There are few things more challenging than starting a business during a pandemic. Business failure rates are higher than during the great depression, yet there is also ample opportunity. Fortunately, David Bell, former Professor of Wharton School of Business, has a few rules of thumb on how to start a business during a pandemic, taking into account the fact that the business landscape has changed drastically.
David Bell, former Professor of the Wharton School of Business, recommends that your business needs to first and foremost fill and address a specific niche. Since David R. Bell is an expert in consumer behavior, he suggests focusing on timely areas like finance where people are desperately looking for help. David R. Bell also knows that you must take advantage of social media marketing. There are tons of available tools that can help you get the job done in the social media marketing world, and recommends that you leverage as many of them as possible.
David Bell, former Professor of Wharton School of Business, recommends that you also maintain social distancing during the pandemic. It may be tempting to meet with potential clients for your business during the pandemic in person, but we must all practice social distancing.
Finally, David Bell, former Professor of Wharton School of Business, recommends that you seek some outside capital for your business. It can be very important to either take out a loan or receive angel investments from your family members to help your business get off the ground. Fortunately, there are many ways to get access to capital, including even crowdfunding through a variety of platforms and this makes it easier to start a business. You need to spend money to make money. However, you certainly mustn’t spend money on businesses that are currently failing, such as in some sectors of the dining and restaurant sector.
