Should You Start a Business in Uncertain Times?
Updated: Oct 29, 2020
You’ve been thinking and planning for months to start a product-based business, but then COVID-19 hits.
Should you even think about starting a business during these uncertain times?
Well, if I’m completely honest there is no training, coaching, YouTube videos or even life experience that has ever trained me for what is happening right now.
And even though I can’t tell you what’s right and what’s wrong or what you should and shouldn’t do - as truthfully I don’t even know myself, what I do know that this isn’t the first or last time that you or I will ever have to start or launch something in uncertain times.
There will always be ups and downs in life. Some massive blows like the one we are experiencing right now, all the way down to smaller things like trying to get work done when your kids aren’t napping and you’re struggling to get work done.
For most of you, your dream to build a business was in the pipeline well before the outbreak of COVID-19 spread and I don’t want you to see you quit and give up on your dream of turning your idea into income.
So should you start your product-based business and open up an online store right now?
I believe that the world needs you to take action now more than ever, we need determined and creative people like you to keep pushing through.
So my answer is yes… but with an asterisk, as truthfully only YOU know what’s right for you, your family right now.
For some of you, starting your dream business might be the perfect time as you may have found yourself with more spare time at home, indoors with access to the internet but for others, the uncertainty might be too much to handle.
Whatever you decide, please know that there’s no right or wrong here, but if you’ve decided to stick it out, take the plunge and follow your dream then I thought it might be helpful if I went through some tips to help you plan out a pre-launch strategy for your business.
Okay, so to ensure that you are starting a business that will see its success and still standing long after this crisis has passed, you need to make sure you’re building on a solid foundation.
Now is a perfect time to be planning and working on your business plan, marketing and launch strategy.
Your Pre-launch Business Plan
First things first, before you even start, you need to set a launch date.
I like and recommend using a 90-day pre-launch plan. Obviously, this all depends on the market you’re selling in and the type of business model you have, but generally 90-days is a great runway to build your business on a solid foundation.
Pick a date 90-days from now and lock it in as your launch date.
Validate your business idea
So you’ve got the products you’d like to sell in mind. Well done! But do you know if there’s anyone out there that will ACTUALLY buy it?
Making sure you’ve got a market for your product is key to launching a (successful) business.
This is a great time to be doing some market research to identify if your idea is worth pursuing.
Identify who your ideal customer is and make sure you are marketing to them.
Yes, yes, yes. I must sound like a broken record - but identifying your ideal customer is one, if not the MOST important step you need to take before launching your business.
Once you have figured out who your ideal customer is, it’s time to start working on your messaging so you are talking directly to them
If you need help on defining your ideal customer avatar, be sure to download my free guide - Define Your Ideal Customer Avatar Workbook which you can find within my free resource library.
Build your brand
Building a brand is so much more than “just” your business logo.
Essentially your branding is your promise to your customer. It tells them what they can expect from your products and services as a whole.
Work towards creating an overall branding experience for your customer that will leave a lasting impression.
Build your online store.
Once you understand who your ideal customers are, you’ve built your brand and identified your messaging. Now would be a great time to set up your online store, create an email opt-in to start attracting your potential customers and if possible start taking pre-orders before your set launch date.
Get social and build your community.
Once you know exactly where your audience is hanging out online, you want to start setting up your social channels and start creating valuable content and engaging with your potential customers.
This is also a great way to connect with people and create community. I believe in community over competition and that there is an abundance of customers, so don’t be afraid to connect with other thought leaders or businesses within your niche to see how you can help each other and bounce ideas off of.
Launch Your Biz
With your launch date just around the corner (trust me this comes up quicker than you imagine), you’ve created a solid business foundation, amazing brand and website along with an audience who’s eager to buy.
It’s finally time to open up your “virtual” doors and start making sales.
Create extra hype with a digital event or giveaway to really amp up the excitement and buzz around your business and products.
So there you go. The 6-steps I follow and recommend to those wanting to plan, start and launch a product-based business.
If you would like these steps in an easy to follow format, why not check out the free Launch Your Biz Roadmap. Get your copy sent straight to your inbox by clicking below: