Mumpreneur: How to set up your business for success during this crisis

09:00 - 29 May 2020

It won't be business as usual for some weeks. This is because people are going through a lot beyond motherhood, parenting, and family life.

The current reality is covid-19. entrepreneurs and working parents have been affected badly. Sales have gone down and those working have had their pay slashed.

This article will teach you how to survive this period.

The crisis has affected going out and socializing physically. Digital marketing is the way. Those who are used to the traditional model of buying are now forced to use digital means. So the real deal is establishing yourself for success.

How do you position yourself as a brand? It is going to be the survival of the fittest as statistics are saying 80% of businesses will not survive the pandemic.

Find opportunities and get productive: asides from our regular goals, we need to be flexible in meeting people's needs. Everyone wants to buy what they need. So look for immediate needs and problems. The advantage of small businesses is that it affords you the ability to execute immediately. There's no bureaucracy so get productive; look out for what people need and act like the pandemic is not going to end soon.
Competence: No one has money to waste. They want someone who can deliver. This means you have to up your skills to be the best in your industry. Post covid-19 won't be for mediocrity.
The art of selling: it takes knowing how to sell to succeed in your business. What belongs to you will be hijacked by those who know how to sell if you don't. Be ruthless about selling. Sell what you have knowledge about. Make sure you are meeting a need and not a want.
Financial administration: as small business's we tend to dip our hands into our purse. If you are bad at administrating your finance properly, you will be poor. Have a layout of how much you will be reinvesting, paying yourself and your staff, and promotions. Have a proper structure and stick to it. Make sure your reserve is not less than 20%.

Mumpreneur: How to set up your business for success during this crisis

Diversification: you cannot afford to be rigid as a small business owner. Take the event business as an example, it has been affected badly by this crisis. It is time to look out for new products to sell. Take your time to launch new services or products.
Have a legislative policy: Some people go into partnership without proper legal backing. If you are going into a partnership with anyone make sure you have a contract or MOU(memorandum of understanding). This will save you from lifetime trouble such as losing your business to a stranger. Forget childhood friends or family relations go legal.
Collaborate: it is OK to spend on social media ads. There is nothing compared to end media. End media is when your followers or customers testify about you or when you collaborate with people to give you shout outs. One to one marketing is powerful as it seeks to achieve this. Look for someone who does not do exactly what you do but has the same target audience. Be sure to do this with someone you have equal value or equal footing or level.
Engage: Get active on pages that have huge followers or target audience. You will be noticed by influencers and they will check you out. This gives you visibility. The online sector is advancing so don't be left out.
Reiterate: pour back your learning. Check to see what you're doing is working. Evaluate yourself and keep making changes.

Watch this video for more detailed information.

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