Should you start a business in Vietnam during a Pandemic?
Launching a startup during a global pandemic is challenging, but it’s not impossible.
Across various industries, business owners have to adapt their operations to comply with social distancing protocols and stay afloat during an economic downturn. These conditions have made it difficult for many existing businesses to survive and even more difficult for new ones to open.
Related: How to start a business in Vietnam as foreigner
Launching a new business is a complicated feat in the best of circumstances, and it’s an especially complex process to tackle during COVID-19. Many people might think it impossible to pursue entrepreneurship in such uncertain times, but doing so might not be such a bad idea. In fact, a business has the potential to survive and even thrive during a global pandemic.
“While there are certainly some incredible challenges launching any business right now, the opportunity is also ripe to launch a new business,” said Warren, who founded a new delivery service firm. “The disruption caused by COVID has triggered people to rethink their entire lives, providing a unique window of opportunity to offer new and exciting brands and services to consumers.”
Certain businesses are better suited to the current situation than others. Here are some business types that are seeing a strong demand during the coronavirus pandemic:
- Delivery services. With many staying home and avoiding nonessential outings, people are increasingly relying on delivery. Retail delivery, as well as food, grocery and meal prep delivery, are seeing a particularly strong demand.
- Tele-health services. People have been wary of visiting doctor’s offices, where they could more easily contract coronavirus. As a result, tele-health services have become increasingly popular.
- Fitness equipment and online fitness classes. Most gyms and fitness studios have limited in-person capacities right now, so consumers are turning to fitness equipment companies and virtual classes to stay fit without leaving the house.
- Cleaning services. Many people and businesses are turning to professional cleaning services that can safely and effectively sanitize homes, offices and restaurants.
- Mask makers. With mask-wearing becoming a requirement in certain settings, several companies have cropped up or successfully pivoted their operations to create high-quality, aesthetically pleasing masks.
- Landscaping/yard care companies. Rather than going out or on vacation, people are spending more time at home with family or hosting smaller outdoor get-togethers. As a result, landscaping and yard care companies are seeing even more business than usual.
- Pet Store Business. If you are a sucker for animals, and you have a knack for making your money multiply through entrepreneurship, then deciding to open a pet shop business, can be you stirring your life in the right direction.
The Importance of company registration in the COVID-19 pandemic
Consumer habits have significantly shifted amid the pandemic, so consider how your offerings fit into your customers’ current lifestyle. For example, pet adoptions soared by 700% since last year, as people sought pet companionship while they’re spending more time at home.
A strong digital marketing strategy can help bolster your new business through uncertain times. Transparent communication and staying true to your brand online are two key ways to build customer loyalty in the pandemic and beyond.
Social media is a great way to bring in new customers and share updates with current ones. Of course you want to promote your business and any (virtual) events you’re having, but you shouldn’t just sell, sell, sell. Use your social accounts to genuinely engage with your customers and get them excited about your brand.
The business landscape looks very different now than it did a few months ago, and it could very well change again. Developing a long-term, recession-proof business plan with good financial planning in place will help ensure your startup can weather any storm.
You need to ensure that your business is COVID-proof, meaning it’s something that someone would be able to enjoy in the COVID world we’re currently in. If not, you run the risk of incurring costs that you can’t turn on a profit on.
Above all else, stay positive. While launching a startup right now has its unique challenges, it’s far from impossible.
Most importantly, do not be afraid to ask for help. You may be surprised at how many people reach out a helping hand when you just ask.
What you need to register your business in Vietnam
Before you contact the local company corporation registry, you will need the following information to register a business in Vietnam:
• Your business name
• The type of business
• The business lines of your company
• Where your main office is located
If you have questions about the process of registering your company, it’s best to speak with a lawyer or company formation agency in Vietnam.
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