Entrepreneur: One who organizes, manages and assumes the risks of business or enterprise.
COVID-19 has changed the world and in the wake of rapid change, millions of small businesses have been impacted. In many cases, traditional brick and mortar businesses are struggling.
However, various industries and creative thinkers have figured out how to pivot their business model in creative ways in order to survive. These business owners are entrepreneurs through and through.
In this blog, I'm going to share my thought process so you, as a business owner, can begin seeing the world through an entrepreneurial lens.
Who Is an Entrepreneur and What Characterizes Entrepreneurship?
If you are a teacher, plumber, coach, restaurateur, retailer, salesperson, CPA and many more, you are an entrepreneur.
If you own a business and that business is your primary source of income, then your livelihood is determined by the value you bring to your clients/patients/customers or whoever you serve.
Fundamentally, many industries have the same business model and working relationship between the business and the consumer that has been in place for decades or even longer.
As a global populous, we need to change the narrative from, “This is how things are done” to, “How can my business shift in order to continue to provide value for my clients/patients/customers?”
How Technology Comes Into Play
All business owners should, and need, to take a step back and rethink how they do business with an eye toward a potentially unknown future that is largely remote and online.
Technology has changed how we communicate.
Cell phones and computers were a massive shift to business models as they have emerged over the past few decades.
Now, screen sharing software, messaging channels and much more enable new opportunities for business and humanity as a whole.
These are challenging times, but we must be creative and resourceful to not just survive this moment until “normalcy” allows us to bounce back.
We need to thrive and adapt to our current and future challenges. Here are several ideas for a variety of industries to consider adding to their strategy:
- Educators should explore remote tutoring, organizing and coaching. Pandemic times or not, many students and their parents/guardians need remote assistance from time to time.
- Gyms/fitness centers can train clients one-on-one or in group classes remotely. By doing this, you're creating a safe and hassle-free way to train clients as well as offering scalable group sessions by going remote.
- Restaurants can create high margin to-go menus and CSA/grocery programs. This is a safer way to provide food and creates predictable revenue models.
- Mental health professionals can have powerful conversations via telehealth. There's always a need for quality mental health professionals and offering remote sessions can provide ongoing support.
- Clothing manufacturers can create PPE and other products in high demand. Existing capital allows for the production of needed items and it's easy to fill the demand with quality products.
- Bakers/chefs can create online courses and live events. With so many people at home, this allows this industry to share their knowledge and still be top of mind to their audience.
- Barbers/hairstylists can create how-to videos and show hairstyle tips. With salons being closed or booked out too far, providing these resources allows their followers to safely cut or style their hair.
- Wine shops can create monthly wine clubs. Online wine sales have increased over the past couple of months, so this is a great way to create a predictable revenue model and get wine to customers who need it.
- Pet grooming can go mobile and bring their services curbside with a specialized vehicle. With social distancing recommended, this option allows pet owners to get their animals groomed without traveling from their homes.
Of course, this is just the tip of the iceberg for possible changes that will allow businesses to thrive in our new environment.
If you are a business owner in one capacity or another, you are an entrepreneur. Take a deep breath and challenge yourself to think about how you can adapt your business for the present and the future.
Business involves risk and creativity. Although security is hard to come by, be innovative and take a step forward. Don’t lose hope - don’t give up. Be entrepreneurial!
And if you need help creating an online presence for your business, our team at RevLocal is always here to lend a helping hand. Reach out to us today to get started!