On March 25, we moved to a new office in the city downtown, and it was our first day at a new location.
Later that same day, quarantine officially announced in Ukraine.
Lviv city went into lockdown.
We left unpackaged boxes and took our laptops home.
Three days later, I’m contacted by one of our clients. They want us to put their business automation software on pause, the same day.
In one more week, I have another call with a different client. He also wants to reduce the development velocity temporarily.
Eventually, a new project that had to start in two weeks was put on hold. Due to virus spread and all the uncertainty.
These businesses were highly dependent on offline logistics and felt the pain of quarantine from the first days.
A few weeks later, a couple of existing clients asked us to speed up with the development. Their situation improved dramatically with quarantine.
We also started getting more inquiries on completely different startup ideas.
Finally, some of our paid ads lowered it’s CPC more than twice. Competition reduced on the market.
Thus, after two busy months of resources juggling, we’re back to normal and looking for a few more hires…
While some businesses feel the pain, others enjoy the growth.
While most of the people squeeze their activities and spendings, others work on introducing new disruptive startups and invest in products that would prosper in a new era.
It’s a great time to take over the market and act now with new ideas, offers, and brand new software products. Products that would fulfill unique reality needs.
And if you want to be among those leveraging new market conditions, here are three ideas for software products that would work best:
Idea #1: Middleman & Delivery
When restaurants and malls are closed, and public transportation is on lockdown, people switch to ordering things online.
Online marketplaces like Amazon, experience colossal growth.
Delivery industry from restaurants and groceries booms as well.
Online platforms like UberEats, Glovo, InstaCart, Walmart Grocery, and Zakaz.ua can’t handle the load!
Finally, people use more Uber-like apps as an alternative to partially locked public transportation.
So it’s a great time to launch an online marketplace or software that would help offline businesses go online and deliver their physical products and services remotely.
Which leads us to the next software idea:
Idea #2: Remote Work
Since the very beginning of quarantine, schools and colleges are closed too.
And within just two weeks, they quickly launched remote education.
Offices that can do their work remotely, quickly realised that it works for them too.
Now, everybody knows what Zoom is. From first grade student to the cleaning lady in the office 🙂
Online chats, emails, project management systems, remote video calling, and any kind of online cooperation software is in high demand like never before.
Software that helps education institutions teach students remotely boom too.
We get a request to build next Zoom, Slack, or Trello literally every 5th day…
If you want to launch software that helps a specific business niche do work remotely and more efficiently, you won’t have a problem selling it these days.
Idea #3: Cutting Down on Costs
When times become severe, the first thing people and businesses do – cut their costs.
Yes, we still spend money, but we do this much wiser and not that much.
Technology that helps businesses save time and money will thrive during hard times.
So I’d recommend you think about your niche and see where people are wasting time and money with manual labor and repetitive work.
Basecamp, WaveApps, FreshBooks, Drip, Canva, DocuSign are just a few great examples of software that help businesses save resources.
Pro Tip. Find out what small businesses are still using excel files to manage their processes and think about how you can make their life easier.
Crises are temporary, and they usually pass much faster than times of abundance.
Now is the best time to prepare for the next economic uptick.
With that being said, I wish you to stay safe, don’t panic, and make your business even more effective.
And if you have no idea how to empower your existing business in this new era, let me know, I have something for you!
Financial gurus say economic crisis is still in front of us. So you’d better prepare for it:
- Review your business spends and cut whatever you can
- Make sure your existing clients are happy
- Evaluate if you can add an extra recurring revenue stream with one of those three software ideas I listed for you above
What kind of business are you in and what are your plans to leverage economic crisis?