Starting your own business is difficult, no matter what the situation is. Starting a business during a pandemic is another ball game altogether. However, you shouldn’t let something that is only temporary change how you’re going to live your life. Starting a business may have been on your to-do list for a while, but you’ve been impacted financially by the pandemic. Or, it could be that you’ve been thinking during your self-isolation and want to start your own venture while you’ve got a bit of free time on your hands. Whatever stage you’re up to in starting your business, you will need to pay attention to these tips below. Ensure you’ve got everything planned and that you’re ready to take on the challenge of being a director/CEO of a company. If you plan all the details then before you know it, you’ll be running a successful business.
Are you interested in starting your own business during the COVID-19 pandemic? Take a look at the tips and tricks below to help you further understand what you have to do during this time in order to make your business successful during and after the global pandemic.
1. Decide on your business type
We all know that the coronavirus has had a negative impact on so many smaller businesses, and it has even affected the larger companies too (especially the ones who can’t operate due to government restrictions). However, this means you need to be sure that the business type you choose is thriving despite the pandemic. For example, the property investment industry is still growing in popularity as people transfer their funds and savings from plummeting stocks and shares and instead move to a much more stable alternative of bricks and mortar.
In fact, there couldn’t be a better time to start a property investment portfolio. RWinvest, a UK based investment company, is encouraging investors to still invest their funds and are tackling social distancing by offering virtual VR viewings for anyone who wants to see a property but can’t physically get there.
2. Plan everything (even your goals)
Once you’ve decided what type of business you want to do during COVID-19, then you will need to plan everything, this includes writing up a business 5-year plan and any goals you have. Projections for turnover and profit are important to factor into your business plan since you want to be sure you will eventually make profits within a 5 year period and aren’t getting yourself and your business into unnecessary debt. If you’re unsure of how to start writing or typing up a business plan, then you may want to research any plan templates – there are hundreds of business plan templates available online as long as you look for the best ones.
3. Be wary of risks
The COVID-19 pandemic has impacted many businesses, so it’s essential you’re wary going into starting your own business and the risks that come with it. If you’re starting a business on your own, then it may be fine, but it may not be best to hire anyone full-time right now as the new furlough laws state that anyone not employed for over a month or hired after 28th February isn’t entitled to the government funding. Therefore, we would recommend you start your business on your own or with a freelancer for help before jumping in and hiring someone you may not be able to afford later down the line.
Despite the risks, there are still many advantages to starting a business, especially one that is thriving during the pandemic. Fresh food delivery services, digital marketing and other aspects of a business are doing well since they’re all necessary to businesses who do well. Marketing is a key aspect that people may expect to be not so good. Still, businesses need to be marketed to the right people to keep loyal customers and keep brand awareness top during the pandemic.