Why This Might Be the Perfect Time for You to Start Your Business

By Derek Goodman

When is the right time to start a business? If you are being called to take a step into the field of entrepreneurship, the right time could be when that inner voice tells you: “you are ready!” or “this is it!” Still, it helps to look around at the economic scene so you are equipped with the knowledge you need to succeed. As the global and the local markets still feel the impact of the ongoing COVID-19 pandemic, this creates a unique set of circumstances that might, believe it or not, be conducive to success for your proposed venture.

Why start a business now

Yes, sadly, a lot of businesses have had to shut down due to the pandemic. As an ethically conscious entrepreneur, you might feel reluctant to regard this as a benefit. Instead, ask yourself: How can my business make a difference? How can you serve your community? Many of the businesses that have closed are rapidly selling out inventory and equipment — you can help them as well as yourself when you purchase from them. Additionally, interest rates are extremely low at the moment, which means you ought to be able to get more affordable financing.

How to plan

Before you start, make sure you have capital. How much you need depends on the size and nature of your business. Just don’t make the mistake of starting with no padding or of moving forward without a startup budget. Your budget should account for projected costs and expenses, as well as likely revenue. It should also anticipate periods when cash flow dries up. Expect some problems and delays but have a plan for dealing with them. You should also write up a business plan that will detail every aspect of your company and guide you along the way.

How to launch

Once you have everything staged, planned, and budgeted, you should make your business a legal entity. This may be a sole proprietorship, limited liability company, or partnership. Before choosing the form that works for you, do some research and see which will give you the best protection and advantages. You also will need to register with the IRS and probably open a business banking account. You will probably need to purchase business insurance. In fact, sometimes it is legally required.

How to advertise

So much depends on having the right marketing campaign! A good marketing campaign will use different media, but make sure they are those used by your potential customers. For instance, don’t waste a lot of time on social media marketing on a platform your customers are unlikely to use. Do diversify and make sure your content can be found in different spaces. Your messaging should be more about the customer and their needs than about you and your story or mission. Lastly, make sure you have a unique and eye-catching logo; if you can’t afford to hire a graphic designer for this job, you can create a logo yourself using a free online creator. Using templates, you can have something ready to go in a matter of minutes.

How to sustain success

For long-term success, your business needs to be organized and goal-oriented. Lack of organization is perilous to productivity and can even give your company a poor reputation. Use management systems as much as possible to reduce the time and effort needed to keep up with different areas of your business. For instance, an automated payroll system with payroll apps for a mobile phone — or templates if you have fewer employees — can help you stay organized in this area, especially if you integrate payroll with other scheduling and tracking systems. Look for a system with features like direct deposit, expert support, and tax penalty protection to keep your team motivated, as well as take much of the load off your plate.

Outsource and delegate

Even if you are running your business as a sole proprietor, you do not have to go it alone. Consider outsourcing to freelancers, especially when it comes to marketing strategies, internet technology, or bookkeeping. Trust your team to do their work responsibly and efficiently, especially if you have hired them with shared beliefs and values in mind. It’s a good idea to seek guidance from a consultant or coach, too.

Entrepreneurship can be more than just a career — it can be your way of living out your visions for what your life is meant to be. It can also be a valuable service to those around you, as your community struggles to reset itself despite the difficulties of the pandemic.

If you’re looking for a coworking space where you can run your business, look no further than Hatch Coworking. Click here to learn more about our memberships.

Image via Pixabay

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