If you’ve been thinking about starting a business for some time but have become reluctant since the emergence of the COVID-19 pandemic, you’re not alone. On the surface, it seems like it could be an especially difficult time to get a business up and running. But when it comes down to it, there’s really no ideal time, and it’s always going to come with challenges.
Furthermore, there are a number of advantages to starting a business in the age of COVID. Below, we’ll discuss some of those advantages, along with advice on how to set your venture up for short-term and long-term success.
Understand the Benefits
First of all, if you can get a business up and running during an economic downturn, you will be that much stronger when the economy is good again. By approaching your entrepreneurship with flexibility and a willingness to adapt, you can thrive through declining demand and high unemployment and acquire invaluable skills for the future.
Also, there are a lot of qualified workers available right now that you can bring on board; Business News Daily suggests looking first for expertise that can promote your product and productivity, like a CTO, CMO, or sales manager. And given that business is all about solving problems for consumers, you should have plenty of ideas to work with. Moreover, you can take advantage of low interest rates on loans and grant programs, closed businesses selling off equipment and tools, and many other benefits right now.
Consider Going Back to School
Perhaps the benefits of starting a business during an economic crisis are not enough to motivate you to dive in at the moment. One thing you could do that would still enable you to make progress as an entrepreneur is to go back to school. By undergoing an online MBA program, you could strengthen your knowledge and skills in business, management, and strategy. And it could also help you to grow in self-assessment, self-awareness, and leadership.
Develop a Business Plan
It’s hard enough to succeed as a business owner. But when you start out without an adequate business plan, your chances of success dramatically decline. Plus, if you want funding, you will need a business plan to secure it.
Think about where you want your company to be in three to five years, and make a list of steps that you will take to get there. Your plan should include everything from the products or services you will offer to the types of funding you will pursue to the marketing strategies you will implement, which a marketing agency like LJ Consulting can help you develop.
Secure Funding
The amount of money you will need to get your venture going will largely depend on the type of business you are starting. That is, if you will be working from home with few to no employees, your startup costs will obviously be lower than if you are launching a much bigger operation. Work with a business advisor to estimate how much you will need, and look into all of your funding options, including angel investors, venture capital, bank loans, crowdfunding, and personal savings.
Embrace Digital Marketing
In order for your startup to experience short-term and long-term success, it’s essential to utilize digital marketing. Since most of your marketing material will lead consumers to your website, start by hiring a professional developer to create a top-notch site for your business—one that is appealing, engaging, informative, and easy to navigate. And invest time and energy into coming up with an effective strategy for marketing through social media, email, and other online channels.
In many ways, now is as good a time as any to start a business. Consider the benefits, and if you are still unsure about launching your startup, think about pursuing an online business degree. If you determine that you want to get your business up and running, be sure to create a thorough business plan, get the funding you need, and establish an effective digital marketing strategy. Most importantly, remember to stay flexible and willing to adapt along the way.