It’s been a while now since economies have fallen, unemployment is high and businesses have closed down. It has been excessively difficult to make decent money. Hence many are worried about their future.The future of money-making is through online businesses. No longer will working under someone as an employee sustain your financial needs. The wisest option would be to start and own a business. The scope for small-scale business has increased monumentally in the post-pandemic world, especially in the online domain. Here are 5 workable tips to start a business
5 Workable Tips to Start a Business in the Post Pandemic World
Plan The Finance
Financial planning is a very important process to start a business. You must draw a plan of the cost involved in starting the business. You must spend time to determine exactly how much you might need to invest in registering your business and getting the proper licenses to run it. Next, you need to plan how much you intend to pay as rent for office or commercial spaces that you might be using.Then you need to think about how much you are planning to pay your employees as salary. Finally, you need to plan how much you intend to spend on the tools and equipment that your business needs. The next step is to think about ways in which you can reduce costs and hence save some money.
Partnering with Flipkart
Recently, Flipkart has changed its policies to support new business owners. Partnering up with Flipkart has never been easier than now. Flipkart has taken a leading role in creating job opportunities for youth, thus contributing to the growth of the MSME (The Ministry of Micro, Small and Medium Enterprises) sector. When all businesses were shaken, Flipkart and other online retailers thrived through adversity. While other businesses were laying off people, Flipkart was employing people.Flipkart has been enabling growth across ecosystems. Partnerships with Flipkart have been benefitting both consumers and industry leaders igniting the spirit of entrepreneurship.
- Abhishek Ganguly, Managing Director of Puma says Flipkart culture is of a growth mindset. Events like Big Billion Days are extremely well planned and structured and the energy that the event generates is infectious for the partners as well.
- Ayush Tainwala, CEO of Lavie says they’ve had 5-7 years of relationship with Flipkart and are very excited to work with them as it allows them to reach out to consumers across India very easily.
- Gaurav Dublish, Co-founder of Wildcraft says Flipkart is the pioneer of e-commerce in India and often brings in innovative ideas to connect customers and entrepreneurs.
- Rajat Khurana, Managing Director of ASICS says that he’s seen phenomenal growth ever since they’ve been associated with Flipkart. They strive to provide consumers with the best of technology and options to choose from and Flipkart makes it easier.
Mark Digital Presence
One of the best ways that you can allow your business to sustain over time and in the face of competition is through marking your digital presence. You need to focus on creating a strong digital presence. Otherwise, your business may get buried over time and as more competitors arise. To strengthen your digital presence, you need digital marketing. Digital marketing can help you to attract more customers and better promote your products among netizens. This is achieved through the support of Search Engine Optimization (SEO), blog posts, social media posts and advertisements, and by creating an official website for your business. Partnering up with Flipkart can also help guarantee a wider reach among netizens. Flipkart Stories showcases the achievements, progress of budding entrepreneurs, inspiring people to grow.
Boost Internal Processes
Gone are the days when you need a larger workforce. Today you can achieve miracles with the help of limited personnel and a computer. Technology has helped make work more efficient. You must invest time and money in training your employees to work efficiently and availing the latest technology to increase work and business efficiency. Smart technology and smarter work strategies should constitute the internal process of your business. This is especially necessary if you have little funds to invest in employees.
Last but not the least, you don’t have to worry about not being able to start your business due to a lack of funds. It would be difficult to go to banks seeking a loan if you have little capital. Hence, search for investors who are willing to invest in your business idea. Investors can supply you with the necessary funds to scale your business in return for a certain percentage of the profits. In the long run, such partnerships will be mutually beneficial. So, it is always wise to look for investors who might be interested in your business.
It is the time of MSMEs and e-tailers and I for one cannot wait to see how we capitalize on this and make both the sellers and the consumers happy.