Everyone around the world has been affected by the COVID-19 pandemic. It threw the lives of everyone into a tailspin. There were job losses, businesses were affected, and this led to mental health and strained relationships. But as they say when something is gone something better is coming. Yes, it came indeed the people started looking for ways to supplement their incomes with home-based businesses.
Come explore with us some practices to reduce costs without sacrificing the performance of your home business.
Target a niche market
One can build upon one’s business by focusing on a specific niche in the market, by doing so one can scale up one’s business. The uniqueness of your products or services will go a long way in adding to the revenue. One can explore such niche markets and cater to consumers whose needs are not being catered to by the bigger industrial houses.
Have an online presence
The world has gone digital these days gone are the days when the sales took by an advertisement in the local magazine or a newspaper. If you don’t have an online presence then the best advice would be to book a domain and start your website. COVID has changed the way people shop and people want to shop online rather than visit a physical store. One can add a shopping cart function and apply for a merchant account so you can accept credit card payments.
Social media can be a great tool if used effectively platforms such as Facebook, Twitter, Instagram, and LinkedIn can be tapped to add to one’s business.
Keep an eye on the competitors
All the business owners love to keep an eye on the competitors and it is a smart strategy because it helps to differentiate your brand and creates a brand identity of your own.
One can keep an eye on the indirect and direct competition and learn which strategies they are using to promote their business. One can adopt the steps which competitors took during this crisis period and incorporate them into their business. One can offer customized solutions accordingly and thus gain a competitive advantage over the competitors.
Read more on: 5 best home-based business ideas for Women Entrepreneurs in Dubai
Execute a business plan which is flexible and realistic
Entrepreneurs during these tough and challenging times must be prepared to tackle any eventuality which is thrown at them. An effective business plan should be able to see you through these difficult times. Businesses should be closely monitored and determine where improvements need to be made for them to be successful.
If you are planning to set up a home business anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.
*Please Note: This article was published on 25th March 2021. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent updates or changes.
