Want to start a business? Carpe Diem!
This is a guest post from Derek Goodman – check out his bio at the end of the article. Thanks Derek…!
There is no time like the present to get moving toward your dream of business ownership. If you have been reluctant to begin the start-up process due to the pandemic, consider some compelling reasons to make your move now. Don’t let fear make your decisions. Organizations like your local small business development center can help you get started, or operations like Aspire can offer professional coaching and guidance to help you figure out how to scale. With planning and simple strategies, you can be running your own business in no time. Take heed of the following tips.
Create a Business Plan
Before launching your business, you will need a plan that maps out your intentions. Use your business plan to solidify ideas so that you enter this endeavor with key decisions already made. A basic business plan includes an executive summary that outlines what you plan to accomplish with your business, a description of your goals, and the type of product or service you will offer — in addition to a marketing strategy, competitive analysis, and funding sources.
If you plan to have business partners, be sure to include the percentage of ownership of each party and make it legal by hiring an attorney. This additional step may feel unnecessary at the time you form the business, but it is added protection for you and your partners if / when things change later.
Once your plan is in place, you can begin to take action. Follow up on funding leads, secure a location and materials, and establish your plans for paying workers. Consider what type of workers your business will need, get an Employer Identification Number (EIN), and implement a payroll plan that abides by your legal obligations to employees.
As you begin to move forward with your plans for the business, you may save a lot of money on startup fees by obtaining low-interest loans and purchasing equipment from businesses that are closing. Your capital will go further in the current economy and you will have a greater likelihood of success.
Educational Opportunities to Boost Business Skills
New entrepreneurs may feel stressed by the idea of starting a business. Training opportunities can help you develop your business acumen. Whether you choose to pursue a business degree, opt to study business management or marketing, or a combination of management and leadership, continuing your education could be your best bet for moving forward with your entrepreneurial dreams. Fortunately, going back to school is far more manageable with the additional option of online learning. Many degree programs allow students to attend classes at their convenience, which enables you to hold a job and meet other obligations.
Business programs can help you learn practical philosophies for building a sustainable company. Through learning about the most successful business strategies, you can develop a plan for growing your business so that it will stand the test of time and the ebb and flow of economic change. If you are fearful of starting a business because of the impact of Covid-19, consider the advantages of starting right now.
The Advantage of Difficult Lessons
The pandemic caught the entire world by surprise and had devastating effects on businesses. Sadly, the lessons we learned from the pandemic stemmed from many businesses going under. Before Covid, businesses did not think much about having a strategy to manage this type of emergency since it had not occurred in recent history. New business owners have a unique opportunity to plan around a pandemic and create two functional business models — one that accounts for current ‘reduced-scale’ operations and another that is amped up for when this pandemic is managed and normal life resumes.
Knowing what we have learned about the impact of a global pandemic, businesses can strategize around certain factors such as social distancing, personal protection methods, and running on a minimal work crew for a smaller customer base. Starting in this modified way can be a great strategy for a new business to get a foothold and spread the word about the company.
If you have been thinking about starting a business, this is an ideal time to begin. Your pandemic-born business will become even stronger due to this extra inoculation of hard-learned business knowledge.
What do you think? Are you interested in starting or growing a business? Leave a comment – we’d love to hear from you.
Derek Goodman is an entrepreneur. He’d always wanted to make his own future, and he knew growing his own business was the only way to do that. He created his site Inbizability, to offer you tips, tricks, and resources so that you realize your business ability and potential now, not later.
Shawn Kinkade Kansas City Business Coach