The Hidden Post-Pandemic Business Opportunity
Dan Levenson September 25, 2020
2020 will be remembered as a pivotal year in world history. The worldwide COVID-19 pandemic caused a tsunami of business closures, bankruptcies, and lifestyle changes. Mandatory lockdowns and safety precautions kept many hard-working wage-earners away from their professions.
While many businesses closed, some entrepreneurs have been able to develop and grow amid it all.
Entrepreneurs such as Greg Kihlstrom of CareerGig describes his approach to business in 2020 far more aggressively than many others. He highlights the opportunity and all the many ways he can capitalize on these massive cultural shifts that are taking place.
Leaning into change
Rather than hunker down and wait for the storm to pass, shrewd entrepreneurs are pivoting and positioning their enterprises to benefit as these wider societal, economic, and cultural shifts begin to take root and become permanent societal evolutions.
As we all adopt a work-from-home, remote, or flexible gig-based work model, the infrastructure for those seeking work and those seeking workers will also change.
Entrepreneurs like Greg see the wave coming and are actively paddling their way out in front of it.
What can I do?
For many of us who have been working on a particular entrepreneurial path over the past many years or decades, this may be the ideal time for reflection.
It may even be time for a pivot.
Are you still providing the same value proposition that you were prior to the pandemic? Is the market more or less poised to leverage your product or service in the post-COVID world?
But is the time really ripe?
We are not simply contending that your business will, with proper insight and preparation, make it through the pandemic.
We are saying you can actually thrivein your niche during these times.
The easiest method of validation for this belief is that it has happened consistently in the past. Every economic downturn is inevitably followed by a recovery, and most times, a new all-time-high.
What are the new market demands?
Remote work is a big one, of course, but that is not due solely to the Corona Virus. The general costs of commuting and inefficiencies of in-person work, paired with technological advances have also been driving the remote trend.
Freelance or gig work also is another market change that business owners, entrepreneurs, and employees alike should keep in mind. The freelance economy is projected to encompass over 50% of the entire economy by 2027.
As time progresses and these shifts continue to gather momentum, those who refuse change will end up behind.
Tried and true principles
While the market is looking for new variations of services and products, standard principles and good business practices that have not changed.
For one, continue to be mindful and focused on your UVP (Unique Value Proposition). Meaning, providing something that nobody else is able to, or operating in a way that nobody else in the market can.
Your UVP is what will garner a loyal following of regular customers who become brand advocates. Your UVP will enable customers to identify personally with the specific qualities that make your brand different from the rest.
Hone your operations
When economic factors are constraining, such as during a wider economic downtown, you want to get as lean and mean as you can. This may mean taking a closer look at important business matters such as liability protection and insurance coverage.
Sometimes we are own weak point. Business leaders sometimes assume responsibility for too many aspects of their startup while ignoring, even if they lack expertise in certain areas.
Rather than fake it ’till you make it, the right answer is often to hire-in or partner with skilled and experienced individuals who complement your skills. Securing a competent business advisor with experience in your industry is another way to deploy assets to increase business productivity through human capital.
How you lead your enterprise through times of change determines how your business develops and grows. Bold, thoughtful, and purposeful action as a leader will benefit your organization, even it means trimming a little fat or performing a pivot.