Here are the best articles we found for the month of May:
4 Ways to Determine If Now Is the Right Time to Launch Your Business
Ideas for startups are often clouded in uncertainty during the best of times. In the midst of unprecedented global uncertainty, you might think it’s best to shelve any such plans for the time being.
In reality, it could actually be the best time ever to launch. With the growing demand for new ways to work and sell in light of health concerns and desire for new ways to access in-demand products, your startup idea could be just what’s needed. Here’s how to decide.
Over the course of the last two months, it has quickly become clear what type of gaps exist between what’s needed during right now and what’s actually available. Quick searches uncover where there are supply chain issues and a lack of domestic manufacturing for much-needed products and for services to expedite those products. Read more here.
How Your Small Business Can Survive in Time of Crisis
Small businesses will probably be the hardest hit in times of crisis. Many conditions could cause a decline in sales for your small business. It is important to think of every small issue that could happen and plan for it beforehand. If you haven’t, then plan to be inventive in ways you can survive.
Be reassuring to your staff. This is when they need you the most. Even if you are panicking inside, you should reassure them that you will do whatever you can to keep the business going. Most crises are short-term. You don’t need all the answers yet, but this is the time to use your leadership skills and be there for your staff. Read more here.
When This Startup Lost Its Customers, It Started a Whole New Business in a Week
In early March, custom photo booth rental startup the SnapBar held its two-day all-staff company retreat. Co-founders and brothers Sam and Joe Eitzen chose “Change” as the event’s theme, though still unaware of the effect the coronavirus was about to have on their business.
The Gig Harbor, Washington-based company returned from the retreat to a flood of event cancellations. Almost overnight, its main sources of revenue–selfie stations, photo booth rentals, and photo, GIF, and video booths for events–were no longer in demand. The brothers quickly developed a virtual photo booth app and started selling selfie equipment to make up some of the shortfall, but they knew it wouldn’t be enough. They needed to make a more radical move. Read more here.
An Entrepreneur’s Guide to Thriving as the World Reopens
Covid-19 created a global health and economic earthquake, the aftershocks from which will be felt for years to come. The world (including your market, customers and vendors) is different now than it was before, and it will never be the same again. So, how can you rebuild and grow in this new era?
Entrepreneurs will see opportunities all around them: Gaining market share is cheaper and faster in turbulent markets. Old barriers to new customers like habits and loyalties are disrupted. Acquisition costs also plummet. Read more here.
If you missed last month’s link roundup please check it out:
[Small Business Link Roundup for April]