Is Starting a Business Still Worthwhile in Crisis Country ?
A crisis can mean many things: an economic recession, high inflation, a weakening exchange rate, supply chain disruptions, a pandemic, or even political instability. Conditions like this are indeed frightening — but that doesn't mean starting a business during a crisis is always bad. Depending on the type of business, strategy, adaptability, and the surrounding business environment.
Why It's Still Possible
1. Emergence of New Opportunities
People's demands and habits frequently shift during times of crises. For instance, digital learning, online food delivery, and small home-based enterprises all saw significant growth during the epidemic. This demonstrates that innovative company concepts may flourish even during difficult times.
2. Reduced Competition
In times of crisis, many businesses cease operations. This implies that there is greater room for new companies to enter the market and provide something novel.
3. Reduced Prices
Rent and materials might occasionally be less expensive during hard times. This enables new business owners to begin operating on a reduced initial budget.
4. Assistance from the Government
The Indonesian government frequently offers low-interest loans, training, and digital business initiatives to small firms.
The Difficulties
We must acknowledge that it's not simple, despite the fact that there are opportunities. During a crisis, new business owners frequently encounter the following issues:
- By concentrating on necessities, people spend less money.
- Obtaining investors or financing may be more difficult.
- The cost of materials might fluctuate rapidly.
- To survive, one must be patient and well-prepared.
Tips for Starting a Business in a Crisis
In times of crisis, launching a business requires extra caution and astute planning. You can use the following useful advice:
1. Get started small and easy
Don't start a large company immediately away. Start with something manageable and small. Before investing a lot of money, this allows you test your idea and determine whether people are interested. You could, for instance, start selling goods online from your house or produce items as needed rather than maintaining a huge inventory.
2. Pay Attention to Basic Needs
People prioritize essentials during a crisis, such as food, daily needs, reasonably priced clothing, medical supplies, or basic services. Regardless of the circumstances, concentrate your business on what customers still need. Your revenue and clientele are more steady as a result.
1. Get started small and easy
Don't start a large company immediately away. Start with something manageable and small. Before investing a lot of money, this allows you test your idea and determine whether people are interested. You could, for instance, start selling goods online from your house or produce items as needed rather than maintaining a huge inventory.
2. Pay Attention to Basic Needs
People prioritize essentials during a crisis, such as food, daily needs, reasonably priced clothing, medical supplies, or basic services. Regardless of the circumstances, concentrate your business on what customers still need. Your revenue and clientele are more steady as a result.
3. Make the Switch to Digital
Make use of technology. Use social media platforms like WhatsApp, Instagram, and TikTok to advertise your goods. Additionally, you can sell on online marketplaces like Shopee or Tokopedia. Compared to a physical store, going digital is easier to run and allows you to reach a wider audience at a lesser cost.
4. Use Your Money wisely
Take care of your money. Steer clear of wasteful spending and keep some cash on hand for unexpected costs. Use straightforward tools like Excel or bookkeeping software to keep tabs on your earnings and expenses. Even when sales decline, a solid financial plan helps your company stay in business longer.
Make use of technology. Use social media platforms like WhatsApp, Instagram, and TikTok to advertise your goods. Additionally, you can sell on online marketplaces like Shopee or Tokopedia. Compared to a physical store, going digital is easier to run and allows you to reach a wider audience at a lesser cost.
4. Use Your Money wisely
Take care of your money. Steer clear of wasteful spending and keep some cash on hand for unexpected costs. Use straightforward tools like Excel or bookkeeping software to keep tabs on your earnings and expenses. Even when sales decline, a solid financial plan helps your company stay in business longer.
5. Show creativity and adaptability
Things might change quickly during a crisis, therefore you must adjust swiftly. Try a different product if the first one doesn't sell. Try selling online if your store isn't very busy. Adaptability and creativity are essential to the survival of your company.
6. Establish Positive Connections
Be kind to your clients and earn their trust. A devoted client can help spread the word about your company. Join local groups or online networks to network with other small company entrepreneurs and exchange ideas, support, and advice.
Things might change quickly during a crisis, therefore you must adjust swiftly. Try a different product if the first one doesn't sell. Try selling online if your store isn't very busy. Adaptability and creativity are essential to the survival of your company.
6. Establish Positive Connections
Be kind to your clients and earn their trust. A devoted client can help spread the word about your company. Join local groups or online networks to network with other small company entrepreneurs and exchange ideas, support, and advice.
conclusion
So, is it safe to launch a business in Indonesia during a crisis?
Indeed, it is possible!
Although it is difficult, it is not impossible to launch a firm amid a crisis. Even in difficult times, you can find fantastic possibilities if you are intelligent, imaginative, and adaptable. What makes a firm last is the lessons entrepreneurs learn from a crisis: how to be stronger, smarter, and more creative.
Comments
Post a Comment