Times are tough right now for everyone in the country, including entrepreneurs. The COVID-19 pandemic has significantly slowed down the economy and has even caused some companies to go out of business. Things do appear to be on an upswing in the economy, but it could still be some time before things get back to some semblance of what we used to call normal.
If you’re an entrepreneur, then that means you have the gift of vision — you were able to see your business before it came into existence. Now you will need your vision and creativity more than ever because difficult times often call for unconventional solutions. If you’re trying to make the best of difficult times like most Americans are right now, use this short guide to help you.
Learn to invest.
As a small- business owner, it’s a good idea to diversify your income regardless of the circumstances. Sure, you have your business, but the pandemic has shown us how quickly things can change and alter the entire business world.
Even though many businesses are starting to open back up, there’s no telling when the CDC will deem it safe enough for the country to go back to business as usual. Even then, it doesn’t mean that people will feel safe going out en masse in the near future.
As the country is slowly reopening, the stock market has been the one area of the economy that has rebounded the quickest. If you don’t know much about investing, then now is the time to learn. You don’t have to be a wolf of Wall Street on the New York Stock Exchange to earn more money next year through smart investing.
WealthRocket is a platform that teaches newbies how to invest. Their goal is to help everyone who uses their website to become personal investment experts like they are. They even help you with other financial issues like budgeting, as well as figuring out which financial institution is best for you.
Expand your products and services.
You may not think right now is the best time to grow your business, but some businesses find their greatest success by morphing in difficult times such as these. You don’t have to completely change your business model, but you should consider expanding your products and services.
The key is to capitalize on things that people need the most right now. It doesn’t have to be something expensive and revolutionary — just necessary. For instance, with so many people working from home, tech gear is at a premium. If you already sell office supplies, then you could turn a shipment of bulk USB drives, external servers, and mouses into an online electronics store. USB drives, or flash drives, are a necessity in a variety of sectors, so you would be marketing to a lot of potential consumers. You can even get custom flash drives to offer a promotional item to jumpstart your business. Being an entrepreneur is all about seeing opportunities and then seizing them. Don’t miss out on your opportunity to grab more customers.
Be versatile, and know what you have to offer.
When you own your own business, it’s easy to fall into the trap of seeing your business as part of your identity. You were an entrepreneur before starting your business — in fact, the entrepreneur in you is what led you to start your business. You are who you are regardless of the success of your ventures.
Samuel Ramey is an excellent example of someone who reinvented themself. He went from being a small-business owner to leveraging his own experience and expertise to help others maximize their businesses’ potential as well as personal potential. If you’re looking for further inspiration and ideas about how to turn the present moment into an opportunity, Ramey’s writings on business and finance will give you great insight into what this moment offers you.
If you’re one of the many small-business owners who had to shut down shop due to COVID, then it still isn’t time to throw in the towel. Your family is counting on you now more than ever. You can reinvent yourself and find success in a different career path. Changing careers is hard, but you didn’t start your business because it was the easy thing to do.