Should I Start My Own Business During the Pandemic?

Starting your own business - Reasons to consider for success

If you spent last year drawing up big plans to start your own company this year, the COVID-19 pandemic may have caused you to reconsider committing to those plans. Dealing with the economic downturn that has resulted from the pandemic has been especially difficult for small business owners. It’s easy to see why an entrepreneur would be hesitant to go ahead with a new venture right now – but what if you didn’t have to scrap your goal?

For entrepreneurs who are open to adapting to the times, launching your business this year is a sound idea. And with assistance from the experts at CuriousCheck, you’ll be able to effectively market your products and services online, even if you can’t conduct business in person. If you’re ready to get back on track with your launch plans, these tips will help you prepare to open your business in the midst of the pandemic.

Understand the Advantages of Starting a Business

Many people assume that opening a business during these challenging times would be a big mistake, but entrepreneurs who choose to move forward with their plans despite the difficult circumstances can actually take advantage of some surprising perks. For instance, many small businesses have sadly shuttered their doors, but entrepreneurs who are just starting out can buy their used equipment at low prices to keep their start-up costs reasonable.

Furthermore, you can secure lower interest rates on loans than usual. Finally, with so many qualified people looking for work, you’ll have a large talent pool to select from if you need to hire any employees or independent contractors.

Make Sure to Revise Your Business Plan 

In light of the pandemic, you may have to make some adjustments to your original business plan. This is in the interest of safety for yourself, any staff you might hire, and your customers or clients. You will need to chart a course for offering your products and services online and conducting most of your business transactions virtually.

ConstantContact also recommends reaching out to other entrepreneurs and small business owners you know for feedback and advice. After several months of running their businesses during this pandemic and overcoming certain obstacles, they may have some valuable input that will help you determine what you should do next and what you should expect.

Update Your Budget

Months ago, you may have drawn up a business budget and began estimating your expenses and sales projections for the upcoming year. In our current economic climate, your old budget may not be realistic anymore, so before you get excited about your launch, it’s time to dust off your budget and start revising to stretch your startup capital further.

Take a look at areas where you may be able to cut down on potential expenses. The Balance recommends using a digital invoicing and billing system instead of spending on paper, eschewing any software or applications that you do not anticipate using frequently, and buying used equipment and tools instead of new when possible.

If you were already looking into certain vendors and suppliers for physical materials, it’s time to start shopping around to see if you can find materials of the same quality for lower prices from other suppliers.

Although you can definitely enjoy a successful launch this year if you prepare adequately, it is important to be realistic about your expectations for sales and overall profits. Right now, it’s best to stay on the safe side and anticipate that you will earn less than you would in previous years. Should sales exceed your expectations, you’ll have more money to invest in future projects for your company!

Running Your Own Business From Home

Even if you would like to rent a retail or office space in the future, it is likely not worth the expense at the moment. Chances are, operating your business out of your home is the smartest choice for now. Of course, you’ll still need to invest in the right furniture and tools to outfit your workspace. Check out office supply stores for a desk that suits the size of your space, as well as an office chair that you could work comfortably in for eight hours or more.

If your current laptop or tablet could use an upgrade, it’s time to purchase a new model. You don’t have to pay full price, either – instead, keep an eye out for Black Friday or Cyber Monday deals and discounts to save big. Since you’ll likely have to schedule video meetings with clients or suppliers, it’s also a good idea to purchase a new webcam. Shop online and be sure to compare prices on budget-friendly models to avoid overspending.

New Marketing Strategy

Since the beginning of the COVID-19 pandemic, our lives have essentially gone virtual, and you’ll need to tailor your new marketing strategy and funding allocation accordingly. Once you’ve built your small business website, your next step should be focusing on search engine optimization so that your site ranks highly in Google results. Don’t forget to add a sign-up button for an email newsletter on your website so that you can send interested customers updates about new products, services, deals, and more!

You’ll also want to focus heavily on social media marketing. Sign up for accounts on social media platforms like Instagram, Facebook, and Twitter so that you can reach a wide range of potential customers and clients.

Furthermore, you should make sure that the content you share through all of these channels is relevant to the current moment.

As an aspiring entrepreneur, you may be disappointed that the events of this year have forced you to reevaluate all of your plans. But launching a business during this pandemic can teach you to think on your feet, pivot quickly when necessary, and take on challenges that will make you a highly skilled entrepreneur. Entrepreneurs who are bold enough to open their businesses this year will reap the benefits in the long run.

Want to boost your company’s virtual presence and expand your advertising efforts? CuriousCheck will help your business connect with new clients and customers online! Reach out through our website today to start working with our team. 

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