How to Turn Your COVID-19 Solution into a Viable Business
- 25th August 2020
- Business & Economy
Despite the hardships faced by many businesses during the COVID-19 pandemic, there has never been any shortage of innovative entrepreneurs. Business minds have treated the pandemic as an opportunity to develop creative solutions for pandemic related issues. Many innovators have transformed their COVID solutions into innovative business ideas which can resolve long-term problems.
If you’re a budding entrepreneur with a great idea for a COVID-19 related issue, you may want to consider the following tips before putting your business plan on paper.
Determine if your innovation can stand the test of time
The recent pandemic has made some of our urgent problems very apparent. As such, innovations have spawned across the world to handle these issues. For instance, an effective way to address the shortage of PPE kits, furloughed workers and empty production facilities is to train workers to produce PPE kits for the healthcare industry in facilities that are vacant.
However, you need to determine your business model viability once the pandemic is over. The longevity of your business is dependent on whether your idea solves an immediate or long-term problem.
A great example of long-term thinking for an immediate issue is the Courtyard Dairy in North Yorkshire, UK. The dairy has introduced a click and collect option where customers contact the shop, order their products and pay for them. When they arrive at the shop later, a shop employee places the order in the boot of the customer’s car to eliminate any contact.
This idea is a great way to minimise contact with other people and enforce social distancing guidelines. Once the pandemic is behind us, the concept can still reduce the shopping time for the dairy’s customers.
Try to reframe your existing services or products
Sometimes, modifying your current business idea can be as effective as developing a new one. Reframing your existing services and products can help you drive your business in the right direction. For example, designer fashion brands can diversify their businesses during the pandemic by creating and selling stylish masks and gowns.
Reframing your current services can also save you from the enormous expenses and time associated with launching new products. You can take advantage of an already established business set-up and focus more on the product or service development. However, you should be cautious that the reframing does not deter from your organisation’s core ideas and values.
The greengrocer delivery company Kale and Damson of Cambridgeshire is an excellent example of how to reframe your existing products. The company has been supplying fresh produce to all the restaurants, pubs, and hotels in the area. When hospitality establishments started closing back in March, the company switched to offering home deliveries for fresh produce six days a week. This switch did not require the company to make any significant changes to their business plan and helped them sustain the business throughout the pandemic.
Apart from these steps, you can also benefit from identifying your long-term market and launching a product or service in the social entrepreneurial domain.
An old Chinese proverb states that any major crisis is an opportunity for riding a dangerous dragon. This insightful saying can be simplified to mean that significant crises such as the ongoing pandemic can provide many entrepreneurship opportunities with long-term business viability. It is upon us how we decide to face our adversities.
However, carving a successful business out of your idea would take a lot more than an optimistic attitude and enthusiasm. You will require technical business expertise on contacting investors, pitching product ideas, and business planning and its effective execution. Accomplishing all this without formal entrepreneurial or business education can be challenging.
The London School of Business and Finance (LSBF) offers specially designed short courses in management, finance, marketing, and innovation, which can help you set up your business. These short courses are CPD and BAC accredited and can even be pursued alongside your full-time career. They provide useful insights into the different aspects of innovative businesses around the world which can enhance your entrepreneurial skills.
Click here to get a comprehensive list of executive short courses available at LSBF.
This article was written by Sweha Hazari and edited by Emma Emma Chadwick
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