If you’ve been toying with the idea of starting an e-commerce, brick-and-mortar, or real estate business, you may be deterred by the uncertainty the COVID-19 pandemic has created in the world. Although it’s hard to believe, now is the perfect time to become an entrepreneur. Read on to find out why this is the case and to get additional guidance on how you can seize this opportunity to become your own boss by establishing a startup.
Why the post-COVID-19 landscape is ideal for starting your business
Interest rates remain low — meaning you can expect a favorable rate if you need to take out a small business loan. Additionally, the government offers a variety of grants to further support small businesses. Last but not least, business closures are leaving gaps in the marketplace. You may be able to buy equipment at bargain rates from businesses forced to close due to the pandemic.
Now is also a great time to found a startup if you’ve lost your job. While job loss is never easy, you can turn this negative into a positive by pursuing your dream of entrepreneurship. Additionally, if you need to hire employees for your business, you can expect a large pool of talented professionals to choose from.
How to get your business off the ground
The more you are able to plan your business startup, the better prepared you’ll be to face potential hurdles — and the more likely you are to succeed. Begin by writing a comprehensive business plan. Inc. offers a step-by-step template you can use, covering everything from market analysis to management structure and marketing strategy. According to Ontario Business Central, a business plan is critical to success. It allows you to determine how feasible your business idea is, for example, and can be used to secure funding.
Funding is critical if you need external startup capital to get your business off the ground. While some people have a nest egg they can use to establish their business, others need help from private investors like venture capitalists or institutional lenders like banks. Once you’ve secured the capital you need, you can use it to cover startup costs, like tools, equipment, and the deposit on a business rental property.
You should also invest in services to support your startup marketing and advertising. A business website is your digital business card and essential to ensuring your company is taken seriously.
What you can do if you aren’t ready to make the leap
If you’re still feeling uncertain about starting your own business, you can still take steps in this direction without taking the leap. For example, you might further your education by getting a business degree. There are many useful programs online. You can gain essential skills so that when the COVID-19 pandemic has subsided and you are feeling more confident, you’ll be ready to start your own company.
Starting a business is exciting, but it can also be overwhelming — at first. The above guide brings clarity to the process, providing the information you need to make this move with confidence.
Photo Credit: Pexels.com