4 Tips for Starting a Business After COVID-19
As the global economy slowly rebounds from the COVID-19 pandemic, there’s never been a better time to become an entrepreneur. Although there are still challenges, various business opportunities are emerging for entrepreneurs just like you.
Here are some steps to becoming an entrepreneur in the post-pandemic world:
1. Find a Profitable Idea
Finding a business idea isn’t challenging, but finding a profitable business idea can be difficult. For 21.5% of small companies, the business is over before the first year. Although some entrepreneurs have built random business ideas into billion-dollar brands, most successful entrepreneurs built a business in an industry they already understood. Ask yourself if you have these things:
Skills. What skills do I have? How can I apply them to a new business? Can these skills give me a business idea?
Industry knowledge. Which industries have I worked in? How can I make these industries better? What do customers complain about in this industry?
Resources. What resources do I have? Do I have enough capital to self-fund my business? Will I require financial backing?
2. Market Your Business
Regardless of the business or industry, you’ll need an excellent marketing strategy. You should create a marketing plan based on your current budget. With the growth of eCommerce, digital marketing has become an important part of marketing. Tips include:
Use social media. With 58.8% of the world now using social media, it’s an essential part of any marketing strategy
Use SEO. Around 68% of online experiences begin with a search engine. As a result, you must utilize SEO to build your online brand.
Know your customer. If you don’t know who you’re talking to, it’s impossible to market your business.
Send a clear message. The best brands with the most successful marketing campaigns have the clearest marketing slogans and messages.
Be consistent. Marketing results rarely occur overnight; you need patience and consistency.
3. Form a Business Entity for Your Business
Before you start your business, it’s important to take a look at this ZenBusiness guide on starting a company for guidance. Form a business entity to start. As one option, forming an LLC in Michigan has various benefits, such as tax advantages, less paperwork, and more flexibility. As another, an S corporation in Michigan will save you on self-employment taxes and allow you to exercise the option of pass-through taxation. Different states have different rules and regulations on forming an LLC or S corp, but you can use a formation service to ensure the paperwork is filed properly. You’ll also avoid costly legal fees this way.
4. Hire The Best Professionals
It’s essential to hire the best professionals when you start your business. In 2020, 59 million Americans were offering their services on a freelance basis. Since then, it’s only gotten easier to hire the best people through freelancing platforms such as Upwork and People Per Hour. These sites have thousands of skilled freelancers in graphic design, SEO, accounting, law, and writing. You can hire these professionals on a self-employed basis, which is ideal for new start-ups looking to save costs.
Start Your Post-pandemic Business Now
These steps will help you get started on your dream business. For additional help and guidance on starting a business, join the River Country Chamber of Commerce.Image via Pexels