{"id":5736,"date":"2021-01-15T18:40:39","date_gmt":"2021-01-15T18:40:39","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=5736"},"modified":"2026-04-06T15:00:25","modified_gmt":"2026-04-06T15:00:25","slug":"what-to-do-differently-when-starting-a-business-during-a-downturn","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/what-to-do-differently-when-starting-a-business-during-a-downturn\/","title":{"rendered":"What to Do Differently When Starting a Business During a Downturn"},"content":{"rendered":"\n

Starting a business is never easy, and during a downturn like the one we\u2019re experiencing now, there\u2019s an extra layer of complexity to mitigate risks; but that doesn\u2019t mean you need to wait for a recovery. We\u2019re seeing\u00a0Canadian entrepreneurs successfully launch companies<\/span><\/strong><\/a>\u00a0during the lockdown.<\/p>\n

So what\u2019s different now? What needs to change in order to increase your likelihood of success? In this article, we review five things to do a little differently, now that the world has changed.<\/p>\n

This article was originally published by Business Link<\/span><\/a>, one of our partners.<\/strong><\/p>\n

Plan and be patient, but don\u2019t forget to execute<\/h2>\n

Extra time at home means the ability to actually put in the time to\u00a0build a business plan<\/span><\/strong><\/a>. We never recommend a rigid 20+ page plan (that you\u2019ll keep in a drawer and never look at again). Something short and practical is what you need to set out your ideas and goals. A good business plan should cover the main elements of product, distribution, marketing, pricing, and capital requirements for the next six to twelve months.<\/p>\n

With the current economic environment, you\u2019ll need to be patient and give yourself time before aggressively launching a new business; but don\u2019t let time get the best of you. There\u2019s only so much planning that can get done and there\u2019s no such thing as a perfect economy for launching a new business. Much of what you\u2019ll learn will come after you start. So plan, be patient, launch and learn as you go. No matter how detailed your business plan, things are going to change quickly once you\u2019re up and running.<\/p>\n

Online as a part of everything<\/h2>\n

Any prejudice that previously existed towards a video call vs. a face-to-face meeting is now out the window. Everything has moved online and your business plan should follow suit. No matter the industry of your business, it\u2019s now more important than ever to understand how to deliver information, goods and\/or services online.<\/p>\n

As part of your business planning process, ensure that you include how you will build your online presence. There are a number of options available, from doing it yourself with the help of software tools like\u00a0Shopify<\/span><\/strong><\/a>\u00a0and\u00a0Squarespace<\/span><\/strong><\/a>, to working with a digital agency.<\/p>\n

Convenience<\/h2>\n

Eventually things will get back to normal, but the pandemic will always have an impact on expectations. As businesses have quickly shifted to new service delivery methods, consumers expect an increased level of convenience. This ties in with item two above about every business having a strong online presence.<\/p>\n

Embed convenience into your business plan and tailor it for your industry: Are you a lawn care professional? Then make pricing easy to understand and add the ability to purchase lawn care plans online. If you\u2019re in the food industry, consider adding a core takeout program. Even if your business cannot deliver services online, having information easily accessible online will enable a higher conversion of customers for your business.<\/p>\n

Financial planning<\/h2>\n

Recovering from COVID-19 will take us into 2021, and with that comes an uncertainty of not knowing exactly what everything will look like. This is why it\u2019s important to build out a basic financial plan for your business that includes some potentially difficult times ahead.<\/p>\n

Ensure that your initial capital expenditures on your business are kept to a minimum and that you have money saved up before launching. This will give you the financial breathing room to iterate on your initial business plan and pivot to meet consumer demand.<\/p>\n

Making it official<\/h2>\n

Last but not least, you\u2019ll want to \u2018make it official\u2019. This can differ for each business; some entrepreneurs will want to start out small and simply get a domain for their business to try things out, while others will move to incorporate quickly to ensure they mitigate risks, protect their personal assets and take advantage of tax benefits. No matter your business, ensure you understand what \u2018making it official\u2019 means today as well as in the months ahead.<\/p>\n

At\u00a0Own<\/a><\/span>r<\/span><\/a><\/strong>, we\u2019re seeing entrepreneurs work through their business plans in real-time, as well as an influx of companies being created in a variety of industries, including home services like lawn care and construction, online services, and food delivery.<\/p>\n

Although we\u2019re all experiencing uncertainty as we try to understand what the future will look like, it\u2019s a great opportunity to spend time on that one business idea you\u2019ve always wanted to pursue. Implement the measures listed here so that you can decide whether you want to \u2018make it official\u2019 after all!<\/p>\n","protected":false},"excerpt":{"rendered":"

Starting a business is never easy, and during a downturn like the one we\u2019re experiencing now, there\u2019s an extra layer of complexity to mitigate risks. So what needs to change in order to increase your likelihood of success? 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