When looking at the most financially successful businesses of our time, we discover that quite a few of them were launched or thrived during a recession. The global pandemic that we are facing has had an impact on the worldwide market and has forced many to reconsider entrepreneurship. There are many that I know used entrepreneurship as a side hustle, but now they are forced to consider it as their main hustle. In the face of a fluctuating and unstable economy, we must be willing to consider the option of entrepreneurship more seriously, especially if we find ourselves unemployed due to COVID-19. In this article, I want to share with you ten essential things to consider when launching your business during a pandemic:
1. Ask yourself, is your business idea solving a problem? If your business idea isn’t solving a current or coming problem, it will quickly become irrelevant. Just because you think your product or service is excellent doesn’t mean that others will. Your business will not survive if you are your only customer.
2. Research the industry that your business will engage. How much time have you spent studying the sector or market you intend to participate? New startups fail because the proprietor didn’t spend adequate time learning the industry and market.
3. Ask yourself, what will it cost you to launch this business? Many people become discouraged when faced with calculating the cost of starting their business, but this is still a valuable exercise because it gives you a clear perspective on what you need.
4. Read books and resources by gurus and experts in your industry. I know so many gifted and talented people who launch a business where they can use that gift/talent, but they don’t sharpen their business knowledge in that area, which leads to their failure.
5. Personally cut back on excess spending. The most significant investment in your business idea needs to come from you, but if you mismanage your funds, it will impact your business.
6. Set a launch date. If you don’t ever put a time to any of what you want to accomplish, you will never achieve it.
7. Register your business even if you haven’t made any money. I can’t tell you the number of entrepreneurs who, during this crisis, couldn’t take advantage of particular opportunities because their business idea never was made a reality. Registering your company name takes your business from the dream stage to reality.
8. Find a good accountant before profit comes in. It’s wise to at least speak with an accountant to discover some of the tax implications of launching this business, as well as insight on the corporate structure that will work best for you.
9. Utilize all of the free resources you can to promote. Social media platforms are great free spaces to promote your business. Utilize these platforms to talk about your business as often as possible. You never know where you will find your clients.
10. Find a business mentor. Mentorship is so important but especially when launching a business. Your mentor should be someone who can help you avoid mistakes as you grow in your industry.
Dr. Nathan Culver, CEO of Culver Consulting Firm LLC http://www.culverconsultingfirm.com