Dreams do not stop because of life events, including the pandemic that we are experiencing. Those trying to keep their desires to start a business bottled up know that times like this only make the desires deeper. However, figuring out how to move during a pandemic hit differently, especially amid high unemployment, financing issues, and economic downturn. Regardless, for all of the reasons mentioned above, more people have leaped and started businesses during this time than any other.
Continue reading if your dreams have been put on the back burner because of the unknown in a pandemic. Then, learn from the guide below how you can begin a new business during a pandemic.
Although we don’t plan or hope to live through another pandemic, life comes fast, and much of it is out of our control. That means we must control what we can and move through life accordingly. Following the steps below will not only help you launch your dreams and begin a business during a pandemic, but these tips will help you get through almost any of life’s challenges.
Some tips for beginning a new business are:
Get Creative About Your Resources
In times like these, you have to get creative about resources and funding your dream. In addition to your savings, if you own a home, that is a vast resource. It can be used as collateral – a great way to show creditors the seriousness of your dream. In addition to your financial resources, asking family and friends for sponsorships, loans, and partnerships should be considered.
In addition to financial resources, most states or cities’ Department of Chambers has educational business courses and resources available for new businesses. Please make contact with them to get all the resources available.
Consider What Customers Are Looking For
Even though needles are going into arms and more people are vaccinated, many people are changing their lifestyles and how they move. Pet owners aren’t sitting around in pet grooming salons, people aren’t grocery shopping like before, and they have cut their errands tremendously.
That leaves options for different businesses wide open, especially for entrepreneurs to make money. Businesses like those listed below are thriving during the pandemic, and there is room for more.
- Dog groomers
- Grocery shop and delivery
- Mask makers
- Online or personal fitness
- Home cleaning services
Consider a Special Purpose Vehicle
If you have a business and are considering broadening into other areas but for the pandemic, there are options for your protection. Consider a Special Purpose Vehicle (SPV) for the limited purpose of your new venture. That way, your assets and the liabilities of the parent company aren’t the same as the SPV.
Start Your Business as a Side Hustle
If you already have a full-time job but are determined to turn your passion into a paycheck, start your business as a side hustle. That means you keep your full-time job and see what kind of business you get from your side hustle.
Side Hustle businesses also need to be marketed appropriately. Therefore, develop a presence on social media where you can advertise and sell products as well. Also, use websites like Etsy, where you can build a store, sell products, and continue to make money by working your full-time job. Starting your business as a side hustle will allow you to grow it before becoming a full-time job.
Consider Hiring Freelancers
Hiring employees will take up a large portion of your profit. In addition to payroll, there is business insurance, health insurance, and other expenses associated with having employees. Therefore, for some businesses, it makes sense to hire freelancers to work for your company. Freelancers are self-employed individuals who specialize in specific niches or even act as administrators. They will come in and work or come in and get assignments that they do at their homes. Some benefits of hiring freelancers are:
They produce high-quality work
You have a worldwide reach to services
You save money – no benefits or insurance
Check Out Small Business Association Resources
The Small Business Association (SBA) has funding opportunities and the government agency does a lot to grow small businesses. In addition to money, they offer counseling, Federal contracting, and learning tools for businesses.
As you have read, there is opportunity and success to be found when starting a business. Do not let fear of the unknown, even during a pandemic, stop you from moving toward your dream.