The Covid-19 pandemic has resulted in many people facing redundancy, losing their jobs, or looking for ways to top up their bank balance to increase their financial security. Due to a rise in unemployment and job uncertainty, it could be time for a talented professional to adopt an entrepreneurial mindset and launch their own business.
If you want to take control of your financial security and future, read this handy guide to starting a business during coronavirus.
Fund Your Big Idea
While you might have a brilliant idea for a business, you might not have the money in the bank to fund it. If this is the case, then you shouldn’t give up at the first hurdle. Become your own boss by applying for SBA loans from Become, and you’re guaranteed to receive at least 85% of the loan amount. While taking on a loan is a big financial decision, it could be the key to a successful business.
Choose a Sought-After Service
The Covid-19 pandemic has led to a rise in demand for specific services, which are becoming more sought-after by consumers.
It could, therefore, be a smart decision to provide the following popular services to enjoy a share of the market:
- Contract cleaning
- Food delivery
- Health & fitness
- Digital subscriptions
- Gardening services
Use Your Knowledge and Skills
If the thought of entering an unknown industry is too scary, you could always develop a business that plays to your strengths and experience. For example, if you are a graphic designer, consider launching your own graphic design agency or work for many clients on a freelance or contract basis.
Other options you could consider include:
- A bookkeeping business
- Life coaching sessions
- A web design agency
- A day nursery
Consider How Covid-19 Could Affect Your Operations
While many nations are almost through the first wave of coronavirus, additional lockdowns could occur without the development of a vaccine. To ensure your company will survive additional waves, you must consider how your company will survive financially. For example, if you are planning to kickstart a restaurant, you could provide delivery services to new and existing customers in your neighborhood.
Write a Business Plan
Once you have pinpointed the right business idea, write a detailed business plan. It should provide an outline of how you will fund, market, and grow your venture. It is essential to factor in every essential cost, such as the price of inventory, manufacturing fees, warehousing, employee salaries, marketing fees, office equipment, etc.
It is also crucial to provide financial projections for the first year, as well as your predicted financial position for the next two to five years. A business plan could help you to realistically scale-up your operations, acquire new customers, and develop a recognizable brand.
If you are thinking of starting a business during the coronavirus pandemic, you would be wise to follow the above advice to help you launch a brand-new venture and increase your chance of success.
James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.