Adapting to market changes as a startup amid Coronavirus outbreak
Many of us entrepreneurs are probably working from home at the moment, trying to maintain our “sanity”, while keeping our businesses afloat. Others may be panicking, and rightfully so. While people are finding ways to cope with this new reality, others may be thinking “How can we adapt to the recent market changes”?
The market: What changing circumstances are happening within the market, particularly those that affect various businesses?
In these unprecedented times, we’ve seen companies quickly adapt to remote work, others have reduced their staff completely. High touch businesses such as restaurants and retails stores, have focused on other methods to reach customers. Restaurants are now only able to offer take out dining options. Brick and Mortar stores are now offering items online to reduce the spread and risks associated with COVID-19.
Several industries have been impacted by the coronavirus, sparking opportunities for the next wave of innovators, startups and investors.
The retail, travel, restaurant industries have been hit the hardest. Hedge funds are seeking new ways to generate revenue. The industries that are expected to come out as the “biggest winners” so far are, Edtech, health care, cleantech, and supply chain management.
The impacts of the coronavirus are not slowing down big investors who are investing and reinvesting. Big Pharma giant Eli Lilly partnered with biotech startups to fight the coronavirus pandemic.
Tech companies Amazon and IBM recently announced programs to encourage developers to find solutions related to the pandemic. Tesla and Space X’s founder Elon Musk have considered producing ventilators due to the shortage of medical devices in the U.S.
The question remains for many startups and that is how does a company adapt to the ever-changing, business landscape? What we knew about the markets two months ago, has change drastically. At this point, companies should be reviewing their current business models. Is it time to create new products and services that may be “life-saving” strategies to ride through the recession?
While I don’t have an answer for that at the moment. I do know this, as people continue to self-isolate, there are new products and services that can fit today’s consumers lifestyles. Examples:
Online Wellness Programs
Much of the workforce globally is either working remotely, or making the switch. The well-being of employees are a priority for many companies, including those that offer wellness perks. Launching a digital wellness program enables companies to continue supporting the healthy lifestyles of employees, while maintaining their wellness programs.
Universities, colleges, experts, and professionals are switching over to online courses and training programs. For those that work in the technical space, create services to assist with designing virtual courses, including ongoing technical support.
Consultants with an expertise in telecommute operations have an opportunity to serve a new market of consumers: companies and employees impacted by COVID-19. The CDC has asked employers to explore remote work options, to lessen the impact and widespread of COVID-19. This may not be the answer for every business however, for companies that have the ability to do so, consider creating services that help companies prepare to make the transition.
As you continue to explore opportunities during this pandemic and possible recession, ask yourself this; what technology or advancement is coming soon, particularly those that will change the business landscape? Look back on your skills set and experience and explore new fields to consult in. Your fresh ideas and perspectives can possibly disrupt an entire industry as a founder of a new startup.