In the following interview with Brian Harrington, my son, and protege, we discuss the top 5 important ways you can learn how to survive in business during a crisis —part 4.
In the first 3-part series of how to survive in business during a crisis, we cover staying positive and motivated, finding a mentor, and creating a new business plan —so today, we are going to discuss raising capital, finding new trends, starting a new business, doing research in your niche, and trying some equity crowdfunding.
Check out the video below to learn more and grab to most important ways to survive in business during a crisis:
Now is not the time to give up on your business. Start looking for ways to make your business grow with these top tips to get you started!
#1 Get a Line of Credit (Raise Capital)
There are some companies that are starting to thrive during these times because they have the capital and have been intentional about creating profit and preparedness for moments like this.
This is why it might be a great time to get some lines of credit for your business, service, or side hustle.
For instance, do you have a home that has maybe some equity in it? Or think about getting a line of credit from your bank —you never know when you might need it.
Get a line of credit is for a worst-case scenario and you might never have to touch it, but being prepared is what will help you survive in business during a crisis.
I also wrote another book about raising capital and it’s called, The Maverick Battle Guide To Raising Capital. This book explains the overall need to find funding for your company and how to to create a strategic plan to get the investor’s attention!
I wrote a post about How To Get An Investor Interested In Your Entrepreneurial Idea!
Make no mistake, raising capital is a process! To succeed, you’re going to need to be resilient, creative, and prepared! —Kevin Harrington
Right now, is a great time to think about raising capital. It’s always good to have cash in the bank at a time of turmoil. So if you have a good business plan a solid business in place, you’ll find the funding and abilities to raise capital.
I mean, I have several of my companies that are surging right now, and although, I can’t discuss the details, I can say that one of our public companies had a $1 million day on Amazon recently. This is what I like to call a 10X day.
By staying focused and getting strategic about raising capital, you too can have a 3X, 5X, or 10 X return on what you’re doing.
Let the troubled times create opportunities in your business where you never would have thought it could. You’ll be surprised at how eager people are ready to help!
#2 Find the Next Trends
Right now, people are staying at home and in need of different products and services to continue living in their “new normal”. People are in need of self-care and have time to research the next big trends.
For example, my family has a cool machine for spa-like therapy in the comfort of our own home. There are those who need sanitizers, face masks, and self-protecting wellness products. Although these are easy, low hanging fruit stuff, they still matter in your trend search and next steps for product ideas.
If you’re, in fact, in the product business, there are other ways to take the products that you’re selling and bring them back to the home.
For instance, we’ve got home (DIY) products that are doing well right now on QVC. Why are they doing well? Because people are staying at home. They’re looking to do things themselves. They don’t want fancy, expensive contractors outside.
You can also look at retail and the clothing trends since people are dressing differently —now that they’re doing everything from the home. It’s an idea!
Overall, we’re starting to think about the trends that are happening out in the marketplace right now.
#3 Start a New Side Hustle
The other thing is Amazon… there are some Amazon sites right now that are killing it. This is why I believe that there’s no better time to start a little part-time business than right now!
Learn how to get help with your side hustle HERE!!
Now is the time for you to take charge and open the door for a new opportunity. —Kevin Harrington
If you see yourself doing something new and you are over-the-top intentional about your life, you WILL MAKE IT HAPPEN, regardless of what it is!!
So if the pandemic has been a wake-up call for you, which it has been for many of us, take this time as the opportunity it is to create a future you’ll never be worried about… and have the freedom you’ve always dreamed about having!!
#4 Research, Research, Research
Truth be told… I’ve been scouring doing research all over the place in numerous niches, companies, businesses, and services. I’ve got loads and loads of franchises now that are work-from-home kind of opportunities.
In fact, these are the things that we will be teaching and helping folks with as they are coming to us looking for advice and guidance for them.
“Research is formalized curiosity, it is poking and prying with a purpose.” —Zora Neale Hurston
#5 Get Equity Crowdfunding
Do not buckle and hide under a rock or dig your head into the sand. Now is the time to go get some encouragement, get some advice, get a mentor to give you insight, help, and ideas.
Maybe you need some extra dollars, maybe you need to get an angel investor, maybe you get help from a bank, maybe get some equity in your house, or maybe you need to raise some money.
One of the things we help companies with is called equity crowdfunding. We’re involved in dozens of equity crowdfunding site.
We’ve worked with equity crowdfunding and also non-equity crowdfunding.
Equity crowdfunding is a way for startups to raise small amounts of money from numerous people. With equity crowdfunding, investors get a stake in the company —opposite of the rewards-based kind.
Their reward is the profit they expect in return for giving you their money. The biggest win here is that this type of crowdfunding will help your business grow faster along with your funds.
Know what you own and why you own it. —Hotelierco.com
Catch up from the previous article on How To Survive in Business During a Crisis —Part 1.
To survive in business during a crisis will take some serious motivation, determination, and focus. You will need to get some capital, find the next trends, embrace a new opportunity, research your niche and interests, and work on exploring crowdfunding.
Remember that you are not alone and our team is here to help mentor and help you succeed —no matter what your business is or will be!!
Do You Want The Keys To Raising Capital?
Raising capital during an economic downturn can be difficult. Kevin will show you the keys to acquiring capital for your business or product. Start Raising Capital Here NOW!!