Reasons why lockdown Has been good for Entrepreneurs to create business ideas
The lockdown has created a huge range of challenges for entrepreneurs to generate new ideas. These have made way for fresh ideas to ensure business continuity.
The lockdown has in so many ways completely changed the economic landscape where entrepreneurs are trying to survive. But it is important to remember that just as there are real challenges, there are also fantastic opportunities.
Here is a look at some of the reasons why the lockdown has been good for entrepreneurs. They may be an ideal indicator of how businesses can survive and thrive in these uncertain times.
Exploring new ways of working
Lockdown has forced many Entrepreneurs to work from home and generate ideas. The lockdown has proved that it is possible for businesses can operate remotely. Thus, forcing entrepreneurs to explore this as an alternative means of operation in order to stay within the guidelines of lockdown.
Whilst this creates challenges (and some appear to be struggling with the issues of working from home), being forced to change ways of working can lead to new ideas and innovative practices that can impact business operations significantly.
Creating a flexible working approach
The lockdown left many businesses with under-employed staff and some cases redundant employees. Yet, it is hard for most entrepreneurs to let go of their teams. The solution is creating flexible working hours.
Freshening and changing things
A business that couldn’t open its premises, used the lockdown to carry out a little work on the interior and exterior of their locations. Add a coat of paint, install new lighting, or completely redecorate. In any case, this adds to the value of the property, impresses staff when they return and makes the place of work far more inviting for any visitors.
The lockdown was the perfect time to work on all these specifics. Re-introduce the product or service with a fresh perspective.
Making big upgrades to the facilities
While it is easier to use the lockdown time to redecorate, it’s also a great idea to think bigger. Consider taking on the projects that have been put off in the past. Especially if they are the disruptive kind to business operations. The lockdown has offered the opportune time to take them on to the fullest.
Investment in online operations.
The lockdown presented the perfect time to invest in selling products and services online. Due to the limitations in operational hours and human movement, online operations are now the best alternative for continuity. Online business is now potentially a great source of income for most businesses.
Broadening the offering of product and services
The lockdown has offered an opportunity to fully understand the market for most entrepreneurs. Also, to establish their businesses by offering to the community products and services that are necessary during this time. The fluid and flexible businesses have taken advantage of the crisis to offer customers exactly what they need.
Developing a strong social media strategy
Social media is where most people are spending most of their time during the lockdown. Brilliant entrepreneurs have stepped up their social media game and taken advantage of this space to make consumers aware of the products and services they offer. This has increased relevance of the businesses in the market through the use of platforms like Facebook for example
Governments understand that these are unprecedented times and there are measures to assist companies cope. One among these is the business grant, which may potentially make it easier for a business to stay solvent.
This doesn’t solve the issues of lockdown, but it does provide an opportunity for entrepreneurs to continue easily.
Relaxed rules and regulations
The government acknowledges that lockdown has created challenges for entrepreneurs. In some cases, laws are being lifted or relaxed to make business continuity and survival easier.