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How to Start a Business in Crisis Time?

«Saudi Vision 2030»: A Look into key achievements in 5 years

There are many opinions and theories regarding this topic. Some people claim that a crisis is a right time to start a business. Their claim is based on the rule that focuses on meeting the need of the people. In fact, in the time of crisis, the needs of people are at the peak. However, it depends on the type of business you are rolling in. The key is to know what to provide. Then, know how to provide it. These are some tips on how to start a business in crisis time.

  • Position Your Business

This step means knowing where your business is regarding the market. Definitely, in crisis time, the market will be in its lowest curve. The point is to find how your business can contribute to nourishing that market by meeting the demand of people. There are lots of tactics to position a business, such as SWOT analysis, target analysis, and competitor analysis.

  • Define Your Value Proposition

After positioning, it is time to define the value proposition. It means the value a business promising to bring. It is a declaration of intent that introduces a company’s brand. It explains the concept and what does the company stands for. There are many ways to define that either by a clear statement or the value proposition canvas.

  • Draft Your Plan

After defining the values, it comes the plan on how to reach that big picture. There are many types of plans to be prepared, like the financial plan, the marketing plan, operational plan, and more. The key is to find a suitable way to reflect the position of the business and the value proposition. The plan for a business is like a pathway.

  • Execution

The plan is ready, and now it is the time for execution. It is time to implement the ideas and thoughts. The execution phase turns the visualization work before into real existed actions. It depends on the team members you have picked. It depends on how they are passionate about the concept and how they are moving in the same direction.

All in all, businesses start the same way every time. The only difference is to be sensitive to the market and stay alert to the situations around you. It depends on how you look at the cup; is it the half-full or the other empty half.

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