If you are one of the millions of people around the globe who has lost your job, your livelihood, your way of life – it has never been more important than now; to learn how to start a business.
With job losses set to continue and unemployment sky rocketing, month on month; this is the tip of the iceberg of what is to come. This pandemic, a global crisis is set to be the deadliest virus we have seen in over 100 years causing widespread destruction. The global markets are in freefall and unlike anything we have seen before. History suggests there is no quick recovery from a crash like this which means lasting consequences for investors, business owners and employees.
As a result of the financial crisis in 2008 there has been a dramatic increase in people starting a business in the UK. It has grown year on year with over 672,000 people starting up a business last year alone.
With increased technology and AI and the abruptness of the impact of Covid-19 it will change society forever. Many jobs will no longer exist, large businesses will hire less people and use AI which in turn will allow them to reduce commercial space and create an increasing number of people working from home to comply with social distancing measures & it proves to be more financially advantageous. This crisis will serve as a catalyst to many companies to overhaul their business model, utilise technology and operate online.
With a significant reduction in job opportunities available it will serve as a spark that ignites action for many people to go their own way and start a business.
The business environment in the UK has never been so competitive. There are 5.9 million small and medium sized businesses across the 4 nations. It is tough to start and grow a successful business, to be able to compete and create a revenue to sustain yourself and your family in this continually evolving marketplace. Being an entrepreneur is not for everyone. You need to have stomach for it by being able to navigate the ups and downs.
I believe entrepreneurship is the game of life, the survival of the fittest, people who can master their mind and commit to a journey of self-discovery and development can go on to experience untold success. There are so many facets around starting and growing a successful business; you must dig deep, commit to growth and continue to shed the old skin and evolve.
It is not enough to be good at one thing or even have a great product or service; you need to master the art of how to start and grow and run a successful business. When you learn these skills; you can build a business in any market, regardless of the circumstances. The tools you learn will serve you across all businesses you want to grow now or in the future.
We are living in an uncertain world right now and for many that causes huge anxiety and fear. What can you do to take care of your future? Become the captain of your own ship, the master of your own fate and take control of your destiny. Jump into the driving seat and control what you can control; not what you cannot! If you are serious about starting your entrepreneurial journey by starting up a business; check out my top tips.
Top 10 tips for anyone who wants to start a business during the Covid-19 crisis
- Find and do what your passionate about, what you love and wrap this up into a business
- Check out the business landscape in your chosen field. What is going on in that market; is it in growth, static or in decline? If it is static or in decline – save yourself the heartache by finding something else.
- Understand your competition. Who are they? What do they do well, not so well, what can you do better? Identify your top 3.
- Identify what big problem or challenge your is business solving. It needs to solve a problem and the problem needs to be big enough and cause enough pain for people to engage and pay for your service offer. If you are not solving a problem; there is no need for your business.
- Have a deep understanding of your ideal customers.
- Create a product or service that meets the heart of your customer problem and which can take away the pain.
- Package & promote your offer through the right channels.
- Commit to being the best you can be in your field. Become the go to expert.
- Develop a mastermind group and surround yourself with other entrepreneurs / business owners to upgrade your conversations.
- Invest in yourself and your ongoing development. Learn the skills you need to start and grow a successful business and keep learning along the way.
Having started her first business at 16 and now with over 20 years experience in senior leadership and director positions. Ray has also started and grown several businesses to multiple 6 and 7 figure heights. Through multiple government back business support programmes and through her own consultancy work Ray has helped over fifteen thousand businesses scale to the heights they wanted.