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Tips for Post-COVID SME Start-ups
Nov 15, 2021 by Kitty Wong
Are you someone who is struggling to find a job, is opportunistic or has the desire to start their journey being their own boss? Well, if so, this blog post may be for you.
General business situation amidst covid-19
It has been almost two years since COVID-19 has been declared a global pandemic. All businesses have been affected, some more than the others. Just like a change in lifestyle was needed to prevent the spread of COVID-19, businesses needed to adapt to this new situation. Those who were more financially secure had more time to do so, whereas those with less were forced to close or adapt even faster.
With that said, the pandemic has also brought opportunities for new businesses. Online businesses, logistics, food delivery and technology companies, for example, flourished with their businesses doing better than ever. Not only have corporations in these areas grown rapidly, some small businesses also succeeded in this new era of ‘supporting small and local’.
So here’s the million dollar question, how do we set out to start a profitable and sustainable business for ourselves?
Here are some tips for you.
1. Consider 'why' you are going into business.
Businesses often start with a ‘why’. Perhaps there is an interesting story behind the business idea, your passion in that specific area, or a positive change you can’t wait to bring to your community. By understanding the reasons for starting the businesses, you can map out a sustainable business model, the goals you want to achieve, both short term and long term ones, and hence, the resources you need to achieve those. Do ask yourself repeatedly for the ‘whys’ and hear your inner voice. The process may take a longer time than you thought but trust me, it’s totally worth it.
2. Do not rely on your start-up as your sole source of income
Most successful small businesses start off as a side hustle while having a primary source of income. Invest hours into your business after your working hours. Also, if possible, try not to loan money to start your business, but instead use your savings. Any profits can be reinvested back into the company.
Most successful small businesses start off as a side hustle while having a primary source of income. Invest hours into your business after your working hours. Also, if possible, try not to loan money to start your business, but instead use your savings. Any profits can be reinvested back into the company.
3. Know your limits
It is important to know what you can handle alone and what you need to delegate out. Hence, always make a comprehensive to-do list that allows you to map out what needs to be prioritised. Things that are more urgent should be done first and for those that you cannot do by yourself, hire or request someone’s help. Also, don’t forget to start small and not be overly ambitious such as just offering one product/service first and test/find out what your close friends and relatives think of it.
If you are lost as to what to sell or where to start, Sourcy is able to help you do this by helping you find exactly what you want to sell just by sending in a photo(s) of what you are looking for and we will get back to you in 2 days.
Otherwise, we also have an extensive list of products from home decor, accessories and party supplies to begin your journey.
4. Hire freelancers
Entrepreneurs are trained multi-taskers. However, if you need more time to focus on your business planning, or even a well-deserved time off, do consider hiring freelancers for some of your tasks. Generally speaking, this would be cheaper than hiring an employee. Websites such as Fiverr or Upwork provide services from writing, website design and social media management. From some clients we spoke with, building their websites could be rather challenging. Some ecommerce platforms such as Shopify and Wix have their own freelance developer networks who are always ready to code it for you.
5. Research small business fundings
Funding is the key to elevating your business to the next level. . Otherwise, depending on your scope of business, you may want to check out crowdfunding platforms where individuals willingly donate/invest their money into your business depending on how valuable they think you are. Some of these platforms are: Indiegogo, SeedInvest Technology and GoFundMe. Each of them have their pros and cons and should be evaluated properly before you decide which to use.
6. A business that makes change
Be a change that you want to see. Now when you are running a business, it’s the perfect time for you to earn and give back at the same time. Mission-led business is a trend nowadays. To me, it’s more than a marketing tactic - it shows that people are taking one step further to bring positive change to the world. This can be done by donating part of your revenue to a NGO that you believe in, or co-organise campaigns with charities.
7. Brush up on sales skills
As with any business, storytelling (or storyselling) skills are very important. We don’t have to be a ‘born storyteller’ in order to successfully pitch customers. From time to time, the skills are acquired through practice. Whenever this is a chance to talk to potential customers, grasp it, tell the stories, observe their reactions, and learn from the experience.
8. Go digital
2.14 billion people were expected to buy goods and services online in 2021. However, due to the pandemic, that number is probably higher. This shows that the online market is a very tappable resource and depending on your scope of target customers you intend to reach, you may want to consider going online as it will allow you to reach an international audience.
Ultimately, these tips are just there to guide you through the beginning stages of your business journey. For those who are interested in looking for supplies to begin your journey, they usually go to Alibaba or Etsy. But, perhaps Sourcy is a better sourcing partner for you.
Why Sourcy then?
First things first, you can source more by paying less with Sourcy.
At Sourcy, we don’t charge any sourcing or service fees. Enjoy door to door deliveries by international shipping companies such as FedEx or DHL.
Also, we offer free customised sourcing service to you, for free.
We also offer our unique Customised Sourcing Service to all customers, where we will find products for you within 2 working days and deliver it straight to your doorstep within 7 days after you place an order.
Last but not least, we don’t want you to take risk
Along with that, if our products have any quality issues that don’t meet your expectations, a 100% refund will be provided. So source from us today and reduce your costs risk free!
Are you ready to start your business with Sourcy now? Explore our extensive catalogue here, and don’t forget to send us a request if you want to source anything specific. We are ready to source for you.
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