Going Ahead With the Plan: Starting Your Business After the Pandemic
Have you had dreams of becoming a business owner?
Did the COVID-19 pandemic stop you short in your tracks?
As life slowly moves back to normal, you might still feel hesitant to move forward with your plans to open a new company.
Why You Should Start Now
MIT Sloan Management Review explains that many entrepreneurs are finding the business world has changed. According to experts, the labor market became disrupted in 2020, and there were not enough workers to manage certain industries like retail and health care. Fed up with restrictive jobs, many employees decided to forge their own path.
As bigger chains face hardship with workers leaving them, this is a good time to pursue something you have always dreamed of. Depending on your industry, you might face less competition and find it easier to make your first sale. As businesses close, many sell equipment, giving you a chance to purchase at a low price and start your own company. When things return to normal, you might not find the same savings to benefit from.
Make the Most With What You Have
Before you rush out to take a loan, start small and allow your company to grow as needed. Perhaps this means running your business out of your home or garage to keep costs down. Maybe you’ll only buy a few pieces of equipment or limit how many supplies you purchase to estimate how much demand is currently there. Or maybe you’ll renovate a dedicated space in your home and create a fully functional office, which includes your tech set up (computer, keyboard, printer, monitor, etc.) as well as furniture like a desk and comfortable chair. Keep in mind that any updates you make may even boost your home’s value.
The Business Journals recommends doing some research about the competition in your area. Maybe they recently went out of business themselves, or perhaps there is a service people need that they are not offering. Try to step in and fill these gaps for your potential customers.
Also make sure you are allowed to operate your business in your location, especially if you work from home. HOAs, local governments, and landlords usually limit what can be done and what sort of business can be conducted on properties within their limits. If it’s determined that your business can’t be run out of your current place, consider moving into one of the nearly 4,200 houses for rent in Phoenix, to a property that does allow you to run your operation without restrictions.
Know Where to Turn for Help
It is crucial that you know when to seek help. While you do not want to needlessly throw money around, it is important to outsource certain tasks you are not knowledgeable about or if it would take away time that you could use to grow your company. Sometimes, it is worth the extra cost to spend on a freelancer or another type of remote worker, such as blog writing services, a graphic designer, or a bookkeeper.
If you’re worried about hiring a contractor, consider one or two areas that you think would benefit from outsourcing. Track the results and judge for yourself how much time you get back when you use a freelancer instead of doing it on your own.
Get the Word Out About Your Business
Marketing will play a critical role in the success of your business. Make sure you have a solid marketing plan that can appeal to the demographic you want to attract, all while keeping costs low.
Consider using free or low-cost marketing methods for social media or a website. Later on, you can spend money on marketing that is more likely to stick with people, such as creating promotional items like t-shirts or keychains.
Starting your new business in an unexplored economy might sound challenging, but this might be the best time to put your dreams into action and move forward with your goals.
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