Have you heard the story of the ant? The ant tries to climb a heap of sand and fails, but it keeps trying until it succeeds. The moral of the story is to never stop trying. Thus, after Starting A Business, keep trying to make it better, probably even when you need to restart the business.
Well, you came up with a business idea and you started a business, but it is not yielding the desired results. The Pandemic has probably made the situation worse and you are probably thinking of shutting it down. But deep down, you still see potential in your idea. Don’t worry, if you didn’t get it right the first time, doesn’t mean, it can’t be achieved the second time around. Remember the ant!
Maybe, you just need a fresh start. You need to consider restarting your business, instead of giving it all up and working for someone else. This time the chances of you succeeding increase, given the experience you got the first time around and your contacts.
Here is the process that takes one for restarting a business:
Step.1. Analyzing the existent model of the business. It will help you to figure out what went wrong the last time and to avoid that in the future.
Step.2. Formulating a detailed plan. Mapping down your goals and targets will enable the running of the business model efficiently and will help you pitch for funds.
Step.3. Get your funds. Now that you have an idea and a plan, you need funds. Chances are that your funds you procured for your idea the last time dried up in the execution of the previous run. It is time to acquire funds again.
Step.4. Acquire the required human resource. As you are restarting your business, you might already have a pool of talented and experienced people around you. But don’t hesitate to get some expert opinion from outside.
Step.5. Launch. This is the time to re-launch your business.
The steps can be efficiently implemented with the right mix of innovation and renovation for restarting your business. You might be wondering how. Let us know.
Technically, renovation means to re-innovate or to improve the existent model. Your previous business model wasn’t working for you, therefore, it is time to upgrade it. Your analysis and the expertise acquired over your previous tenure are going to help you avoid the mistakes you made the last time. While doing that, if your business undergoes a bit of a renovation, it will be an added advantage. By renovation, I don’t mean just renovating the working space and the interiors. The concept of renovation embodies more than that.
When you renovate your working space, that is, your office, your showroom, your shop, etc, it could not only make it more appealing to your clientele, it is also likely to increase the efficiency of your workers. You could end up using all the unused resources, remaining idle earlier, like space.
The renovation will also include getting your logo upgraded. Customers associate a brand with its logo and since your last business wasn’t really impressionable, you need to put efforts into improving your logo or your slogan for that matter.
Innovation implies applying new ideas or techniques. In this cut-throat competition, businesses that innovate their products or services from time to time succeed. Since you are restarting your business, you need to implement the concept of innovation from the very beginning.
Innovating doesn’t always imply introducing a new line of products or services, it simply can be achieved by improving the existing product. The concept of “survival of the fittest” accurately applies here. For one to fit one’s business, one needs to innovate.
For Example, if you are in a line of business, where dealings are made offline, you could put efforts to integrate it online. Your efforts can be directed towards getting visibility for your business and integrating with vendors to get it online successfully.
Being online in the post-pandemic world has become a crucial part of the business world. But when you get online, make sure you do it right. The Internet gives you a platform to communicate with your customers, represent the best of your business to them.
While restarting your business, you have the advantage of an existing client-base. Tap your contacts, your customers, your vendors. Let everyone know that you are back in business and that with some innovated and improved concepts.
Getting your business restarted can be a very challenging task. You need to tap your existing resources and integrate them with your newly-found resources.