Ride the New Media Wave
While social media has been a staple of everyday life for a long while now, COVID-19 has taken things to a new level in terms of engagement. In fact, one study showed that overall social media engagement has increased 61% because of COVID-19.
In isolation people are even more so compelled to connect with others, whether they be friends or strangers — it’s a basic human need that is very much fulfilled by social media around the world.
So while we’d recommend leveraging social media at the best of times, now is the time to really turn it up a notch. But don’t just use social media for the sake of the numbers; really make an effort to talk with (rather than at) your audience, and help solve problems together.
Endeavour to create an environment of connection by genuinely helping real human beings with the solution you promise through your product/service offering.
You’ll Probably Be in It Alone — for Now
40% of venture capital firms have stated that COVID-19 will essentially slow down early stage investment activity. That makes sense of course, as the risk profile of any business, let alone a startup, is going to increase during a global pandemic. The obvious outcome of this of course is that it is going to be very hard to get big backing.
Which means in terms of capital, you will have to dig deep into your pockets for the funds to get going. If you don’t have ample savings on hand, we’d recommend you delay your startup plans, as the personal risk is probably too high. If you are currently employed, don’t leave that job until you are absolutely certain your new business can support your lifestyle. Other entrepreneurs and businesspeople are all in the same boat at the moment too, so a partner may also be hard to find. For now, that might mean you are on your own.
So if we must assume it will be on your back alone, it’s time to ask some very serious questions, and provide some very honest answers. Take inventory of your current life, and make sure you can absolutely dedicate yourself to your business dreams.
Because you are effectively on your own, you will have to be even more diligent than usual — but that can be used to your advantage. Think of it as your startup being uncorrupted by other influences, and that is your vision to manifest, and your vision alone. Work hard for your dream, and in time, people will be queuing up to invest with you.
Conclusion — Where to Next for Establishing Your Startup in a Recession
It’s not all doom and gloom — your idea just might be the catalyst for a wildly successful business with unlimited growth potential. It is of course a tricky environment at the moment, so you will want to have someone on your side that knows the terrain.
As Singapore’s premiere company incorporation service provider, Rikvin can help you forge a path to success in uncertain times, and create genuine prosperity once the dust settles. If you’d like any advice on getting your startup off the ground, please do contact us, it’s both our job and pleasure to help.
Read more about oir 4 tips for Starting a Business during Recession at Rikvin.com.
