Starting a Business Post-COVID: Your Three-Year Plan

Formulate a clear business plan accounting for acquiring a good online customer base.

With COVID having disrupted many industries and forcing many to adapt to the changing economic climate, entrepreneurship may be on the minds of those who would not have considered it before or this was the push to get them to move forward with starting a business. Starting a business and executing it to success is a wonderful feeling and accomplishment.

Having a plan to benchmark against as you grow can be very helpful in reaching your goals. The better plans are simple in nature and have realistic goals for short- and long-term growth.

Prior to COVID, many plans would probably have accounted for normal bumps in the road and not for something as drastic as COVID and the changes that have resulted.

Starting a business now with Post-COVID in mind, it would be wise to account for possible shifts in revenue streams and access allowing for the ability to buy online or service remote customers as a building block for your business.

Not all business ideas or industries will be able to adjust to full accessibility via ordering online and being serviced without contact as fast as others, but these considerations should be at the forefront of your plan.

For example, if you are starting a barber shop or salon and the nature of your business is in-person clientele, what will your plan be to limit density in your location and also reach those clients who are unable to come in due to health or mobility reasons, but still be profitable and convey value for possible higher prices? How do you plan to reach them? Would you consider an option of the entire in-person client base offering a contribution for your remote base to account for the extra cost of having to drive to them? Or would your plan specify a day strictly for remote customers where you do your rounds on that day via providing moblie transportation for those customers?

Read more: www.entrepreneur.com