What can you do in a crisis to make money
Pessimists are waiting for the second wave of coronavirus. Optimists say that markets are recovering from the shock and that it will take them 1-1.5 years to return to pre-crisis levels.
Autumn 2021 is a period of "economic off-season". Companies are looking closely into the future as they try to formulate the best business strategy. What should be done so that neither the next round of the pandemic, nor the new government measures to combat the crisis, nor another "black swan" is caught by surprise?
Here are five tips to help you grow your business successfully, whether or not the second wave of the pandemic hits us.
Organize strategic planning within the framework of scenario analysis, consider several options for the development of events, including the most incredible options. Determine "triggers" - signs of transition from one scenario to another. Maintain a certain conservatism in planning, leave reserves for a rainy day.
This is the only way you can manage risks in various scenarios, ensure the stability and development of the company.
Put the client in the strategy center
The pandemic has changed many social norms, behavior patterns and consumption habits. Your clients have already changed, but have the approaches to working with them updated?
Demonstrate to clients that you understand their expectations and requirements in the new environment, encourage those who did not abandon the services of your company during the first wave of the pandemic, attract new ones by changing the portfolio of goods and services.
For example, educational centers give students who complete their studies online at the end of the academic year with additional classes. Restaurants offer discounts on repeat orders for take-out or delivery. Advertising agencies - a discount when buying a package of services.
In the future, the trend towards rapprochement with the client will intensify. The better you understand customer expectations, the happier they are and, therefore, the more loyal customers will be, the more stable the business, and the easier it is to find new niches for growth.
Reimagine the business model
Hello everyone. In the context of quarantine and economic instability, it is logical to assume that the crisis will affect the financial side of the lives of many people. Incomes begin to fall, layoffs become more frequent, familiar areas of business recede into the background, making room for new directions.
Then what to do during the crisis to make money? Having made certain conclusions from the experience of past years and reflecting on this topic, today I will share my ideas.
The evolution of classic offline business
First of all, niches related to the maintenance of people's livelihoods will remain in demand. These areas will find their place under the sun even during the most severe quarantine:
- Agriculture and production. Mini-farms, home production, growing crops, vegetables, livestock for further sale. The main thing is that prices should be below market prices.
- Ritual services. This business will never lose its relevance. If we talk about modernization and adaptation to new conditions, then this direction can introduce online stores and remote services. For example, if a relative of the deceased is in another country, and flights are closed, he can make an order remotely.
- Room sanitation and sterilization services. The provision of the service can be carried out, inter alia, using robotics.
- Shipping and logistics. You can deliver anything from food and hygiene products to medicines and clothing.
- Medical and veterinary care. This includes home diagnostics, remote assistance for mild cases, etc.
Many activities will evolve:
- Physical stores are already starting to actively implement online sales and home delivery.
- Beauty salons and masters of the cosmetology industry will begin to conduct online courses and seminars on self-care at home.
- A boom in info-business, online education, YouTube and insta blogging is coming.
- Small businesses at home will start to grow, including food preparation, sewing, all kinds of manufacturing, etc.
On the one hand, the picture is depressing. Classic businesses will close, millions of people are likely to be left without work.
On the other hand, we have the opportunity to retrain, choose a niche that is really in demand, start doing what we have long wanted.
What areas are gaining momentum during the crisis? Where, as a rule, does money go at such a time? What niche should you look for yourself or cooperation?
The coronavirus pandemic has made its own adjustments to the global economy. Quarantine measures have led to the shutdown of most small and medium-sized businesses. This led to massive layoffs. Only a small proportion of staff have moved to remote or online work. But the fact is that a huge number of resumes will remain unanswered, i.e. the number of current vacancies from employers decreased by 30%. Getting depressed and discouraged will not help. Let's take a better look at current business ideas during the 2021 crisis and start to arrange our future ourselves.
- Small business in crisis conditions
- Business in crisis 2021
- Actual ideas and trends
- What is profitable to open in a crisis
- How to check the prospects of an idea
- Is it worth starting a business in times of crisis
Business in crisis conditions
Self-isolation has changed the usual course of society. Such spheres of activity as air transportation and tourism, entertainment establishments, hotel business have almost completely stopped their work, as a result of which they incur huge losses.
At the same time, a number of industries, on the contrary, benefit from:
- medical supplies,
- delivery of fast food and ready meals, home clothes and shoes,
- disinfecting household chemicals,
- essential goods, etc.
Their products are in great demand today, and their revenue has increased significantly. However, the situation remains difficult for most companies. Therefore, the old approach to business no longer works. In order to understand how to reformat their work for existing enterprises or what new business to open in 2021, it is necessary to find out exactly how the social and economic situation has changed.
Top factors to consider when starting a business in 2021:
- People have less income.
Many have lost their jobs or were cut in salary. Thus, the population goes into a mode of saving money and meeting only the most basic needs. It includes: renting housing and paying for utilities, food, medicines, clothes and shoes in cases of urgent need.
- The demand for affordable and affordable entertainment is growing.
Crisis crisis and crisis crisis - from year to year I hear the same thing. Business difficulties due to lack of clients, higher taxes, decreased demand and purchasing power - this is constantly talked about.
But let's look at things positively. Any business situation can only be viewed as a dataset. And it depends only on you how to use this data, because, as you know: "minus by minus - gives a plus."
Increasing the company's turnover in a crisis situation
I will not claim the laurels of a super competent financial analyst who is 100% versed in debits and credits and can cleverly declare business stagnation. Let's do it easier.
I'll just give you some practical tips that I tested in practice, and you already decide what to do with them.
The first thing I would recommend if your business is hit by a crisis is to analyze your proposal. It doesn't matter what your industry is, whether you sell goods or services, you, one way or another, will have a certain "assortment".
You will need statistics:
· Collect data on the margin of each product / service, i.e. make segments of your offer
· Determine the cost of the client for each segment
· Determine the purchase speed for each segment
· Determine the time required to work with each segment
After that we highlight the highest priority segment in your proposal. Everything, we focus on him. The rest of the segments are certainly important, but tackle them when things get going.
While the dollar is having a great time riding crazy roller coasters, our country is stuck in a state of zero gravity. Another crisis gave us a powerful slap in the face, against the background of a general rise in prices, we, as best we can, try to save money and not plan new business projects. But for some of the people hardest hit by the crisis, who have lost their jobs or homes, the only way to make money is to start a business. Starting a business in a crisis seems to be a rather risky business, however, here you can also minimize the risk and develop a competent plan based on a potentially winning idea. Let's talk about what business, in the present difficult time, can be profitable and what kind of business is better to start in a crisis.
Business in crisis: where to start?
First of all - don't panic! A business can be opened in any conditions. All you need is start-up capital and ideas for a business in a crisis. You can also find many options that do not require a lot of start-up capital. All that is required of you is only a goal, a desire to achieve it and experience, skills and knowledge in the business that you are going to do.
There are actually a few time-tested business ideas that work reasonably well in a stagnant economy. These ideas will allow you to start a business and carry out your business activity, even when all the circumstances suggest that the volumes of all markets are only falling.
Here are a few ideas to think about over your morning coffee.
Business at home during the crisis
You have hundreds of options for making money at home. Just plug in your creativity and mind, think! Let's say you can go into production. So! Precisely by production! It's easy to start at home.
For example, you can make:
- Toys and then sell on the market;
- Preserves, pickles, marmalade, jams;
- Bake cakes, pastries and trendy today cupcakes (very good idea!);
- Bouquets of candy;
- Bouquets of fruits, and the like.
Of course, manufacturing is not the only area. Thousands of options. Here are the most interesting and extraordinary of them: