Artificial Intelligence, Blockchain, Internet of Things, Augmented Reality and Virtual Reality.
Hope everything you have read this far is enough to give you a roadmap of how to move forward in your business, amidst all situations. But what we also want you to know is that even after all of this, there might be a chance that you fail to succeed in your line of business. And while you should take all precautions and due diligence to not let that happen, we might have a more practical and cost-effective solution.
MVP. Instead of creating a whole full-fledge solution, what we recommend is developing an MVP instead of a wholesome solution. This would enable you to fail-fast and without any major cost and time loss. They can also be a great way to test the waters, ensure that the market is ready for your application or service offering.
The next step at this point is to connect with a mobile app development team who has a working record of excelling in a down market. Meanwhile, if you can think of any other recession-proof industry that we missed, share in the comment section below.