2020 is the year of the pandemic proof business for entrepreneurs.
Earlier in the year, when the COVID-19 pandemic began to wreak havoc in the United States, millions of people lost their jobs or were forced to find a new source of income. States were implementing mandatory business closures to reduce social interactions and help prevent the spread of the disease.
In spite of all the government efforts, the pandemic spread across the U.S. and ultimately resulted in an economic crisis. Many, especially the travel, hospitality, and entertainment industries are struggling. Planes were grounded, restaurants closed, movie theatres shut their doors. Travel between states was forbidden and even grocery stores were given strict capacity limits. This pause that was placed on the economy forced companies, big and small, to conduct mass layoffs and furlough employees just to stay afloat in a time where they were no longer bringing in revenues.
Just back in July, a reported 30 million people (14.7%) were receiving unemployment benefits. That’s up from the 11.1% unemployed reported the month before. Fortunately, things have gotten a little better with the rate declining back down below 10% but this poses a fair question: How can you build a pandemic proof business so we don’t see numbers like this again?
Do your homework
Entrepreneurs need to conduct thorough research on any new business idea. Make sure you know what you’re getting into. Spend time on your business plan and really work out the details. Who is your market? What are their needs? How are you going to serve those needs? What resources do you need to provide your goods and services?
Don’t fight change and learn to adapt
Opportunities are around us all of the time. Just because you can no longer serve your customers the way you always have does not mean you need to close down. These days, entrepreneurs are focused on starting a pandemic proof business.