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Online Business Opportunities during a Pandemic

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Hi, I’m Hanza, Business Article Writer I'm a businesswoman, I like to share my experiences by writing business articles

Small and Medium Enterprises

Small and Medium Enterprises

The Coronavirus pandemic that has hit the world since March 2020 has become a tough challenge for many sectors, including the business sector. The limited space for movement is carried out to reduce the spread of the Covid-19 virus which has resulted in many businessmen reorganizing their business strategies to survive. Starting from implementing remote work, changing business patterns, to capturing online business opportunities.

The development of increasingly sophisticated technology in the last 5 years has grown an online business. Moreover, the Coronavirus pandemic has forced many people to avoid direct physical contact by implementing social and physical distancing. The online business that is done without going face-to-face is considered one of the right ways to survive in the midst of a pandemic.

The survey showed online shopping patterns increased by 31% during the Covid-19 pandemic. People choose to shop online because it is practical and without the need to leave the house. If divided by type of need, about 51% of the people do online shopping for food needs, 20% for health needs, 14% for credit or data packages, and the rest for ready-made food and beverages and electricity shopping.

This shows that online business opportunities remain wide open in the midst of a pandemic. The government continues to try to reduce the number of Covid-19 cases in the country by implementing a new normal pattern or adapting to new habits. Conventional businesses can also do this by adding directions online so that the business can survive.

Looking for Online Business Opportunities during a Pandemic, Here's What You Must Pay Attention to Online business opportunities during the pandemic is wide open for anyone, whether it's those who are just starting a business or who want to adapt to current conditions. Here are some things you need to pay attention to:

1. Adapt to Current Conditions

Before the pandemic hit, you might think that the business you are currently doing can only be done face-to-face, especially if you run a service-based business. The pandemic is forcing us to adapt to the current conditions.

For example, if you currently rely on the services of a barbershop and adopting new habits, you will lose customers. Don't be discouraged, you can see other opportunities through hair care products and head types that are marketed online. People don't need to come to your barbershop, but they can order these products online.

The importance of adaptation is a must because we will never know what will happen next.

2. The Importance of Big Data

Without a pandemic, business planning still has to be done. But the pandemic forces us to think harder in planning our business so that it doesn't go out of business. Looking for online business opportunities is certainly related to big data, which can help businesses to produce goods or services that are in demand by consumers. In fact, as many as 53% of companies have used big data since 2017. In addition, big data is also able to improve the cost efficiency and performance needed for business purposes.

3. Don't Neglect Taxes

The Covid-19 pandemic has had an impact on the decline in state revenues, one of which is through the tax sector. The sluggish business causes turnover to continue to fall and results in low awareness of tax compliance. For this reason, the government needs to make every effort to provide tax incentives to prevent the crisis it faces.

4. Pay Attention to Financial Conditions

The Company’s financial condition is like an important life in business. If the conditions are not healthy, then it is difficult to seize the opportunities that exist. Especially in the midst of a pandemic where the intensity of transactions is much less.

It's a good idea to check your financial condition regularly by recording expenses and income carefully. Starting from operational costs, the obligation to pay wages, company profits, and so on.

5. Establish Good Communication

Communication is another important thing to consider when looking for online business opportunities in the midst of a pandemic. Why is it important? Because the pandemic has distanced many parties, not only consumers but also employees and other partners.

In maintaining good communication, because the seller does not meet directly with the consumer, it would be nice if he described the product clearly. If there are consumers who ask questions online, the seller can provide clear answers so that consumers remain satisfied with the service even though there is no direct face-to-face.

Likewise with communication between workers. It's normal for remote work or work from home to be a priority in the midst of a pandemic, but don't let communication between employees or business owners be cut off because of the distance that separates them. Technological developments provide a series of remote work applications that make it easier for us to communicate well.

Those are some tips related to online business opportunities in the midst of a pandemic. As a businessman, don't make current conditions make you worse off but use it as a reference to get up and be able to work even better.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2021 Hanza

Comments

Miebakagh Fiberesima from Port Harcourt, Rivers State, NIGERIA. on July 30, 2021:

Nnt at all.

Hanza (author) from Los Angeles on July 29, 2021:

you are welcome

Miebakagh Fiberesima from Port Harcourt, Rivers State, NIGERIA. on July 29, 2021:

Hanza Me, thanks for sharing such information. I hope it be found online.

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