About: Bea Sanchez

Bea Sanchez
Profile
Bea Sanchez is a writer at Aepiphanni, a Business Consultancy that provides Management Consulting, Implementation and Managed Services to business leaders and entrepreneurs seeking to improve or expand operations. She writes about business & entrepreneurship, branding, and digital marketing—content that educates small and medium-sized enterprises and helps them create informed decisions. Beyond writing articles, she's also fond of copywriting and social media content creation. 

Posts by Bea Sanchez:

  • Ideas Amid Global Chaos

Ideas Amid Global Chaos

Identifying Innovative Business Ideas in a Volatile Economy

Recessions are often a time when potential entrepreneurs are hesitant to pursue a business idea. For some, this is a time best spent to keep finances on a tight leash and to build cash reserves. However, trying times does not always equal to unsuccessful business pursuits. Some companies may fall, but others unexpectedly rise.

One company that thrived during a recession is Uber, a ride-sharing app that launched back in 2009. Back in 2007 to 2009, the U.S. fell into what is called The Great Recession. GDP fell to 4.3% and unemployment reached 10%.

This did not stop Uber founders, Travis Kalanick and Garrett Camp, from launching Uber—a business idea they thought of after having difficulties getting a ride while they were in Paris. Fast forward to almost a decade later and the company reported that the app was used to book more than 10 billion trips since it was founded back in June 2018.

Entrepreneurship is still worth pushing for, even in a time of economic difficulties. This article gives some insight on how to find the next innovative business idea.

Take a look at what is lacking in the local community

One Entrepreneur.com article mentions that it is best to have a product that is a must-have rather than offer something that is just nice to have. Business owners are often problem-solvers and the company is more likely to be profitable if they work towards solving a consumer problem.

One example is Groupon, an e-commerce marketplace that connects subscribers with local merchants. It is an example of another business that was founded during the 2008 recession. Their main goal was to help revitalize local startups and boost cash flow when banks were reluctant to lend businesses money.

The idea was to promote the products of local businesses by offering a deal per day that will only go into effect once the offer has gotten a set amount of purchases. Groupon’s founders were not set on making a lot of money with this model but years later, they are now valued at $547 million.

This shows that having an innovation mindset is one key to success and starting small can make a big impact. From serving local entrepreneurs, Groupon’s services and offers went worldwide.

Being immersed in one community gives would-be entrepreneurs a pulse of the current local economy and what the people may need. Keep looking for what is lacking in the community. Then if it solves the problems of the consumers, there is a higher chance for a business to grow from there.

Use experiences as inspiration

CEO of Energent Media, Jennifer Spencer, once said that “finding a greater purpose in your work can make all the difference for your entrepreneurial efforts.”

While a thriving business stems from the ability to solve consumer needs, an idea will not miraculously turn into a business plan if the owner  is not passionate about it.

A survey conducted by Cox Business shows that more than half of the respondents, all business owners, founded their ventures because they were inspired by the opportunity to build something from scratch. Money was not a motivating factor and only 8% of respondents saw the financial opportunities as a plus.

Dane Strangler, a fellow at Bipartisan Policy Centre, states that the longest-lasting companies were started during economic downturns as they are tougher and nimbler. He calls it a “trial by fire” because these companies have to “scrape and scrimp” to achieve success.

This is why personal experiences can help push entrepreneurs further. Since these ideas were born from something that they personally found lacking in the market, they are more likely to back up and push this initiative forward.

Starting a business during a recession is possible as it is a time when gaps are created in the market and people are looking for innovation and a way to solve their problems. Other than assessing business models that are recession-proof, entrepreneurs who can identify what the market needs can get a head start in the industry.

Business Catalyst Masterclass

To give back to the small business community, we have developed the Business Catalyst Program to help you retrench, move your company forward, and bridge the gap from where you are today to where you want to go.

We still have a few spots left for the catalyst program. Register through this link, then once we review your application, we’ll let you know if your business qualifies for it.

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  • 5 Common Business Bottlenecks Hindering Digital Operations

5 Common Business Bottlenecks Hindering Digital Operations

Digital operations are at the forefront of every business as companies transition online. With digital transformations boosting business and customer experiences, the fast nature of technology also means that organizations are not immune to hiccups. To be more precise, business bottlenecks are to be expected along the way.

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  • Identifying Effective and Sustainable Business Models

Identifying Effective and Sustainable Business Models

It is no surprise that the entrepreneurial industry holds business models in high esteem and is considered as an essential in any type of business.

A strong model that has found its way into a company’s business plan can help align stakeholders and give angel investors insights on its long-term vision business potential. Bootstrapping business owners are also less likely to make costly decisions as there is already a framework to follow.

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  • Business Agility: How to Thrive in a Shifting Economic Environment

Business Agility: How to Thrive in a Shifting Economic Environment

As the economy changes and customer demands shift, different factors can hugely impact a company’s product and service management. If a company wants to stand out and scale, its ability to be agile is what will push them to thrive in any market.

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  • Skills-based Background vs. Educational Attainment

Skills-based Background vs. Educational Attainment

Skills-based Background vs. Educational Attainment: How Developing Skills Play into Employability

Many go to colleges and some even aim for higher education, but how useful is it really within the job force? Educational attainment does not always guarantee higher wage and secure employment.

As the job market becomes more competitive overtime, an employee’s trainability and willingness to learn is what gives him an edge. Talent shortage is one of the leading problems in the hiring market according to a report by Manpower Group—proof that one’s skills, whether acquired through university or adapted and enhanced over the years, are the priority of today’s employers.

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  • Key Factors When Pricing Services

Key Factors When Pricing Services

6 Key Factors to Consider When Pricing Services

Is your service company profitable? How profitable? How do you know?

Pricing for service-based businesses is often elusive for many business owners. If you look at the price for consulting or marketing, for example, you will likely find pricing and pricing strategies all over the place. If they are based on hourly fees, some firms will focus on a low price strategy, others will be more “middle of the pack” – basing their pricing on average market rates, and others present themselves as premium service offerings. If they are project-based, they may price based on estimated hours or even based on the future value of the service.

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  • Covid-19 Survival Tips & Lessons from the Small Business Community

Covid-19 Survival Tips & Lessons from the Small Business Community

If you do a search on the topic “small businesses and the coronavirus pandemic,” you’ll find there are hundreds of thousands of articles, images and videos sharing stories, providing encouragement, offering lessons learned, and supplying turnaround strategies for the small business community. Each one provides a different perspective and different nuggets of valuable advice
We, at Aepiphanni Business Consulting, not only own a small business — our entire client base are small business owners that we help become extraordinary leaders and companies. With that in mind, we would like to share our unique insight of experiencing the coronavirus pandemic on two fronts: inside our own business and how we supported our clients through their Covid-19 pandemic challenges.
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  • The Impact of Small and Medium-sized Businesses

An Economic Force – The Impact of Small and Medium-sized Businesses

In 2019, the U.S. Small Business Administration recorded a total of 30.7 million small businesses in the United States. This translates to small businesses making up 99.9% of American businesses. On the other hand, medium-sized businesses are making their own economic impact. The Government of Canada found that 21,926 of all Canadian companies (or 1.9% of Canadian firms) were medium-sized businesses.

While many may have their attention on Fortune 500 companies, these statistics prove that SMEs (Small to Mid-size Enterprises) help drive the economy of any nation forward. But what are the exact contributions of small and medium-sized enterprises? In this article, we list three specific impacts and how SMEs became an economic force to be reckoned with.

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You Are Your Business’ Most Valuable Asset

Most people believe that the why behind the business is one of the key factors that moves everything forward. This means one thing—that you are the biggest asset of your business, and the reason goes beyond the fact that you are the founder. Rather, it is because you intimately know the motive behind your business, why it aims to solve customers’ problems in the first place, and how its positively impacts your community as well.

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