If you were ready to open a business early this year, you may have put your plans on hold indefinitely because of the COVID-19 pandemic. Many aspiring entrepreneurs are reluctant to start a business right now because of the economic downturn and the challenges presented by the pandemic.
However, you don’t have to postpone your launch indefinitely. Here’s why starting a business during the pandemic recovery is actually a smart move, and how you can put your entrepreneurial plans into motion.
5 Tips for Starting a Business During the COVID-19 Pandemic
1. Seeing the Opportunities
Contrary to popular perception, opening a business right now does grant you certain perks. For instance, lenders are offering low-interest rates for loans, and entrepreneurs who have had to close their businesses are selling off their equipment at budget-friendly prices. Plus, you may be able to fill a niche in your area or industry that is now vacant.
If you’re seeking additional guidance, The MMS Experience offers plenty of free resources related to entrepreneurship, marketing, finance, and more. Knowledge is power, and researching different aspects of business ownership will help you prepare for the journey ahead!
2. Register as a Legal Business Entity
Before you officially open your business, it’s important to fulfill a few legal requirements. For example, you’ll need to determine whether you should register your business as an LLC, corporation, or partnership.
Furthermore, you should take the time to organize all of the documents you will need to form your selected entity. The process is slightly different in each state, so make sure you’re referencing accurate instructions for your area.
3. Revise Your Business Budget
You’re probably trying to figure out how best to utilize your start-up capital to give your business the best chance of success. As you figure out your business budget, be wary of including unnecessary expenses that can drive up your operating costs. This is definitely the right time to trim the fat.
With that in mind, Entrepreneur recommends hiring freelancers rather than employees for projects that only require part-time involvement and double-checking that you’re getting the best possible deals on company insurance policies.
Saving money whenever possible will help you ensure that every dollar you spend brings you a significant return on investment.
4. Focus on Digital Marketing
One area where you should heavily invest your start-up capital for substantial returns? Digital marketing. With everyone spending so much time online, you’re bound to get plenty of eyes on your virtual ads and email newsletters!
You’ll definitely want to learn the ins and outs of social media marketing, and National Pen recommends creating a company Facebook page, registering your business on Yelp, starting an Instagram account, and even sharing content on Pinterest.
BusinessNewsDaily suggests maintaining an up-to-date blog on your company website and promoting new content on your social media accounts.
5. Pivot Your Products and Services
Take a look at your original business plan. Were you originally intending to host events and seminars? For the time being, you’ll need to pivot to video conferencing and webinars. Were you planning to open a retail business?
Even if you’re setting up shop at a brick-and-mortar location, you’ll also want to set up sleek, user-friendly e-commerce pages on your website so that shoppers can purchase your products online.
Basically, you’ll want to modify your offerings and establish that your business is in touch with consumers’ needs in light of the pandemic.
This can feel like a risky time to start a business, but the savviest entrepreneurs know that every crisis presents new opportunities. The COVID-19 pandemic is no different. If you’ve been hesitant to push forward with your business plans, rest assured that with the right approach, you’ll be able to launch your company to positive reception.
Post by Elena Steward: Elena made the jump from a corporate job she wasn’t entirely happy with, to running her own business that gives her the financial freedom and flexible lifestyle she’s always wanted. As a life coach, she now gets the happiness of helping others get to the places that might seem out of reach.