The coronavirus pandemic has put tremendous pressure on the American economy, with more than 55 million Americans registered as unemployed and more than 100,000 small businesses permanently closed, according to the National Bureau of Economic Research. While the news may seem grim, these changing times can be an opportunity if you are an optimistic entrepreneur. It doesn't matter whether you've been planning to start a business for years, got laid off and looking for new opportunities. If you are reorienting your existing business, now may be the right time to find out how to start a business.
Turning Obstacles Into Opportunities
Starting a business during the coronavirus may seem like a challenge, but the truth is that starting a business is difficult ANY TIME, but could pay off if the right steps are taken. This is a historic moment to identify new business opportunities and transform the way you do business. The availability of financial support is at an all-time high, as is the availability of manpower. Your customers, employees and partners are hungry for ideas and open to change. Take advantage of this. It is an economically difficult time. but also a unique opportunity to reinvent your business. " If you're starting a business or changing your current business during COVID19, here are six tips to keep in mind.
Start Slowly But Surely
Many successful entrepreneurs started their business as a second source of income and ran it while they were still working on their main jobs. If you still have a regular job, keep it until your company offers you a decent income. Build this sideline slowly by investing your time and energy after hours. If you work hard and really have a unique product to sell, the money will come eventually.
Determining Your Purpose
Take some time to think about why you want to start a business right now. The "why" can range from passion for a proposition or service that you can offer to a desire to make a difference in your community and a consumer need to fulfill. Maybe you're just ready to strike out on your own after going through a coronavirus-induced layoff.
When you know the “why”, you can set clear goals for your company. "These goals can be short-term and long-term. You need to be able to understand what makes your company unique, choose a business model, and come up with a business plan. Finally, you need to incorporate the company as a corporate structure, such as a limited liability company (LLC), to protect your business assets with responsibility to protect and create credibility with consumers.
Decide What Tasks You Can Do — And What You Need to Delegate
If you start a business during COVID19 and believe that you can do everything from social media to bookkeeping to administrative tasks, you can be burned out quickly. Instead, choose which you can actually do, then seek help for the rest. “Evaluate what to do and put the tasks that require more cognitive work first. You save more energy and focus on the essential tasks that only you can do. The things that you cannot do can be delegated to others. Respect yourself, your abilities and your limits.
OutSource Help By Considering Freelancer
You may not have the funds to take on full-time or even part-time employees when you're starting a business during coronavirus. Instead, hire freelancers, who are going to be much more affordable and convenient. You can find affordable freelancers on sites like Upwork and Fiverr who can do everything from marketing to content writing, web design, social media management and graphic design. Plus, you will only have to pay them for services rendered rather than a salary, benefits and workers' compensation, which could save you thousands of dollars.
Research Small Business Funding
The government encourages people to start businesses by providing small business loans. These SBA loans are for people of all backgrounds. You can log into the SBA website to apply. For example, you can see if you qualify for SBA Women's Loans or Veteran Loans. You can also look for small business credit cards to provide equipment finance and other important up-front costs. You should make sure that you pay your bill in full each month so that you can build your business credit and not run into unnecessary debt when you start your business.
Invest in Social Benefits
Whether you're starting a business or changing the current one during the coronavirus, you can show that you care about the state of the world and give your customers a chance to show that they care about current issues. Add a social value to your business purchases. More than ever, people want to feel that their purchases make a difference. Donate a portion of the proceeds to a certain organization that helps families who lost their income because of the Pandemic. Have a free bottle of hand sanitizer with every order. Send something to the frontline staff. Give You give your customers an extra reason to "stay loyal".
Fortunately, some people get back to work, but for many, times are still tough. People suffer from financial instability and don't know when things will get better but when you have a good business idea and the resources to support it You Should Consider Starting A Business During COVID19. Remember to determine the "why" of your business, hire the right people, know your limits, start as a side business, look for loans and credit cards, and show that you care.We will emerge stronger and more agile, ready to go into business with new ideas and concepts.