Sunday, November 8, 2020

Tips for Starting a Business During the Pandemic

Guest Post written by Derek Goodman
Image via Pexels

Image via Pexels


The pandemic has derailed plans for many. From postponed weddings to canceled vacations, this has been a year of forced flexibility. While it may seem a daunting time to launch a new business, budding entrepreneurs shouldn’t be discouraged by the shifting landscape caused by COVID-19. There are still opportunities to succeed as a business owner.

Entrepreneurship amidst a pandemic

Although it may seem counter-intuitive, just as Entrepreneur suggests, a crisis can be a game changer: often, troubling times shake up the status quo and usher in new opportunities. Not only does it pop the bubble of tradition, but it also creates new needs and changes the rules.

The status quo often goes unchallenged in prosperous times, because as the adage goes, if it’s not broken, why fix it? However, conflict often leads to growth, and this pandemic has forced entire industries to question their practices and find ways to survive in a changing world. As an entrepreneur, you’ll have the opportunity to adapt and provide something new to your customers, making the rules up as you go. 

Silver linings for new businesses

Starting your business as others are calling it quits could feel risky, but there are some great reasons to start a business right now: interest rates are much lower than usual, and for new businesses such as restaurants and cafes, there might be an opportunity to find low-cost equipment from other businesses that have closed.

Many business owners choose to get business loans to help raise startup funds. The pandemic created some new options for entrepreneurs looking to get business loans, as the CARES Act was developed specifically in response to COVID-19’s impact on small businesses. See if you qualify and take advantage of the low-interest rates available during the pandemic.

Making the most of your funding

As you start to build your business, making the most of your startup capital is vital. Make a solid plan for how you’ll use the funds; as Business News Daily recommends, think in terms of focusing on growth potential with every dollar.

One great way to spend startup money is on the equipment you’ll need to do your business. This will be different for every business. For instance, if you run a small e-commerce website, a new laptop might be ideal. Or, if you’re in construction, buying new tools or machinery might be necessary to get started. Using money from business loans or startup investments to pay for essential equipment will help you launch your business without roadblocks.

If you have your sights set on expansion, using startup funds for hiring is a great idea. When you hire staff, you relieve yourself of daily tasks and will have more time to focus on growing the business. Another great aspect of hiring is that you can begin to offer new services, which will eventually help bring in more cash flow.

Going back to school

If it still doesn’t feel like the right time to start a business, consider going back to school to help propel your entrepreneurial aspirations. By obtaining an online business degree, you’ll learn valuable skills for how to create and grow your business dreams when the time is right. You can learn business management, management and leadership, or marketing that will help you launch your company with confidence and knowledge to back you up.

If you have an entrepreneurial streak, don’t let the pandemic wipe out your dreams. Rather, use these resources to develop your business idea. Because of the pandemic, you have an opportunity to get low-interest business loans that you can use to buy equipment, hire staff, and invest in the future of your business. However, if you feel like you need more knowledge to help you get started, consider pursuing an online business degree to help you achieve your entrepreneurial dreams.

If you need help getting your business off the ground, Chronic Behavior can help with everything from promoting your business to making sure you have the right overall business strategy that supports your passions. Stop by our website today for more information about what we offer!

 

No comments:

Post a Comment