Business ideas during coronavirus
Covid-19 has effected and disrupted business across a number of different verticals with the hotel, restaurant, services and experience industry folding first, before everything else.
With this new normal many businesses and organisations finds themselves in a situation where they have to adapt, transcend and transform their business model and revenue streams in order to survive during these very uncertain times.
I’ve gathered 5 ideas with trends that I’ve noticed, that I hope can inspire you to get creative if you are facing a challenging time for your business right now.
Move events to digital platforms
We have all have noticed by now there is a surplus of webinars or digital seminars. As well as gyms, personal trainers and yoga studios offering online training classes that you can safely attend from the comfort of your own home.
However, this idea has also transcended into the influencer community. Meaning those companies that rely on influencers/content creators as part of their marketing mix can now save money on this type of events. Prior to this these types of events where brands showcased their product releases for influencers/content creators relied on booking venues or restaurants. Building up an environment with flowers or other details and hosting with full catering capabilities during these types of events.
Today companies such as Bare Minerals still perform these product release events but they have moved over sole to digital to invite the content creators/influencers that they want to work with.
Bundle services that are offline and offer pre-purchase options
For services that are purely offline, there is still a possibility to keep your business afloat. The yoga teacher can host paid for online training sessions. The massage therapist can reach out to their customers and offer a pre-purchase option for any number of massages.
There is no exception why this would not be an option to try for the hotel, to the coffee shop to the restaurant as well. It may not generate huge revenues but if I was in that position, that’s an option I would try before giving up. As I’m convinced by the power of community and how much people want to help each other right now. I who live in Sweden, opt for the organic local grocery store over the big supermarket chain whenever I can. I want to support my locals in any way possible. Same goes for my hairdresser and any other services that I rely on.
If I was working at an online payment solution company right now, this is something that I would look into, to facilitate and make available. Because this could make a real difference in the world and for the future.
How to launch a new business during Covid-19
Even in these disruptive times, there are opportunities to tap into existing demands and behaviour. One example of a company that has launched during Covid-19 is The Wine Workshop. It’s wine tastings that you do with a host in the comfort of your own home. Even pre-Corona, I think this is a concept that would work well.
They combine home delivery of different wines with a platter, you then log in at a set time when the wine tasting starts with your host for the evening. And off you go.
I think this is a really inspiring example of how you can adapt to current circumstances and find new possibilities to provide a service and experience to people.
How to book more meetings during Corona
The obstacles for booking calls and having meetings are heavily reduced right now. Meeting people and talking to them is as easy as flipping up the screen of your laptop at any time. No commute or further organisation is required.
Therefore there is a possibility to get out there and book meetings. Not only to network but also to introduce yourself or/and your services. Perhaps find a combination between presenting your services as a consultant or agency with providing value in that online meeting. If you are a consultant or working at an agency, now more than ever you have a real tangible opportunity to help your customers with your services as a creative or knowledge worker.
With tools such as Doodle that you can connect right to your calendar to have meetings booked automatically on times you set, the administration to get a meeting in place is vastly reduced.
How to expand your audience for free
Lastly, I want to touch on advertising your business. More now so than ever it’s about value-based advertising and being creative. Not only was the ad prices heavily reduced in the US and UK down through many companies stopping or reducing advertisement when Covid-19 first broke out. There are other opportunities for expanding your audience through free exposure. If you do it right.
Instagram Live is one option, where you can conduct a live stream on any subject and then repurpose the content you have created on IG TV. This way you can double the effect of the content you have created.
Remember that it has to be valuable and engaging content for your audience for this to work to stand out in a current surplus of options avaiable right now.
Insider tip: when a social meda platform releases a new feture, they will increase reach for the profiles that are using the new festures. So dare to be first, it will pay off.