After six months since COVID was declared a pandemic, and we got lockdown, businesses have had to reinvent themselves or have closed down.
We have all had to make changes to the business operations and modify our business models. This is why I wrote this blog post to spark your imagination to help you build a stronger business for the new future ahead.
This option is possibly an obvious one. None the less is vital to reiterate this option and a must. Having an E-commerce is an expected solution for your customers. But also it allows business continuity during future lockdowns. You don’t need to have a fancy technology behind. During this pandemic, I have seen people solving this problem with an Instagram account to show the products, a Whatsapp message to put your order in and simple payment via bank transfer. What I mean is that you can invest later on into fancy-pants, but get your business out there quick and dirty.
This model ensures recurrent income. There are different things you could do. Pret-a-Manger has just launched a £20 a month subscription that allows you five drinks a day. They could do the lunch box subscription. This model can be applied in many different ways. If you own an excellent shop, you could build a box subscription like Abel and Cole. For service-based businesses, a retainer is basically a subscription. You could have one hour a week consultancy.
This model is taking more and more adepts, my friend Txell Costa has worked like that for years, and she has been swearing that this is the business model for modern companies. The basics are simple: you build a team composed of other freelancers to tackle one problem. When the project is over each invoice, you and you involve the client (or any other arrangements). After that, the team gets dissolved and next time the same. This way, you can keep the business to one or fewer people employed and control the headcount. My company has a Virtual Assistant when I need and have the accountant team external too.
This option is more of a top-up than a business model for itself. You recommend someone or a product in exchange for a percentage or a fee of the successful transaction. For example, I always recommend Siteground, as they are a fantastic company who has the most incredible employees who always go the extra mile to solve your problems. In exchange, they pay me for every time a customer purchases their services.
Community and customer generation content
If you have a community-based business, for example, a coworking space, you can use peoples expertise to build a subscription site or e-commerce offering courses and content. Your community, marketing experts, accountants, could create this content in exchange for visibility. You only need to manage the site, and valuable content gets generated.
If you have no idea how could you improve your business after covid, pick my brains, totally free for 15 minutes.
Have you got an idea and don’t know how to convert it into a business?
Download my new E-book From idea to profit, from the Brand Bookshelf, the ever-growing resource page. Subscribe here!