Becoming an Entrepreneur in the Post-Pandemic World: A Brief Guide
The hullabaloo from the pandemic is finally dying down and the world is breathing a sigh of relief. The post-pandemic recovery is in full swing, reports Adweek, with consumers feeling more optimistic and willing to loosen their purse strings. This means now is a great time to launch a new business: You could potentially make it big riding on the post-pandemic feel-good recovery wave.
Here is what budding entrepreneurs should know about starting a business in these conditions.
Get a handle on post-pandemic business conditions
There has been a mini economic boom as of late, with the number of new U.S. businesses rising 7 percent above pre-pandemic levels. The economy is doing well, essentially, which should make seed money easier to come by. However, the picture isn’t all rosy – interest rates are rising, inflation is high, and businesses are grappling with supply chain issues. Furthermore, there might be another recession coming – as early as 2023, according to Fortune.
As a budding business owner, you have a significant window of opportunity to get up and running before 2023. To truly succeed in this climate, you’re going to have to come up with a profitable business idea, offer customers increased value at a low cost, and fend off the competition.
Coming up with the right kind of business idea
The best business ideas are the ones that excite you, are in demand, and align with your skills or experience. The demand bit is especially important – you can always acquire skills and experience, but you can’t manufacture demand. As such, be sure to research market conditions and double-check the future potential of any idea you come up with. It’s also a good idea to pick a “sustainable” or planet-friendly kind of business – they’re future-proof in these troubled times.
You will need seed money to set up your business. Depending on the nature of your idea, you could fund your business yourself, find investors, get a loan, or attempt to apply for a grant. Wooing investors can take months and require you to build up serious self-confidence but can be a worthwhile investment. Aim to have enough money to meet operational expenses for 6 months.
Have a business plan
When you’re ready to set up a new company, creating a business plan will take you far. This document presents a concrete roadmap for your business. It covers all the operational, financial, and logistical details you need to get up and running as well as the goals you need to attain to become successful. Without a good business plan, you have to rely on estimates. You could also end up missing key details.
Consider using an impactful DBA
As a small business owner who isn’t registered as an LLC or other entity, your business will be registered under your name. You may want to use an impactful “doing business as” (DBA) instead – it makes you more memorable and personable. Furthermore, with the right name, what you do becomes self-explanatory. When applicable, your DBA also allows you to branch out into new services or products, or do business under a different domain if one isn’t available.
Note that you can still create custom DBAs even if you are registered as an LLC, an entity which may be advantageous. LLCs offer you the benefit of protected personal assets from legal issues your company may face along with tax perks. If you don’t know how to form an LLC in Massachusetts (as most people without formal legal training don’t), working with a formation agency to file your paperwork will save you money over hiring an attorney.
Spend time and energy designing marketing campaigns
If there’s one business function you should obsess over, it’s marketing. Good marketing is essential if you are ever going to be established as a successful business. It’s important to do your research and pick the right strategy. Digital marketing strategies, for instance, offer a massive ROI – ranging from 36 to 748 percent over 3 years. Some concrete suggestions are creating a website, setting up Facebook or other profiles, releasing digital ads, and opting for email marketing.
Hire professionals to shore up your weaknesses
You can’t do everything alone – you have limited time and energy. Savvy businessmen focus on what they’re best at and hire people for the rest. You could recruit employees and freelancers or partner up with companies. Some choice experts you should consider hiring are web developers, graphic designers, artists, writers, and researchers.
You must stay organized and communicate clearly when working with professionals. For instance, it’s a good idea to standardize your large files in PDF format. If you’re communicating with a graphic or web designer about design ideas and you have a large PDF with many images, then you can utilize a free PDF editor tool to add in text, sticky notes, highlights, drawings, and much more. This makes it easy for you to offer suggestions or request changes without the need for lengthy emails.
The key to success in business is persistence. Don’t quit too early. Be mentally resilient and learn how to overcome challenges – it’s how you will persist through all future recessions and pandemics.Image via Unsplash