IDEAS THAT MIGHT HELP TO REVIVE YOUR CREATIVE BUSINESS AFTER LOCKDOWN.

Apr 3, 2020

5 min read

Updated: Apr 4, 2020

We all know, One-day Janta curfew was extended with 5 days lockdown and soon these 5 days lockdown was extended for 21 days by the government to take safety and precaution measures against the pandemic COVID-19 aka Coronavirus. These measures are necessary for public safety and we all support and should cooperate with the government to overcome this pandemic, But what happens when we are done with this dreadful phase? Especially business owners whose business is mainly generated from fieldwork are now taking a dip into their reserve funds to maintain their balance in this phase. They might turn super hungry to bounce back, but do we have enough demand to support all of these businesses?

Now that's where if you need to sit down and think ways to combat the situation whether you are a freelancer or a business owner. You got to have a plan that can help you to add an advantage over your competitors. Before we jump into the topic, let us understand why businesses or freelancers need to buckle up? Our economy flourishes when consumers can afford additional expenses and with the post coronavirus period, As per the psychology, people will tend to start saving more rather than encouraging additional expenses. This might create an alarming situation and this behavior might also bring some businesses at a complete halt. Remember business talks to you through sales.

I might use the term 80\20 rule while explaining concepts. It is a very simple yet effective universal rule that can be explained with a very simple example:- 80% of the world's wealth is with 20% of the population and 20% of the world's wealth is with 80% of the population. now, this 80\20 rule will be explained further in upcoming points.

1) BE AN ARTIST WHO CAN SELL.

There is an artist and then there is an artist who can sell. Who do you think the world will remember the most? Some people earn thousands and then some people earn lakhs for the same work and the only reason they can earn that amount you desire is that they are effective at selling their art. So, develop your skills but also learn to sell them to a potential audience. It's high time you understand the difference, especially to freelances.

2) ANALYSIS OF YOUR OVERALL SALES.

While now you are at home and binge-watching on streaming platforms, why not binge-watch through your lifetime sales? It's time to understand the areas in your business products or services that bring maximum profit. Use rule 80\20 to figure out which service has 20% effort and brings 80% income and Which are the services that take 80% of you and your team's effort and brings only 20% income and as an effective businessman or an entrepreneur focus only on that 20 % service that helps to run the business more effectively.

3) Discounts, Coupons, and schemes always excite consumers.

If you are done romancing with the balance sheet and figure out high performing areas in business then time to bring in the decor. Celebrate and decorate these services or products with exciting coupons and discounts. Make your consumer temp with a deal that is hard to refuse.

4) MOTIVATION, TRIGGER, AND ACTION.

While drafting your discounts and schemes always understand the consumer's need. Target it with motivation in your pitch and it will work wonders. The consumers should feel a sense of motivation while they hear your pitch or see your proposal.

Next Step, Attack a point which can make them trigger to take an action. use as many effective one-liners as possible which is easy to understand and also make your consumers realize you are the one who can make their lives better.

If there is an easy procedure to take action and subscribe or buy your products or services. Then you soon you might be in good shape. For Example:- If your consumers can buy or subscribe on a click of a button. or can do it with a simple call, the key is the ease of doing the transaction. This will help to build trust as well as loyalty from your consumers.

5) ANALYZE YOUR WORKFORCE.

Desperate times desperate measures. This can make you feel a bit harsh to read but sometimes we do what is necessary. Being a leader doesn't mean always to motivate but at times you need to make difficult decisions which might be a benefit for the overall company. Use the same 80\20 rule to figure out that 20% of the team that can do 80% of the job and uses that 80% of less effective crew salary to fund this 20 %. Layoffs can be difficult but always remember the company has to do more in sales numbers Which might be able to expand your team and service in the near future. Skillful labor can help you grow exponentially. also while laying off remember that your crew or team needs to understand why you reached that decision. Being transparent at this moment will help you the most.

6) TRAIN TO OVERCOME.

There is a wise saying, A fool with a plan can defeat a genius without a plan. Be the fool and train your skills or your team's skills as in your unfortunate times you should be fortunate enough to have the best team or the best version of yourself. Business in the post Coronavirus stage feels like war and you need the best soldiers at your disposal. So train and keep training until the skill is no longer a challenge for you.

7) NETWORKING

If you think you can rule the world alone then let me tell you we live in a democratic country. Just like you, there are a thousand more people with the same business and supply the same services that you offer. You can work on the above points I told you but still, it won't be enough to bring in the cash flow. Networking with different professionals and businesses of the different genres can help you land audiences or consumers you wouldn't have considered. Networking also helps in developing businesses at a greater pace. It's not always about sales but sometimes collaborations or even a simple discussion on issues faced by certain businesses can help you give a broader perspective of the market you are operating. So start networking.

8) 25% SAVINGS

No matter what size of the project is, always try to take 25% aside from the amount received for savings. This will create emergency funds for your future. also, try to invest your money in different sources that can help you generate income from different sources even when you are not working.

9) MULTIPLE SOURCES OF INCOME.

While working on the high performing areas in business. Also, try to push the limits and create multiple sources of income from the existing business. This shouldn't be your immediate move but after you gain stability it is important to look into areas that can help you build roads for other sources of income to generate.

10) STAY FLEXIBLE AND ADAPTABLE.

These are tough times and I don't want to sugar coat it but it won't be easy for most of the businesses to attain stability within the 1st 6 months of the post corona period. Always remember, A game without challenges is boring and sheer dull to play in the same manner business without challenges will be sheer boring. Challenges are here to make you and your business improve and look at them in a positive note. Maybe your business has to adopt a new process or a new technology to keep up with the world and that should never scare you. Go out there, educate yourself and apply your techniques. You may go wrong but the best part is you will learn and you will make a comeback. If you liked what you read then make sure you subscribe to my newsletter where I express and share my knowledge and sometimes my experiences to amuse, educate, aware or even feel good about what's happening around us.