- June 19, 2020
- Posted by: iPay Editor
- Categories: best high risk merchant account provider, best high risk merchant services, high risk merchant account application process, high risk merchant account instant approval uk
The covid-19 pandemic has taken over the world and hit the economy in a real bad way. Recession is just around the corner and everyone knows that. At the same time there is a silver lining for some industries wherein it is the perfect time to start a new business.
How to go about starting a new business during this stressful time might put you in dilemma. What works best is coming up with a new original idea that can change the world during pandemic stress.
Always get your basics right:
It is going to be a total new experience to start a new business during lockdown. It is going to be difficult. You still need to have a business plan, have an idea of the start-up cost, have a finance plan if you have the money for the business or are you taking a loan, what’s your target customer etc. Nowadays merchants can get plenty of tools and resources to get these things ready.
The special idea:
Always do proper research about the business you are going to begin which will help you understand the advantages and challenges in that industry. In few countries getting research done is not easy as it sounds. However, you need to know about the market and customer base before you begin.
There are several ways to do research you can make use of google trends, Yougov you can also post questions in Quora, Facebook etc. to understand about the business.
Always look at your competitors and see how they succeeded. You need to see long term success instead of aiming a short term success. If you still are unsure about the idea look at your skillset maybe this is the right time to utilize it. Maybe teach yoga, or start online art and craft classes etc.
Plan your finances right:
Getting a loan during pandemic may not be easy. However, it’s not impossible to get loan. There are so many government and finance companies thriving to provide the support you need because even they need to survive now.
How are you going to reach your customers during lockdown:
This seems to be an interesting question which runs in everyone’s mind. You might have to face new challenges for eg. how to deliver the product to the customer.
If you run a business that distributes products then you need to only rely on the shops to help the product reach the customers.
There is a trick to this that it’s best to go online. People during the lockdown prefer to stay indoors and order things online. Most of them work from home and are prefer the comfort of getting essentials delivered at their doorstep.
Several businesses all over the world are trying to push their businesses online and sell through social media platforms.
There are lots of things to consider before staring a business. There has not been lots of changes post lockdown. However, merchants need to face a lots of challenges and obstacles. Are you looking for a merchant account for your brand new business. Call iPayTotal now..