During a time of economic crisis, small business owners and entrepreneurs face many challenges when looking to start or operate their business. However, a crisis can also provide an opportunity for new business ideas or transform business operations to meet the demands of doing business in a changing and digital-first economy. 

Here are some tips to assist in starting or operating an existing business during a crisis.

Start-Up

·         Business Plan - If you have already started a business plan, revisit it to ensure it is viable for today’s economy.

·         Market Research – Conduct market research to ensure your business idea provides a solution to a current problem or fills a gap.

·         Target Audience - Create a profile of your ideal customer, including what challenges and interests they have which may be different during the current crisis.

·         Financial - List what financial resources and time you have available, including personal and external financing. 

·         E-commerce – Opening a new physical location during a time of crisis can be challenging, especially when there are social distancing and other health restrictions.  Consider a variety of business models including an online location where people can purchase your products and services.

Existing

·         Website – Update your website with available products, and current business information, including how to do business with you during the crisis.

·         Online Shopping Cart – Add an e-commerce solution to sell your products online.

·         Social Media – Use social media to inform and engage with your audience. 

·         Email Marketing – Share information by email to customers and email subscribers.

·         Virtual Services – Transition in-person services online.

·         Live ‘Virtual’ Events - For some industries like music, who rely heavily on live events, there are considerable disruptions.  Online event platforms offer ways for musicians to play their music to a virtual audience.

During this time of crisis, and to stay competitive in today’s rapidly changing economy, start-ups and existing businesses need to have a current and agile business plan that includes an online strategy.

If you are interested in starting, expanding or purchasing a business in Mississauga, the Starter Company PLUS program, provides free training, mentorship and the opportunity to apply for a grant up to $5000. 

Learn more: https://www.thefutureisunlimited.ca/small-business/entrepreneurship-programs/starter-company-plus-program/