Entrepreneurship 101: Starting a Business During a Global Pandemic
“If you have the drive, do not wait another second,” — Samantha Lancia, founder of Shop Simplicity LLC
The COVID-19 pandemic has caused thousands of businesses to close their doors. The days of visiting brick-and-mortar businesses have almost come to a complete stop, and e-commerce has had a surge in popularity. Amid the global pandemic, countless businesses are struggling to stay afloat with all of the new operation restrictions, financial pressures, and business risks.
Many businesses and business owners alike were caught completely off guard by the devastating impact of the coronavirus. Virtually every market in the world has been affected in some way, and the struggle to stay in operation means increased and intense competition.
Through all of the pressures that the crisis brought forth, several innovative individuals and entities have come forward to take their chance at starting a business amid the chaos. They have taken advantage of the effect of the virus on international markets to be able to use their entrepreneurial skills.
With many individuals and families now opting to stay at home instead of leave their house as they would in a regular, non-pandemic world, there has been a surge in the demand for countless different markets to accommodate to their needs. This has opened the door for possible entrepreneurial opportunities, which some have taken advantage of.
Joyre Montgomery & Telehealth Services
Montgomery had been wanting to start her own therapy practice since 2015. And once the COVID-19 pandemic began, the need for mental health support dramatically inclined. Before the pandemic, Montgomery was a school-based therapist working in Tennessee; with the closing of schools, the outlook on her position became unclear. With the shift to virtual practices, she took her chance and decided to open her clinic.
In April, she decided that she was going to do all that she could in order to open her clinic. By June, she had completed the requirements to get her license as a clinical social worker.
With the increase in demand for mental health services, many insurance companies are more than willing to cover virtual healthcare visits. Montgomery recalls that this acted as something of a stimulant for her to finally start the business. She mentioned that it only took a fraction of the time it normally would take to have approval from companies to accept insurance for her customers in an interview with the Wall Street Journal.
At a rapid pace, she began to see more and more clients. She went from her first on July 13th to 60 since September. The incredible rise of Montgomery’s practice is only one example of the success that many have seen when trying to start a business during the pandemic.
Eric Rogers, Josh Peace, & Ghost Kitchens
Eric Rogers and Josh Peace of Toronto had been partners working together before the pandemic had started. With the increased operation restrictions and store closings happening as a result of the pandemic, Rogers and Peace opted to take advantage of the rise of e-commerce. With less people leaving their homes to visit restaurants, they found a way to bring the restaurants to people instead.
Together, they launched the Riverside Kitchen. It has everything that a normal restaurant would have, except that there is no physical location. Rogers, in regards to ghost kitchen businesses, said that “It’s one of the fastest growing segments of the food industry.”
The Riverside Kitchen offers four menus, and uses the aid of food apps such as UberEats and SkipTheDishes in order to bring their food to customers.
Rogers believes that the food industry will continue to evolve throughout the pandemic, and that it may take time for people to be willing to eat in restaurants again, even when restrictions ease.
In an interview with the CBC, Rogers said that “We’ve certainly looked at each other every so often and asked each other, ‘Are we nuts?’ But delivery was already growing exponentially … now it’s the only trick in town.”
Natalie James & the Beauty Industry
“I do literally everything — I’m staying up until 3am on some nights, but it’s worth it.”
Natalie James of Eastern London went into the pandemic as a woman working in public relations with fashion. She was able to work from home during the pandemic, but she missed being able to buy beauty products and pamper herself with being at home, and since many shops have been shut.
This acted as the catalyst for her to start her own subscription service, Tingle. For under $20 CAD a month, a curated selection of beauty products can be sent right to the doors of subscribers.
She decided to take initiative by buying and creating a website for her company on Wix, and approached several beauty brands to acquire products to be able to sell to subscribers. Companies that partner with Tingle have the chance to include their information, samples, and coupons for their brand.
She has had 400 orders since the start of September, and has made over $8000 in sales.
It has become clear that even through a difficult situation for almost everyone on Earth, many entrepreneurs have made a stand in order to help those around them with their talents and skills.
These innovative individuals have become proof that it takes more than a global health crisis to falter those who have the passion, courage, and the right mindset.
Examining their means of gaining success can help budding pandemic-entrepreneurs to learn what needs to be done in order for them to build their own platform (even during a global health crisis).
1. Start With the Right Idea
Alexandre Douzet, the founder of Pumpkin Pet Insurance, says that all budding pandemic businesspeople must have ideas that will not be deterred by the ongoing virus.
Thinking about what people need the most during unprecedented times can help entrepreneurs pick industries to work in that will be able to keep up with the environment they are in.
2. Connect with Consumers (Digitally)
A strong digital presence will help businesses succeed, even during difficult times. Because people cannot go out of their houses as much anymore, being online makes all the difference.
Using social media platforms is also a great way to engage with customers, and promote your upcoming brand. Establishing a solid brand image online will help the transition to the future status quo go a lot more smoothly when the time comes.
3. Have a Plan, and (Flexibly) Stick to It
Now more than ever, the business environment looks very different than what it used to be. However, making a strong plan is one way that entrepreneurs can support themselves when starting a business during these times.
Even with a plan, it’s important to note that things might change. Being open to any modifications and abrupt alterations is the key to staying afloat, even in unprecedented situations.
There are millions of resources available to just about anyone on the internet, and many successful COVID-business owners have suggested utilizing them.
Thousands of people all over the world have stood in the face of global adversity, and made their mark on the world. By examining the successes of others, aspiring businesspeople can use the resources that are at their fingertips to their advantage to make the most of the current climate.
