The COVID-19 pandemic inspired many people to reflect on their lives and make changes for greater happiness — for example, by switching jobs. If you’ve decided you aren’t satisfied with your current career, you might start your own business.
This guide explains how you can start your own thriving company as the world emerges from COVID.
Plan the details of your business in advance
Thorough market research and advanced planning will help you set up a successful business model. It’s a good idea to write a business plan to help you clarify your business concept, articulate your goals, and measure your success. You can also use your business plan to secure funding to cover startup costs, if needed. Free templates can help you write your business plan.
Calculate your overhead costs
To figure out how much money you’ll need to get your business off the ground, sit down and calculate your startup costs. Square Up provides a step-by-step guide to calculating your overhead rate. You’ll have to list all business expenses, categorize them, and tally them up according to a set formula.
Apply for funding if needed
Depending on your overhead costs, you may need to apply to external sources for funding. Business News Daily lists some popular options, including community development finance institutions, partner financing, and crowdfunding. Of course, you can also opt for a traditional bank loan. Interest rates have been low since COVID-19, so you may be able to get a low-interest loan.
Create a compelling website
With your startup capital, you can invest in the tools, technology, and people you need to start operations. Once you’re ready to open your business’s doors, a strong website can help you attract your first customers and make a digital transformation. The team at W.D. Strategies can optimize your website and help you build a powerful digital footprint that will allow your business to thrive.
Build a strong brand using social media
To further promote your business, rely on social media. This is a great way to share your website, boost your brand’s profile, and engage with consumers. Make Web Better offers pointers for brand-building via social media. For example, they recommend creating a separate content strategy for every social media platform you’re active on.
Ensure streamlined daily operations using modern technology
As your business grows, you will have more tasks, staff, and customers to manage. To ensure you have time to get it all done, invest in business technology. Accion Opportunity Fund provides a list of tools that can save business owners like yourself money and time. For example, you can use automation technology to streamline social media marketing campaigns, while task management tools will help you keep a strict oversight of your duties.
Be prepared to pivot when unexpected hurdles arise
If the COVID-19 pandemic has taught us anything, it’s that you should always expect the unexpected. McKinsey reveals that an agile operating model was critical to businesses surviving the pandemic. As a business owner, have a plan for when unforeseen challenges (like a global pandemic!) arise.
The post-COVID world is in a period of change. This is a great time to make changes in your own life — like finally realizing your dream of entrepreneurship. Don’t let fears hold you back. Take a strategic, well-organized approach as outlined above and you can succeed.