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Most people think it's insane to start a business during a recession. However, millions of entrepreneurs worldwide don't think so. Launching a business is a complicated process in the best of circumstances, but it's an especially challenging feat to approach during COVID. Although many people would think it's impossible, it might not be such a bad idea. In fact, it’s been proven that a startup has the potential to survive and even expand during a global pandemic. If you plan on launching your own business soon, keep reading for tips to get started on the right foot.
Determine Your ‘Why’
When planning to start a business, the first step is to take some time to think about why you want to run an enterprise. Are you passionate about a particular service or product? Do you want to fill a need in the market? Do you want to make a difference in the industry? Do you want to be your own boss?
Your 'why' holds importance because, if it isn’t compelling enough, you won't be able to navigate the ups and downs of entrepreneurship. Once you know why you are willing to go through all the hardships of running a business, you can start setting clear goals for your enterprise and developing a business plan.
Be Prepared to Adapt
It's necessary for a small business to stay agile and adapt to ongoing situations — especially during a global pandemic. Being adaptable will help you navigate through harrowing events and prepare you for anything in the future. With new demand comes new opportunities, so make sure you remain open-minded and allow yourself and your business to adapt to the market's demands.
Create a Payroll Process
Ensure a smooth payroll process by investing in payroll software so you can pay your employees accurately and promptly and track their time. Look for software that offers payroll direct deposit. Same-day direct deposit will ensure your employees get paid on time, and you won’t have to deal with having to reissue paper checks.
Fill a Market Need
Consumer habits have changed drastically during the last year, so consider how your service or product fits into the new lifestyle imposed by the pandemic. If you're not sure yet which industry to enter, examples of thriving sectors include delivery and cleaning services, home improvement, and more. Again, it's best to think about what the market needs right now and come up with a solution.
Focus on Digital Marketing
A solid digital marketing strategy will support your new enterprise during tough times. With very few opportunities to meet customers and clients in person, you need to reach people efficiently through online platforms. Maintain direct communication with customers and show empathy in your messaging. Ask how they are and listen to their answers. Where are they having a hard time and how have their needs changed?
Optimizing your digital marketing and practicing informative yet empathic communication makes it easier for your audience to find you and be loyal to you. Creating an appealing website for your business is a necessity these days. However, unless you have the necessary skills, it’s best to leave this task to a pro. Online job platforms make it easy to find web designers, as well as compare portfolios and rates.
Although you may have studied the market and the industry you plan on entering, you must keep on learning. Look for successful people in your domain: Listen to their podcasts, read their blogs, attend their virtual conferences, and take their courses. And if you’d like to boost your knowledge in a particular discipline, consider returning to school. You can find funding for your education through Stride who offers students flexible alternatives to student loans.
In a Nutshell
By using these tips, you can increase the chances of your business not only starting but succeeding throughout the current crisis and into the foreseeable future.
Blog written by Amy Collett