Tips to Help Your Startup Survive the Coronavirus Pandemic
The world has changed since the coronavirus pandemic happens. Companies cut off their employees, some lose investors, and hold their projects. Running a startup company in this situation will be hard for you. We don’t know when this crisis ends. But this is not a big reason for you to stop your startup project. Although you will find barriers in funding investors and customers, you still can thrive your startup with these steps. Here are tips to help your startup survive the coronavirus pandemic.
It is important to keep cash management due to help your startup survive the coronavirus pandemic. List down what are your monthly outcome. Generally, startups will spend their money on marketing and operational. For marketing, startup pays such as social media tools, marketing platform subscription, and agency. For operational includes electricity, internet, and office rent.
Now, shortlist based on the most priority things. If you rent a coworking space for work, it will be better for you to stop rent for a while. Your team will not go to the office and there will no client visit your office during this pandemic. Through this way, you can save your operational budget.
Looking for New Opportunities
Coronavirus doesn’t bring bad impact for all startups. There are standing founders who have many benefits from this situation. Let’s say food delivery and telemedicine. The businesses will look for an application or eCommerce startup which allows selling online. It is because people have a limitation on shopping, so they will use online shopping to fulfil their needs. As this coronavirus spreads, healthcare providers are leveraging telehealth to protect patients and staff. If you are a startup founder and want to up your business, telemedicine is a good choice. You can make a telemedicine application then coordinate with your doctor's friends.
Keep Communicating with Team
Communication is the key to success. To track team’s work progress, you can have a routine scrum with a team. Whether your work is done, try to keep in touch with them just to discuss a small talk. The self-quarantine time makes your team bored and stress, so keep communicating with team to keep them enthusiastic.
Lend a Helping Hand
Even though your startup is in the crisis, lend a helping hand is a must. Try to understand and engage with your customers or investors. You can identify what is your customer need while they don’t have enough money to pay for your service or product. You can give them a free trial for a certain time. This way can increase your credibility and awareness in the targeted market. Who knows you can get benefits from your customers to help your startup survive the coronavirus pandemic.
In sum, you don’t need a heavy way to thrive your startup. Simple things like cash management, find new opportunities, keep communication with the team, and lend a helping hand can assist your startup to survive the coronavirus pandemic.