In this time of the global pandemic, the whole world is battling the deadly coronavirus. To stop the spread of this virus, we had to take numerous measures. That includes the lockdown of all the states, practicing social distancing norms, and a bunch of more strict rules. Despite all these efforts, hundreds of people are losing their lives every single day.
But more than that what we are failing to see in all this chaos is the rapidly increasing rate of unemployment. With a lot of offices and businesses being shut down and no clear information on when everything will go back to normal, this is clearly a period of uncertainty and fear for everyone.
We don’t know when we will be able to go back to our lives before the pandemic. We don’t know when we will find any medicine or vaccination for the virus. We don’t know when we will be able to freely go back to schools and offices. At this point, all we can see in our future is a big question mark.
And because of this feeling of uncertainty and unpredictability, a lot of companies and businesses are laying off their employees. Like recently, we saw how Ola laid off around 1400 employees during the period of COVID-19, due to the significant reduction in revenues during the past few months.
With India being the world’s 2nd largest populated country and having a high rate of unemployment even before the outbreak of coronavirus. This is going to one of the biggest issues that we may have to face post this pandemic. We are already seeing almost every day on the news channel how teachers and engineers are working as daily wage workers to earn their livelihood.
So, at this time, one big question that every unemployed individual is facing is, what’s next? Whether they should start to look for jobs similar to their old ones? Or should they start looking for different career opportunities? One great alternative for such people would be to start a business of their own.
At this point, after gaining some experience, working in the industry for a few years, you have all the insider knowledge, and that gives you an advantage compared to your peers. Many of your competitors may be youngsters or freshers don’t have that benefit that you do.
And one of the best ways to boost your late-career startup is through Market Optimisation. But what exactly does market optimization mean? Well, we are here to explain just that and also how you can implement that in your startup business.
Market optimization is the process of promoting and advertising your business and startup to maximize your market share. This is another way of sharing the services and goods that you aim to with your clients and customers. This optimization technique aims at maximizing your revenue and profits.
There are so many market optimization techniques that you can adopt to make your startup a success. Here are our top 5 suggested methods that you can employ to achieve more and faster success in your late-career startup:
Refine your target and focus on them
This is where your previous work experience and contacts come in handy. You already know which direction is the right way ahead and what products and services will be in demand in the coming time. So, you can focus on those things and not on ideas that are going to become redundant and outdated in the near future. Maybe you also know some potential clients from your old job that would be interested in working with you as they already know and trust you.
Promote User-generated content
For a new business getting people to trust you and give you a chance is really important. But how do you get around to do that as you are relatively new in the industry? Well, use your client’s feedback and reviews to show others how good you are and how happy your clients are with your work. This will help your potential clients a sense of trustworthiness and safety, hearing what people have to say about your startup, and they can also refer to your old clients if they have any doubts.
Identify your weak points and rectify them
When starting a new business, there are bound to be some things that you may be doing that are, either not necessary, or you are doing them wrong. So, identify the points and links in your startup that are weak and rectify them. Try to look from a critical eye and see what you are doing wrong and what you should be doing instead of that. If you can help, try to have someone else evaluate your work, and this will give you a different perspective on things.
Provide greater value than your competitors
Let’s be honest, this is a competitive world, and everyone is constantly copying one another. That’s why you need to stay unique and do something different than everybody else. Try offering goods or services that no one else is currently offering. Add some incentives or benefits to your services that the client won’t be able to refuse. Do something that gives you an edge over your other competitors and makes you a better customer choice. Don’t be afraid to go that extra mile as it may just put you a step ahead in the race.
Constantly keep Analysing and re-assessing yourself
It is important for every business, whether newly incorporated or not, to constantly re-analyze and re-assess all their operations at regular intervals. This will help you understand what you are doing and what percent of things are actually helping you and what all things are having a counter effect on you. This way, you can increase the number of activities and operations that are beneficial to your business and stop those that are not worth your time and money. Set an inspection schedule depending on your convenience, and let that guide you.
So, whether you are thinking of starting a late-career startup or are a newly set up startup business, these tips will help you to be successful and grow faster in your career.
It is important to remember that you don’t achieve perfection in a single day or single task. It’s a continuous process where every day, you have to do better work than yesterday and continuously keep pushing yourself.
We hope that by following all our strategies mentioned above will help your late-career startup boom and take off. Just remember to every once in a while, to take a pause and evaluate your every action. This will help you decide that is good for you so you can continue with those tasks and activities and stop doing things that are no longer beneficial to you.