With the world evolving around us due to the outbreak, the way we all do business is changing.
Many traditional physical locations are suffering due to policies that are causing lower foot traffic, and therefore revenue.
The impact on businesses has been significant and many people have had their hours cut or even lost their jobs altogether.
More people are choosing, or are forced by circumstances, to shop online.
Many businesses, large and small, are increasing their online presence and infrastructure to compensate for this.
We shall look at this trend and how Lone Wolf Entrepreneurs and small business owners can capitalize and turn it to their advantage.
The Business World Is Evolving
We have all seen news reports and articles about how the lockdown affected the global economy.
The initial lockdown slammed businesses of all sizes and caused economic hardship for many people.
Now restrictions have been eased back in many regions, businesses have to contend with social measures that dictate how many people can be present in a business location etc.
This is a huge burden on businesses that are struggling to regain their footing revenue-wise.
During the lockdown, and seemingly going forward, people are shopping online.
The trend towards online shopping has been increasing for several years now, mainly due to price and convenience, but this trend is surging.
As I mentioned above, due to policies and the fact that many businesses in their local area may have closed, people are finding themselves having to order products online.
Combine those factors with unrest in many urban areas and shopping online is an appealing option.
The wise business owner and Lone Wolf Entrepreneur are, or should be, aiming to evolve and capitalize on this online gold rush as fast as possible.
How To Capitalize On The Online Gold Rush
Business owners and Lone Wolf Entrepreneurs need to set up and optimize their online presence.
It may be that you have an online presence already.
Perhaps a small online store or maybe a social media following.
Whatever the case you need to optimize and expand this presence.
If you have not, then it is high time you set your infrastructure in place.
Being successful online takes a broad set of skills that work in unison.
Here are some to consider.
SEO (Search Engine Optimization) is a core skill set that anyone wishing to be successful online needs to learn.
As a basic overview, SEO is the practice of optimizing content in order to rank high in search engine (Google, Bing, Yahoo, etc) results.
If you have an online store, then you want as many people as possible to find your products.
Ranking top in search results for desirable keywords can lead to huge amounts of targeted traffic.
For example, if you have a small local shoe store in Dallas and you can rank for “Best shoe store in Dallas” then you will harness a lot of your local customers.
Even though your physical location may be hindered by low foot traffic, if you have an online shopping cart infrastructure, you can still sell and ship to locals.
While your competitors are waiting for people to walk in the door of their store or for any policies to be lifted in your region, you can be harvesting a lot of local revenue online.
But ranking top for competitive terms is not a walk in the park, and it is going to get harder as more businesses increase and optimize their online infrastructure.
The early bird catches the worm, as they say, so the sooner you can learn this skill set and implement it, the better.
Social media is part of many people’s daily lives and is here to stay.
If your business is not pushing hard on multiple platforms, then you are simply missing out.
There is no store in the world that can handle thousands of people a minute coming through its doors.
But a well crafted social media post that goes viral and leads to your online store…
Your problem could be having enough stock rather than enough customers.
Each platform has its nuances and effective techniques, but these are a skill set that need to be learned and implemented.
Just posting links to your site is not enough.
There are trending hashtags and targeted keywords to consider.
What kind of posts convert and which ones do not.
Again, a skillset to be learned.
Your online store itself needs to be optimized for search engines, social media, and also for the customer purchasing cycle.
It is a known fact that many people will read reviews before purchasing online.
Have you reached out to review bloggers and YouTubers that cater to your target customer base?
Do you know how to effectively use a blog on your site to draw in customers from search engines?
Budding Lone Wolf Entrepreneurs who do not have an online business yet can learn the skill set to do affiliate marketing.
You can set up a review site or YouTube channel that affiliate links to products and you can earn a commission on any referred sales.
This practice is used by some of the largest companies in the world to drive customers to their products.
For example, did you know that Amazon has an affiliate program?
You can join, post links to products on Amazon, and if anyone makes a purchase you earn a percentage.
Affiliate marketing is a pillar of e-commerce and is currently experiencing a rush of people seeking to learn the skill set needed.
It is a great home-based business and has allowed people to earn extra money each month, replace their job income, or even make large amounts of money from home.
Now is the perfect time to become an online entrepreneur.
Whether you already have an online business, are seeking to expand your online infrastructure, or become a Lone Wolf Entrepreneur, now is the time.
Learn the skill set and not only survive, but potentially thrive.
I wish you the best success!
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Here are some articles and resources you may benefit from
There has been a shift towards online shopping for years, but due to recent events in the world, it has accelerated.
With various social policies in place that restrict the number of people allowed in a location, many people are choosing to shop online.
With the current situation we all find ourselves in, with regards to the outbreak, not many people can say their job is truly secure.
Businesses have closed and it seems many more are struggling to the point that they may close as time goes on.
Even people who currently have a job are finding their hours cut as their employer contends with lower traffic at their business due to social policies.
In this article, we are going to look at why you should start your own online business.
We will look at how the scope for online revenue is vast in both monetary value and also opportunities to take advantage of the online gold rush.
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