Putting Up A Business In The Time Of COVID-19

Some Things to Remember Before Starting Your Business

The COVID-19 pandemic has put extreme stress on the world’s economy. Almost every country all over the world has been affected by this pandemic, both healthwise and economically. Many people lost their jobs and according to Yelp, a company which publishes crowd-sourced reviews about businesses, a lot of small businesses had to close shop.

Though the news seems terrible, these changing times could present a chance if you’re a hopeful entrepreneur. Whether you’ve been planning to start a business for years, you lost your job and are looking for new opportunities or you’re moving your existing business in a new direction, now might be your chance to know how to start a business.

You might think that starting a business during a pandemic may seem challenging, but the truth is, starting a business at any time is hard. However, it could work out if you take the right steps and make the right decisions.

According to Van Allen Strategies, this is a historic moment to identify new business opportunities and to transform how you operate. Your employees, customers, and partners are hungry for new ideas and open to change. This is an economically hard period, but also a once-in-a-lifetime opportunity to reinvent your business.

Here are some tips to remember if you’re looking into starting a business during COVID-19:

Know The Reason Why You Want To Go Into Business

Think long and hard why you want to put up a business during this time. The why can range from being passionate about a service you can offer to wanting to make a difference in your community and achieve a need for consumers. Once you know the reason why, you can set clear goals for your business. These goals may be on a short- and long-term basis. Figure out what makes your business unique, choose a business model, and draft a business plan. Also, integrate the company as a business structure so as to protect your assets with liability protection and establish credibility with consumers.

Learn To Delegate

Be honest to yourself and accept that you can’t do everything. That you have limitations. You need to delegate the simpler tasks to someone else. Choose the tasks that you can do and find help for the others. That way, you won’t get tired too easily and focus on the more important tasks that only you can do.

Research Small Business Funding

Small business loans are provided by the government to encourage people to start companies and businesses. These SBA loans are for people of all backgrounds. You can log onto the SBA’s website to apply for them. Furthermore, you can look into small business credit cards to provide funding for equipment and any other important startup costs. Pay your bill in full every month so you can build your business’ credit and not take on unnecessary debt as you’re embarking on your new endeavor. You can make use of a loan payment calculator just so you can track how much you’ll have to pay, duration of payment (monthly, biweekly, weekly), and total interest paid over the duration of the loan.

Hire Freelancers

When you’re starting a business during this pandemic, you may not have the money to hire full-time or part-time employees. So the best solution would be to hire freelancers since they’re more economical and easily accessible. There are many freelancers on sites like Fiverr and Upwork who can do various tasks such as web design, programming, encoding, content writing, graphic design, marketing etc. You won’t pay them any salary and other benefits but only for services rendered.

Times are still tough and many people are experiencing financial instability. Plus, the future is quite uncertain. But if you feel that you have a business idea that can succeed and have the resources to go for it, you should not hesitate to start a business during the pandemic.