Ansha Dixit .

What options do Founders/Business Owners have?🀨

But innovate HOW????😟

Let us get real here! The scope of innovation is also limited when the market is bad and no one wants to incur unnecessary expenses!πŸ‘€

As I see it, businesses have 2 options to stay afloat:

  1. Get their Business Online and adapt to remote sales, online marketing etc. to boost revenue
  2. Try Raising Funds from Investors to fight the cash crunch and survive.

How about you?

Are you preparing to RAISE funds or going ONLINE?

Originally Posted Here
21 Comments

Abhinav Sankar

I think it would depend on the nature of Business.

If i could adapt my Business to online mode completely- that would definitely be the way forward for me

Ansha Dixit

What kind of businesses do you think can adapt during these times?

Abhinav Sankar

B2B SaaS specifically.
Bootstrapped chalna hai, toh this is the Industry to be in..

Abhirath Shah

Go Online and be Proactive. Don't let the lockdown / quarantine time get to you. Times are tough for many maybe for all and many don't have access to investors, etc.

Think of new ways on how your business can survive with an online model, if it cannot atleast try and reach maximum people by your digital presence until things open up slowly and steadily.

Before you go online, make sure you have everything ready that your brand or you as a person need for example just a great logo !

Seek help from a friend or ask for opinions on different groups. You can reach out to many.

I'm going online, and if anyone needs help figuring how to please feel free to write to me.

Piyush Soni

What business are you going to start?

Abhirath Shah

I wouldn't want to start something new right now personally.

I'd like to make my business offline to online not that it wasn't but it's the best way to rework your model now, learn digital ways on how to gather better following, the algorithms of Instagram & Facebook keep changing on a daily basis and currently as off today they are leading with the data/audience you want for your business.

Piyush Soni

Oh thats nice!! Expanding your business online is beneficial in current situation..
What is your business based on?

Abhirath Shah

our business is based on Wedding Management, Talent Management and Restaurant Management.

Piyush Soni

Basically Event management, right? What all difficulties you faced till now! I mean in past three months?

Ansha Dixit

Event Management folks have to adapt online now- I dont see any grand events happening at least for the next 5-6 months.

Curious to know How you are transitioning to online!:)Do share it to the community!

Abhirath Shah

To start off with -

1) Non Payment of previous events / salaries from contracted places is one of the biggest problems faced in our industry.

2) Most of the entertainers are losing it sitting at home, alot of them have got negative about this whole virus thing not understanding that this was anyway a kind of off season for the industry things will eventually get better post August / September.

3) Alot of entertainers, and industry people have started going online for webinars, which is good ! You need to talk to people you need to educate people, and you at the same time also need to learn from people.

4) Since we specialise in the masses, we are regularly doing online live events either on zoom, instagram pages, etc for a smaller but affordable fee. I do not believe in letting anyone perform for free since it's everyone's bread and butter.

5) Our next plan over the next 6 months is to get even more people married in groups or ceremonies of 50 - 60 people at @redstonevillas a venture we have collaborated with for the future. Most of them are outstation villas and we have the provision to yet give you the dream wedding you were looking for but on a smaller scale.

I'd be happy to help anyone from here as well who wants to know further.πŸ™‚

Piyush Soni

Option 1 of taking my business online seems easily adaptable to me over other.

Ansha Dixit

Why so?

Piyush Soni

Fund raising is a very tidious task. The amount of time which I am spending doing that thing, I would better work hard to take my business online!!! That would be easy and better decision!!

Ansha Dixit

Makes sense. But depends on the industry. If you're in B2C- most likely you might have to go for funding

Piyush Soni

Yeah true depends on the industry! But specifically I was talking about e-commerce, then taking it online would be good option!!

Rahul Toshniwal

Depends on the nature of your work. If you can really move online with remote work, nothing like it. It may eventually help you keep your costs down. Alternatively, businesses in the last mile distribution of FMCG, Essential Goods cannot move online.

Piyush Soni

Have you been in this situation before?

Premnath Borkar

Fundraising would take time, the first round itself take more than 1.5 years

Ansha Dixit

1.5 years? Do you mean the whole cycle from Idea to Round 1 of funding?

Premnath Borkar

finding and running behind investors to actually getting the cheque

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