Starting a business can be challenging even in the best of times. The obstacles posed by the coronavirus pandemic make starting a small business even more difficult. Fortunately, there are ways that a wise business owner can make it work, even in these trying times.
Here are some of our top tips to help you get your business on its feet during the pandemic.
Capitalise On Areas Of Increased Demand
The pandemic has created a lot of areas of new demand. You could consider starting a cleaning business that will likely be incredibly popular thank to the intense focus on hygiene that the pandemic has created.
Dog walking or pet grooming services could be another excellent choice. Many people have taken the opportunity of the pandemic to get new pets, who will need love and attention when their owners go back to the office.
Carefully Consider Your Funding Options
There are many different ways to get your business funded. You could consider a small business loan or government grant, or perhaps you are lucky enough to be self-funded.
You should weigh up the pros and cons of each funding style to find the one to suit you best. One way of funding that can also act as market research is crowdfunding. The pandemic has posed problems for the peer-to-peer lending system, but there is light at the end of the tunnel. You can find out more from Northern Provident on how coronavirus is impacting crowdfunding.
Consider Beginning With A Side Hustle
It may be wise to remain in your day job for the time being and launch your business as a side hustle. This can help you get started without as much financial risk. It will also give you a transition period that will allow you to get an idea of the market outlook and customer demand.
Starting a side hustle is a great idea if your business will centre around producing handmade or bespoke goods. You could start by taking on some commissions on a site like Etsy to get an idea of the demand for your goods and services.
Invest In Marketing
Marketing is crucial to business success. Once you have your business up and running, you will need to invest wisely in different marketing strategies. The old quote ‘build it and they will come’ no longer applies to business, thanks to the massive range of products and services available online.
It may help to get the advice of a professional marketing company if you are unsure where to begin. Marketing is a vast umbrella, so having expert advice can make all the difference.
Learn Lessons From Other Businesses
You can learn a lot from observing the practices of other businesses. You should review your competitors’ business practices to identify strengths that you could build on and weaknesses to avoid. You may also consider getting advice from a more experienced business mentor, who will be able to help guide you through the first months of business ownership.
You could also consider learning from the businesses that went bust over the past 12 months to see where you can learn from their handling of the pandemic.