The COVID-19 pandemic has affected everyone in the worst ways possible. Across different industries, this unfortunate time has forced every company to adapt to other COVID-19 protocols to keep their businesses afloat and survive the economic crisis. Unfortunately, not everyone made it as the number of unemployed people rose all over the world.
Launching a business during an economic meltdown can be stressful, risky, and impossible. However, starting from taking advantage of big companies’ struggling situation will help your startup business thrive during the pandemic. Many people think that starting a business in a recession is a no-go, but it’s not that bad of an idea.
First, you need to think of a recession-proof business. If you ask most marketers, the beauty industry is always one of the answers you are going to get. If you noticed, there was an influx of cosmetic product resellers all over the internet. You might think, is starting an online beauty business a wise move during a crisis? Let’s find out!
1. Consumers are looking for cheaper options.
When there is an economic downfall, most people are struggling financially. During the COVID-19 pandemic, employers were forced to lay off many employees because they could not pay for labor. Now, these people will do their best to find the cheapest products they can use. As health and wellness became the biggest priority, people started doing their skincare routine in their respective households.
Due to the rising number of cosmetic resellers and distributors, the competition has always been challenging. However, keep in mind that people are looking for cheaper alternatives, and this is where you get to play. As a startup, you will know what people want and need. As they say, fresh eyes are vital for having different perspectives and ways to handle a business. Before anything else, you will need your supplies. Fortunately, you can choose from various wholesale Korean skincare sites that will give you competitive prices. After that, you will need an excellent marketing strategy to make your business relevant.
2. Most competitors are in a vulnerable state.
May it be giant companies or smaller businesses, they have already incurred losses. They might temporarily suspend operations, or they are close to stopping permanently. Nevertheless, taking advantage of their vulnerability will give your startup business a greater chance of succeeding. However, avoid making rash decisions because nothing is certain at this moment.
Most people think that starting any business and making risky financial decisions should not be done during an economic crisis. This kind of mindset only means that you will have fewer competitors than you would have if you did it outside the pandemic.
3. It could mean less capital for you.
During a crisis, most things cost less than they used to be, as major businesses sell their assets and stocks at a lower price to quicken their stock turnover. Even if you rent office spaces or buy equipment for your startup, it would likely cost lower. However, the best thing about having an online business is that you can operate your business wherever you are if you are connected to the internet. If you need extra workers, they will unlikely to demand a higher salary and benefits.
4. Beauty products will be in demand even after the pandemic.
Once you make your beauty business relevant during the pandemic, it will likely flourish after the pandemic. People will continue to prioritize their overall health even after the pandemic, which is a good sign for skincare products. On the other hand, makeup products might also see a brighter future outside the pandemic as women will start to wear makeup again once we are no longer required to wear a mask.
Keep your online beauty business relevant through the storm by continuously thinking of unique marketing strategies and anticipating future trends. With this, you will keep your business thriving. Who knows, you might even be the next Amazon after a few years.
Starting a business is always risky. It’s up to you if you are willing to take that risk or not, but having the means and proper ways to do it will give you greater chances to succeed. You might have numerous reasons why you should not start a business during this time but take time to reflect on these four reasons why you should.