Have you been delaying launching your business due to concerns about the COVID-19 pandemic? It’s great that you’re being cautious and public health-minded. But you may be able to balance prudence with initiative and move forward towards your entrepreneurship goals. In fact, this might be an optimal time for you to take certain steps on the path to business ownership, or even to make your business official.
If you have extra time due to lockdowns, use it to prepare
Being out of work or working remotely has left many of us with additional time on our hands, so if you have been drawn towards the idea of business ownership, take this opportunity to do some research and get started. If you’ve been putting off things like writing up a business plan or researching how to become an LLC simply for lack of time, get some of the busy work out of the way now. Other ways you can prepare include doing market research, looking at business websites, and setting a budget. This will help you achieve clarity about your goals and objectives and how to meet them.
You could also take this time to further your education or gain new skills
If you’re not sure you’re quite ready to launch your business, you can use this time to prepare by brushing up on your skills or gaining new ones. You may even feel that you might benefit from earning a degree in a business-related field. Degrees that can help you be more effective at entrepreneurship include accounting, finance, and business ethics. Even if you intend to hire contractors to assist you with your business’s accounts, it’s helpful to understand how payroll, taxes, and budgeting work, the better to oversee your business.
Low interest rates are in your favor
The Fed has reduced the federal funds rate to nearly zero to aid borrowers at a time of economic slump. While reduced interest rates can be a negative for some — such as those collecting interest from savings — it does mean this is a great time to take out a business loan or acquire property. Assess whether your existing residence will be sufficient to house the business you have in mind or if you should buy property now to accommodate your proposed business. If you intend to make other business-related purchases such as vehicles or equipment, lower interests might help you do so affordably now.
Take advantage of new demands in the market
The pandemic has reshaped our lives in countless ways. This includes how we spend and what we spend on. Because of this, the demand for certain products and services has soared. Prospective business owners setting up e-commerce stores can look forward to increased interest in online purchasing due to health concerns and closures. Food delivery services are doing a booming business. Increased internet usage has raised concerns about cybersecurity. Home gym equipment and virtual fitness programs are in high demand. Savvy entrepreneurs should look at pandemic-related trends that aren’t likely to go away any time soon and craft their business plans accordingly.
Look for closing businesses that are selling their property or equipment
Unfortunately, many small businesses have had to close their doors due to the pandemic and related market changes. Business owners may be selling off inventory and other property, often at exceptionally low prices. You can help them out, as well as boost your own business, by purchasing from them, especially if they need to sell quickly to avoid rental fees or pay off debt.
Starting a small business always comes with some uncertainty, especially in the middle of an uncertain time. But depending on your circumstances, this might be just the right time for you to take that leap you’ve been contemplating. Doing so may be beneficial not only to you but also to your community and workforce.
Business owners, check out articles and updates at Johns Creek Post to keep up with the news and local events.
By: Derek Goodman of Inbizability