By: Jamila Lopez
To most people this may not seem like a great time to start a new company, but that’s exactly why it is.There are a lot of reasons why now is a good time to take that leap and start a small business.You are not alone in your hopes to be your own boss. However, we won’t pretend that every business will succeed in this current climate of financial uncertainty, as some don’t at any other time, either. But here are some reasons why right now, during Covid-19, can be good news for startups. It’s been found in surveys, Inside Small Business, that about (66%) of Americans dream of opening a small business. Changes in technology are making this goal easier than ever to realize. The number of physical storefronts may be declining, but e-commerce is increasing. This shift can actually open up a broader consumer base for your business idea. Instead of being dependent on your community, you have access to a national audience. Technology is also helping small business owners by improving their digital commerce. It has already shown that ad rates have declined drastically during Covid-19. So with ad rates dropping, it’s basically a chance to build your brand for less while we’re in recession or not yet a recession but pandemic. For instance, creating content and websites are easier and less expensive for entrepreneurs than ever thanks to web platforms such as WordPress or Drupal.
If you have been on the fence about pursuing your dreams of being your own boss, there really is no better time than now. Take an hour out of your day and investigate your options. Today’s economic advantages definitely increase your odds of success. As an entrepreneurs you have to think differently when developing new businesses or products as the world is not going to be the same when we come out of this pandemic. One of the biggest deciding factors will be your ability to obtain funding. The challenge here is the lack of funding available, thanks to the ongoing crisis. Investing in general, is down, but a Crunbase analysis of company statistics since the Great Recession shows there are certain sectors and business types that may be worthy of investment, even now. These include both early stage companies and later stage ventures. Even some of the largest companies around were actually founded during deep recessions. From General Motors, Disney to FedEx, IBM, Google,Salesforce, Trader Joe’s, Burger King, and many more of today’s biggest successes launched before or during economic downturns like the Great Depression and the dot-com bust. These companies either operated on bootstrapped budgets or received funding from investors desperate to put the economy back on track. With global recession looking more and more likely, many businesses are battening down the hatches and hoping to weather the storm. But for eager entrepreneurs with an appetite for innovation, now could be the perfect time to start a business of your own. So if you’ve been thinking about what your life will look like after lockdown, don’t rule out becoming your own boss. A sad fact of the pandemic is that a lot of great people are going to find themselves out of work. While that is bad news for them, it is good news for businesses, who can snatch up top talent that is usually unavailable.
Freelancers are a great source of flexible resource during a recession too. Put simply, you can hire better people without the premium price tag. As for social media, it offers many benefits to business owners, as it allows them to reach out to their customers and to gain the attention of more people and potential customers. A recent social media marketing industry report has shown that social media enables businesses to get exposure, traffic and gain market insights.We live in a world in which traditional advertising strategies aren’t enough. Social media not only allows for tremendous outreach and networking, but also allows for interactivity that can be very beneficial to businesses for a variety of reasons. Social media is a two-way channel where you have an opportunity to build a rapport with your clients; this social networking is a tool. If you can learn the ins and outs of its possibilities your business will definitely gain from it. With good strategies, some creativity, and additional tools you can achieve marketing goals with less resources.
The most common way to promote a business on social networking sites is advertising. Thanks to the advanced options of targeting and marketing you are able to address the message to the audience that would more likely be interested in your products and services. Facebook and Twitter paid advertising is relatively cheap and with a good social media strategy your efforts will pay off. But even more important than the exposure, it provides you with the opportunity to grow relationships with your target audience. The benefits of using social media for business are, there are more than 4 billion people using social medias across the globe. You need to draw up a business plan, work out your start up cost which may be minimal if you are working from home and how you will finance the business. You also need to think carefully about who your customers will be, how you will promote your business and how you will deliver your goods and services. Remember that many people are still required to stay at home unless they are in an essential field and required social distancing may be in place for some time.
Here are a few hidden business opportunities around coronavirus you can venture in to trying:
Dropshipping – Dropshippers sell online but never handle the stock. You sell products online but a wholesaler actually sends the product to the customer.
Stock photography – If you’ve got an eye for photography and a quality camera, you can raise income by selling your best shots to online stock photography sites. Shutterstock is a great place to start.
Moving and deliveries – If you have a van you can make money from your muscle. People always need furniture collecting, help moving house, deliveries making.
Social media assistant – Help busy business owners stay on top of their social media by managing it for them. Charge a monthly retainer or by the post.
Freelancing – From building websites for other small businesses to providing technical support for certain projects, quality web development is in high demand right now.
Ecommerce – store owner if you create, collect, or curate anything special, Consider starting up a ecommerce store and turning your hobby into a full-time job.
Clothing boutique owner – If you dream of building your own fashion empire, why not start with a local boutique? Build buzz with impressive inspiring social media accounts, and get your resellers permit.
Whether you choose an option from the list above or have another idea of your own, it’s important to have the experience, training, or skills necessary to be successful. Spend time conducting research to learn whether your idea is really the right fit for you and the experiences you have and interests. Once you know your idea, start working on your business plan. Your business plan should have what your business does, who your business serves, and you should include a description of what products and services you offer. Also, include information on your ideal customer, how you plan to position your offering, and your sales strategy. Most importantly, decide whether you’ll be an LLC or sole proprietorship. Once you have a legally formed a business and have been assigned a Employer Identification Number (EIN), open a bank account specifically for your business. It’s important to have a work space. You may not be able to have an entire room as your office, but consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success. Now get to work! Put in the hard work and remember: being your own boss, making your own hours, and working on projects you’re passionate about will pay dividends for the rest of your life.
