The Covid-19 pandemic has shut down thousands of small businesses around the world, but surprisingly a lot of people are wanting to start new businesses. Actually, the U.S. Census Bureau reports a 31% rise, ending the week of Nov. 7 in contrast to the previous year.
In spite of everything, the pandemic has taught us so many lessons especially in terms of entrepreneurship. There are people who were able to start their dream business making them do what they love to do and there’s people who were forced to adapt to entrepreneurship as they have lost their jobs but still need to feed their family. If you’re planning to start your own business while in the midst of a pandemic here is the list of steps that you should consider. 1. Identify what type of business you are going to start There are businesses that are better suited to the present climate than others. Always consider the habits of your consumers as this significantly affects the success of your business. The pandemic has really shifted the way we consume certain goods and services. For example, a lot of people have been inclined to indoor planting and pet adoption as people have stayed in their homes most of the time. Another business ideas that could thrive during the pandemic are:
Fitness equipment, online classes
Professional Sanitation Service
2. Develop a marketing strategy Having a good marketing strategy can help boost your new business through unprecedented times. Always remember to be transparent and true to your brand. Tell your customers clearly about the goods or services that you offer and keep them informed of the protocols you’re going to implement in case they will visit your office or establishment. 3. Create a recession-proof business plan
When the economy slows down, it can be difficult for service businesses to stay afloat. For any businesses, small or large companies, there’s always an obstacle to overcome due to the economic setback.
It is very important for businesses to find ways to pivot and automate systems just in case of manpower reduction to minimize wage costs. You can also use an online booking app or platform where you can post any of your services to pick up clients online. 4. Monitor your cash flow Having the right cash flow management is one of the most important aspects of your business. Without proper handling of your cash will hinder the growth and success of your business. It could be difficult if you don’t have experience in this area but you can always hire people who can properly manage your accounting.
It’s necessary for you as a business owner to keep up with the track of your cash flow; you need to understand how much money you get from your business compared to the amount going out. If you spend more than you earn, you need to make changes to avoid bankruptcy.
5. Determine where to get your funding
Once you fully understand your business, you will need funding to get started. It would be beneficial if you have savings set aside but most people don’t have the capacity to fund their start-up business. In this situation, you can opt for business loans. This can help your business grow and expand into new possessions, increase sales and marketing, allowing you to hire new people and prosper for a sustainable income in the future. Business loans are available from a large number of traditional and alternative lenders like SALS CAPITAL. They have a variety of funding options everything from Startup funding, working capital, lines of credit or even equipment finance. You may visit their website or call (332-334-1077) and see if you can qualify for a 0% interest rate funding option.