Finding the Hidden Business Opportunities Around The Coronavirus Pandemic - Inc.

Finding the Hidden Business Opportunities Around The Coronavirus Pandemic - Inc.


Finding the Hidden Business Opportunities Around The Coronavirus Pandemic - Inc.

Posted: 31 Mar 2020 05:36 AM PDT

Over the last few weeks, I have spoken with hundreds of our business coaching clients about the coronavirus pandemic and what it means for their businesses both in the short and long term. Many business owners understandably have questions and immediate concerns, but many are already starting to look for the hidden opportunities within this crisis. 

So today I wanted to share with you some of the great ideas our clients have come up with thus far in the wake of Covid-19 in the hopes that it will help spark some ideas for your own businesses. 

Turning Opportunity into Profits

The first business I want to highlight is a retail janitorial service. It experienced a boom in clients thus far but were able to see an opportunity to expand its offering in terms of sanitization services.  

It immediately began offering shelving and store sanitation services as well as cart sanitation. And it hopes to continue to offer these services not just over the course of the next several months, but moving forward. Many businesses are just thinking about this as a temporary thing; however, you can now go back to your customers and explain this is now the new normal. This is the new standard expectation for your customers. What a great way to take a temporary boost and communicate and use that as an opportunity to make it a permanent boost to the business.

The Time Is Now 

Another thing that we have heard time and time again from business owners, is that they now have time to finish that project that they have been putting off for a while. Maybe it's a website overhaul, or putting together your systems and processes. As things slow down temporarily, you have the opportunity to upgrade and refine your systems and do some training internally in those areas that need to be cross trained on. Or, for many in the restaurant industry, this time means a chance to try out a new product offering like "grab and go meals." The way in which we do business will likely change in the months ahead, but if you look for a way to stay relevant and meet your customers where they are, you will be ahead of the game. 

Another example of this was a company that does occupational therapy for school districts. Well, schools are closed. Most of the company's sessions were held on school grounds, which made it difficult for it to provide speech therapy and other things to its clients. So it changed its model and began to offer up remote services to the children that it worked with, so school districts would still be able to provide these services to their students even when distance learning. 

Taking Advantage of Remote

Another example is a law firm that took the opportunity to open up multiple satellite offices in its state to help with its particular niche of legal services. What it realized was, now more than ever, people are much more willing--not just the individual clients, but also the courts--to do more and more video-based meetings, which allow them to save on overhead and centralize their legal staff, thus allowing them to still serve the entire state. 

Recruiting and Prospecting

Another thing that I have seen a lot of business owners focus on during this time: recruitment. Is there a talent on the market that you could finally recruit that you never could before? Is there a customer that you could go after now that never would have been open, but now might take your call? Now is the time. 

So, what for you are the opportunities hidden within this pandemic? How can you double down by serving and creating value for your customers? How can you help your customers seize opportunities? 

Published on: Mar 31, 2020

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

6 Small Business You Can Start from Home - LA Progressive

Posted: 30 Mar 2020 07:52 AM PDT

Business You Can Start from Home

Business You Can Start from Home

It's the age of small start-up businesses. The world is starting to see you can support yourself by being an entrepreneur.  Don't give up your own dreams and help others achieve theirs for a job income that is barely decent. People think jobs give you security, but, in reality, there is never any guarantee your job will be there. What's to stop your boss from firing you if he needs to downsize?

Salary is the worst addiction until you get a taste of your own business. You will have to see difficult times and work hard, but it all pays off. Once it's stable, you could make more in a month than you would in a year at the job. To help you realize your dream, here are some small business ideas you can start from home that don't require a big investment. 

Grow Weed

Once it's stable, you could make more in a month than you would in a year at the job.

It still sounds illegal due to the controversy that has surrounded it for decades. Marijuana is now legal in many states and in very high demand. It doesn't require you to have a lot of investment or education. You only need to buy seeds and see a few online videos to learn how to grow it at home. If you can differentiate in the quality, you can really scale this business to new heights. You can get more help at i49 about weed, its types, and prices. 

Blogging is on the rise, and every blogger seems to earn a quite decent amount of money. Getting a website is no big deal and very inexpensive. All you need is expertise in an industry or niche. Think of something that you know a lot about. For example, you can start a fashion blog, if you think you have the talent for it. You only have to write and upload useful articles regularly to attract people on your site. You can earn through ads, affiliate links, and guest posts once you start getting traffic. 

Run a Social Media Page

Choose Facebook, Twitter, Instagram, or any other channel; your only goal is to increase its followers and keep them engaged. It works similarly to blogs, but you don't have to write lengthy articles. Once you become an influencer, people will contact you for marketing. If you manage to become a social media specialist, people will hire your expertise to increase their social media following. 

Home Bakery

Dig out all grandma's recipes and test to see if you can bake delicious cookies and other sweet items. Many people are running home bakeries and earning a decent income. Some people will come to your home. Most will need a home delivery service. You are competing against other full-fledged bakeries, so you must provide a good taste.

Men can do it too, but it's most commonly a profession of women. Can't afford a shop in a busy location? Open a salon at your home. All neighbors are sure to visit you for their makeup and styling. You will, however, need these skills, or you shouldn't even think about this business.

Pet Sitting

You are going to really enjoy this business if you love pets. On the other hand, if you are not a big fan of animals, I suggest you steer away from it. People consider their pets their children. They give them proper love, care, and want to see them safe, even when they are not present. So many people who live alone with pets, those who have to travel, or who have to go somewhere with family where they can't take their pets, they are your target audience. They will drop pets at your home, and your only job is to take care of them.

Presented by Dylan

business.com Champions #PayToday Initiative to Support Small Businesses Impacted by Coronavirus Pandemic - Associated Press

Posted: 31 Mar 2020 05:43 AM PDT

Press release content from Globe Newswire. The AP news staff was not involved in its creation.

WALTHAM, Mass., March 31, 2020 (GLOBE NEWSWIRE) -- As a founding member of the #PayToday initiative, business.com wants to help relieve the cash flow needs of small businesses across the country during the coronavirus pandemic. By calling on enterprises and government agencies to pay their small business suppliers immediately, the #PayToday movement can have a swift, positive impact on the sustainability of the nation's 28 million small businesses. Visit the #PayToday site to join the cause and spread the word. For more ideas on how small businesses can navigate today's uncertainty, visit the business.com COVID-19 resources page.

Cash is King According to #PayToday estimates, at any given time SMBs are owed $900 Billion in goods and services already delivered. And yet, most only have two months or less of cash on hand – even during the best circumstances. An exclusive survey to be released next month from business.com found nearly 40% of SMBs believe their business could last only another week to a month under the current conditions. Although the $2 trillion dollar stimulus package is on its way, experts speculate those checks won't arrive until May which will likely be too late for many business owners. Infusing SMBs with cash now is a proven strategy. Efforts to help stabilize small businesses during the 2008 recession showed that cutting government payables from 30 to 15 days had a positive impact on small business outcomes. With #PayToday, small business owners can get the cash they need – from money already owed – and save their businesses. Join the #PayToday Movement

-- Spread the word by downloading the sharable assets and post on social media. -- Call on enterprises and government agencies to take immediate action and sign our open letter. -- Recruit other businesses to join us! In addition to business.com, founding members include Alignable, Fundbox, Gusto, Homebase, Womply, SmallBizDaily, Small Business Edge, and Actual Agency. -- Join the business.com community to stay informed and share your tips for weathering the storm.

Community Matters Now more than ever, the small business community is coming together to support one another as they share best practices and opportunities for surviving this unexpected downturn. With 10 million monthly site visitors, business.com is a trusted source of information and expert advice. Small business owners can leverage the site's unique emphasis on connection and collaboration, relying on informed reporting and proven experts to improve the potential outcomes for their business. Visit the COVID-19 resources page to see our work in action. #SmallBusinessStrong

"We have heard firsthand the struggles of our small business community to stay afloat as they make incredibly difficult decisions during these uncertain times," noted business.com CEO, Doug Llewellyn. "The #PayToday movement can quickly bridge the gap between lost revenues and impending stimulus checks by simply paying small businesses what they are owed today. We are doing our part as well by pledging to pay our small business vendors as quickly as we can and I encourage others to do the same." About business.com business.com is a comprehensive resource for small and medium-sized businesses who want to start, run or grow their business. Backed by a community of experts, our platform is designed to connect small business owners, industry experts, and vendors through an array of services, tools, and insights. Featuring relevant content and proven strategies, business.com provides information business owners you can trust. Our company is privately held and headquartered in Waltham, Massachusetts. To learn more or to join our growing community, visit www.business.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56c15795-2f01-4b8e-b9a1-f13212275323

Media contact: Sarah Murray Attune Communications +1 781-378-2674 sarah@attunecommunications.com

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