6 Strategies for Starting Your Business During the COVID-19 Pandemic
By DEREK GOODMAN
You’ve made the calculations. You’re ready to take out a loan. You know exactly what you want to do for your own business. What’s holding you back? The COVID-19 pandemic certainly has not been easy for a lot of businesses; almost 100,000 small businesses have experienced the ultimate hardship thanks to the pandemic. However, there are a lot of reasons why right now is the best time to start a business — and a lot of those reasons have to do with COVID-19.
Here are a few strategies, brought to you by Sharon Henderson, for starting your business and how right now is the best time to start a company thanks to the pandemic conditions.
Check Local Auctions
If you need equipment for your small business, check local auctions and see if any of the businesses that have closed recently are getting rid of equipment. You could score things (e.g., ovens if your business is a bakery, or vases if you run a florist) for a reasonable price. Investing in pre-used equipment is a great way to make sure your startup capital goes to good use.
Don't Neglect Your Website
Marketing and promotional materials should be a huge part of your budget. This doesn’t just include in-person events or flyers; you should invest in an online presence as well. There are a few things you will need to know as far as keeping your website up to par with the rest of the internet and how you should run this vital resource:
- Keep abreast of internet security. You want to make sure that if you sell goods and services online, your payment portal is secure. Despite the misfortunes of the pandemic, cybercrime has been increasing. If you are collecting sensitive information, you may need to employ a secure sockets layer (SSL) certificate.
- Make sure you have your own website domain. This makes it easier for your customers to find you (and remember the name of your business!).
Check Interest Rates
During the pandemic, certain industries have flourished, and interest rates are historically low. Your business expenses could benefit from getting a loan now. There was even some talk of negative interest rates in New Zealand in August 2020 in response to the negative economic impact. All of this is to say: Right now could be the best time possible for you to start your small business from a financial perspective.
Don't Forget to Check for Financial Relief
Thanks to COVID-19, there are a lot more opportunities for funding for small businesses. Depending on your location and your field, there are grants and loans available for small-business owners who have either been impacted by the pandemic or who want to start a company during this time. Just don’t forget to do all your research!
Outsource If Necessary
Keeping startup costs as low as possible is key, but you shouldn’t feel like you need to spend your time on menial tasks if there is a cost-effective way to achieve the same quality of work for less time, especially if your own expertise doesn’t fit that bill. For instance, you can take advantage of data entry services to give you back the time you would normally spend doing those tasks, so you can dedicate those hours to activities that would improve your business overall. Another example is freelance marketing services, or social media consultants — any job that would take you away from running the business itself.
Every indication points to the fact that right now is the best time to start a business. If you’ve been sitting on that idea and are apprehensive about beginning this journey, you should take this as a sign that you should do it.
Do you have plans for a consulting or coaching business, but don’t really know where to start? Schedule your free strategy call and talk to the experts about how you can make your business a success. Contact us today!