How Small Businesses Can Stay Afloat And Profitable Beyond Coronavirus Pandemic
If you ask small businesses what their 2020 goals are, many will say they just want to stay afloat. Although it has been a tough year, coronavirus lockdown is forcing small businesses to rethink their business models. People are turning online for essential and non-essential supplies. This creates a global market for small businesses.
Bear in mind, we are not talking about unethical practices like jacking up prices. No, the emphasis here is expanding your customer base to increase sales. We all have a choice and you can choose to wait it out. Unfortunately, we have no clear projections on when the pandemic will end. Also, most small businesses lack the financial muscle to wait it out. The right steps now can set you miles apart from your competitors.
What kind of businesses can turn their services online?
Any business that deals with the exchange of goods for money can easily switch to online service. It can be non-essential goods like clothing or essential goods like foods. Statistics show that smartphone and mobile app food orders will become a $38 billion industry by 2020. People are reacting differently to coronavirus pandemic. Notwithstanding that the emphasis is now more on essential goods, some non-essential goods not doing badly too.
What does it take to transition a business from offline to online?
The first limitation of offline business is that your customer base is restricted to your community. The first step in transitioning a business from offline to online model is to create a personal website. It is as simple as that! Once your website is ready, you can take orders from anywhere you want.
Will every online business succeed?
Certainly not! There is an alarming statistic that about 90% of all Internet business startups fail within 120 days. Now, the reason for this failure is diverse. However available data suggest that the majority of small businesses struggle with traffic and leads. This problem usually arises as a result of poor website design or the failure or lack of advertising campaigns. This is where we come in.
What small businesses need to do to stay profitable
Through working with diverse clients over many years, we have developed a working formula. In addition to professional and user-friendly web designs, small businesses need a marketing strategy that is unique to their business. Never underestimate the power of engagement. Endeavor to create a forum where you can interact with your customers. Shoppers are more inclined to patronizing their friends than just any random shop. Good luck!