The Window of Opportunities
Surviving in the world of business is tough. Only 80% of businesses survive their first year, and only 50% of that number survive to their fifth year. It’s a viciously competitive world that leaves only the fittest alive and those who aren’t up to the level of the competition would eventually fall down.
Hope still remains for those who are trying hard to survive. The survival rates remain the same regardless of the overall state of the economy which means that even in the current coronavirus crisis your rates of succeeding remain constant. It all depends on the right business opportunity!
Identifying business opportunities isn’t easily attained. You need to be on the outlook all the time, but you could always use a cheat sheet by looking for opportunities that other people have seized before you.
In this article, we will discuss business opportunities that arise from a recession:
OPPORTUNITIES TO SCALE THROUGH A RECESSIO
It might sound like helping others overcome their own coronavirus problems won’t especially help your business; however, due to the increasing demand of looking for solutions to overcome what is happening with the world, giving people advice on what to do and how to react to the current situation would give you a wider range of visibility. It might not be intentional, but the opportunities that arise from helping other people undeniably huge.
You could offer your help through conducting online events or webinars, or even give away free coupons or tickets, what ever you do to help would get people to familiarize with you and your business. With your website and business, consider what you can give away for free. Anything you can do to help people out is appreciated, especially during this difficult time. You’ll also find that it will drive you more visitors, which is a nice indirect benefit.
Cheap Paid Ads:
Due to the global recession that we are suffering from, many services are currently available for a cheaper amount of money than they were during the period before the pandemic. One of those services is paid advertisement which is currently much cheaper than before. Because the pandemic has caused people to stay inside and small businesses to close down, the amount of people available online increased while the amount of businesses that require advertisement decreased which caused the price of paid ads to decrease as well. If your business is currently available online and you want to increase your conversions, paying for digital marketing campaigns would help your business gain huge visibility and improve your revenues.
Increase Conversions through Payment Plans:
The current pandemic has caused conversion rates to drastically decrease due to the lockdown. Businesses are finding it difficult to sell their products even online. Because consumers are trying as much as possible to survive the financial crisis that the world is facing, finding customers who would buy products that aren’t a life necessity like food would be hard. However, you could still increase your conversion rates during this time if your business depends on selling online products, consider offering payment plans through services like affirm. They would reduce the financial burden your customers are currently facing due to furloughs and layoffs. They would encourage your customers to buy even if they are trying to avoid a financial crisis. In addition to that, if your business is service directed industry, you can accept money from your customers over a long period of time. Even if you’re selling e-books or digital courses, you can also have a monthly installment plan.
Offer Educational Courses:
With the increased number in unemployment rates, more people are looking for opportunities to improve themselves and their earnings. Because the current situation offers a lot of opportunities in fields that people don’t have enough experience in, like artificial intelligence and machine learning, offering courses that would help people increase their future career chances wouldn’t only help you increase your profit, but it would also benefit those who are looking for opportunities to advance. In addition to that, offering online educational opportunities would leave people at ease and is much less time-consuming. After the current pandemic, the market of online courses is expected to expand and increase in profit like never before.
The current pandemic is affecting everyone worldwide. Some countries are recovering faster than others, but the problem remains. If you want to keep your business alive while improve your traffic, you should consider diversifying the regions of your traffic.
You can gain more traffic quickly and be less reliant on a single economy through advertising to different countries. By translating your content for other regions and leveraging international SEO, you can quickly grow your traffic. It may take a long period of time, but it’s worth it.
The current market is suffering from a lot of inefficiency. Remember when the coronavirus lockdown fist started and everyone was desperately searching for hand-sanitizers, face masks, cleaning supplies, and toilet papers? Now a huge number of businesses have appeared in the market meeting those inefficiencies and the supplies for them are sufficient again. It isn’t surprising how finding a hole in the market could lead to a meaningful business arising. You could always see what other people have done people you, and try to find your niche.
In the current market everything is possible, you could improve your profit by improving your business.
Here is a list of how you can improve your business and increase your opportunity during a recession: