If you were thinking about starting a business, you may have decided that the pandemic wasn’t the right time to pursue this dream. In fact, the current moment offers advantages for entrepreneurship.
For example, interest rates are low now, making it easier to take out a business loan with favorable terms. As the Conversation reveals, zero interest rates are likely going to remain throughout the crisis.
If you’re still interested in becoming your own boss, seize the moment; it’s a good time to take this leap.
That said, be prepared to create an agile business model that you can adapt to the changing global climate. UnboxHow provides resources to help you monitor current events and ensure your business is adapting accordingly.
In addition to staying on top of the latest news, there are other steps you can take as you get your business off the ground to help support its success.
Get more tips below;
How to Start and Grow a Business During a Pandemic
Write a comprehensive business plan
A business plan can help you structure your business model and day-to-day operations. Just Business provides a comprehensive guide to writing a business plan. The document will include an executive summary, company overview, market analysis, organizational model, and a description of the services or products offered.
It should also have a marketing and sales plan and financial projections. Such information will be required by investors and lenders who can help fund your startup.
Formally establish a legal business entity
When writing your business plan, decide whether you want to establish your company as a formal legal entity like a corporation or limited liability company. For small businesses, an LLC can be beneficial.
As the Journal of Accountancy explains, LLCs help protect your personal liability and offer tax advantages. Forming an LLC requires some paperwork, like filing a certificate of formation and designating a registered agent. The process varies between states, so check your local policies before proceeding. Instead of paying a lawyer to file the legal paperwork, consider using a business formation service. It’s more affordable.
Take advantage of unique funding opportunities
You may have set aside some seed money to get your startup off the ground. Alternatively, you may be interested in seeking external sources of funding. As mentioned, interest rates are low in the wake of COVID, so it’s a good time to get a loan. That said, also look for less traditional funding opportunities.
For example, if you are a minority-owned business, check out the Minority Business Development Agency for options. Other less traditional options for funding a business include crowdfunding and peer-to-peer lending.
Find ways to get the business space and tools you need on a budget
Keeping operational overhead low when you start your business will help you make the most of your startup capital. Look for ways to save on office space — for example, via flexible leasing contracts or coworker spaces. You can always upgrade later.
To get the tools you need, buy second-hand. Many businesses are closing due to the pandemic and selling off their old goods at discount prices. If you’re planning to start a food-related business, for example, many eateries are shutting down and may have useful tools to sell.
Look for pandemic-friendly ways to promote your business
When it comes to marketing your business in a pandemic, start by creating a digital presence. This includes tools like websites, social media, and online directory listings. Getting your business name out there helps customers find you.
Starting your own business is an exciting endeavor and you shouldn’t let COVID-19 stop you. Follow the above tips to establish a thriving business, even in pandemic times.
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