Since the onset of the pandemic, entrepreneurs have had a hard time. Budding and experienced entrepreneurs alike have been struggling to keep their businesses afloat.
As an aspiring entrepreneur, you may be having second thoughts about starting a business. This article from Blog Iron Will shares some good reasons why opening a business today is a good idea regardless of the pandemic.
Lower Interest Rates
As a response to the challenges small business owners face during the pandemic, the U.S. government is offering lower interest rates on small business loans. You can take advantage of this opportunity to start that business you’ve been thinking about.
Once you secure funding for your start-up, make the most of it by:
• Minimizing slow-moving inventory and increasing inventory turnover cycles
• Paying vendors on time
• Implementing an effective collections system to ensure you get paid on time
• Making sure you always have the optimal amount of working capital
Affordable Equipment
Unfortunately, as Small Business Majority notes, the pandemic has forced many small business owners to shut down their companies and sell their equipment cheaply. You can help them salvage their investment and simultaneously acquire equipment for your new business at very favorable prices by purchasing used items.
Abundant Talent
Many talented people lost their jobs during the pandemicbecause their companies could no longer afford them. These people need work, and you need good talent to get your business started. The pandemic has thus provided you with a vast pool of talent from which you can build a winning team.
Get the Basics Right
Even with the numerous opportunities that have arisen during the ongoing pandemic, you still need to get the basics right. You need a solid business plan, effective marketing strategies, and a talented workforce to succeed as an entrepreneur.
Here are some tips for creating a business plan:
• Define a clear purpose for your business.
• Develop a strong vision and mission statement.
• Choose a business model that fits the business’s purpose and vision.
• Narrow down your target market to people your products or services provide unique value to.
• Test your business idea by talking to prospective customers and industry experts.
Here are some marketing tips to get your business off the ground:
• Form your business structure. Decide how you will legally structure your venture (i.e., corporation, partnership, sole proprietorship). Forming as an LLC is ideal for many small businesses due to certain tax advantages and personal asset protection; look for LLC formation help from a formation service.
• Market research. Identify your target customers and their needs.
• Unique selling proposition. Define the unique way in which your products or services serve your target customers’ needs.
• Customer base. Grow a loyal customer base by initiating and nurturing strong relationships with your customers.
• Monitor and review. Houston Chronicle suggests continually assessing your marketing strategies to find opportunities for improving them.
Finally, use good hiring practices. Evaluate your staffing needs to determine the type of employees you need and the roles they'll play. Explore multiple recruitment options, such as using recruitment services or advertising jobs on your website, in newspapers, and so on. The pandemic has created conditions that make starting a business today a wise choice, so take the leap and start your business.
This article was written and submitted by
Mark Harris. markharris@awarenesstoolkits.com
Image via Pexels