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Is It Wise To Start A Business During A Pandemic?

startup Oct 05, 2020

(Hint...the answer is yes!)

 

Did the coronavirus crush your entrepreneurial spirit? If so, read on. Here, we will take a look at why it makes sense to launch your own business now, ways to raise money, and options for when you’re not quite ready to step out into the world of business ownership.

 

A New Day

 

One of the most compelling reasons to launch a business now is that you can do it primarily online. You don’t have to get out and beat the streets, and you can use Harrison Baron’s techniques and tactics to sell yourself on social media, meaning that you – and your customers – can remain safely socially distanced. Further, launching a business now means that you can get your foot in the door where your potential past competitors may have failed.

 

I’m Not Ready

 

If you’re still thinking that you’re not quite ready, take pause and take note of your strengths and weaknesses. It might make sense now to head back to school to fill in any gaps that you have. As an entrepreneur, you likely have tons of business acumen, but you might lack in other areas, such as accounting. An online degree in this field will help you hone your business skills by giving you the knowledge you need in finance, marketing, and business ethics to have more confidence when the time finally arrives that you’re ready to call yourself boss.

 

Times Are Changing

 

One thing that many future new business owners have now is a luxury that would not have been possible had the pandemic not taken hold: time. If you were let go from a job, for example, or had to pause your plans, you now have the time to better think ahead. You will have a unique opportunity to channel your energy into research, which is one of the most important steps when launching a new business.

 

Something else you will have the time to do is look for innovative ways to raise capital. This might be by launching a crowdsourcing campaign, applying for a loan, or spreading your wings for an angel investor. The My Corporation blog also notes that venture capitalists and even your friends and family may also show an interest in your business, particularly if they see that it fills a gap left behind by widespread unemployment and business closures. Find the right investors/partners, and you can utilize their experiences and knowledge to help you make the best decisions as you start spending your capital.

 

Speaking of business closures, while this has definitely hurt the economy, small businesses padlocking the doors gives you another opportunity. If you are looking for equipment or supplies, you should have no trouble finding exactly what you need by browsing business liquidations. You can find these locally or look online at brokerages that specialize in asset liquidation, going out of business, and relocation sales.

 

An Entrepreneur Within

 

If you’re still not sure that you have what it takes to be an entrepreneur in a pandemic world, spend some more time evaluating your strengths and weaknesses. There are several signs that small business ownership is right for you. Courage is one example. Although you may be frightened to begin anew, if you’re willing to let go of fear and jump headfirst into a new way of living, you are probably ready.

 

Something else to evaluate is your connections. Take a look at your friends, family, and professional networks. You may be surprised at who you know that would be willing to lend a helping hand to a fledgling business owner.

 

An Online Life

 

We mentioned previously that you don’t have to go beyond your computer to start a business. Taking that idea even further, you don’t have to leave home to market or operate, either. Online marketing starts with market research, which consists of things like doing keyword searches, looking at trends, and learning how to master social media. You can start a Facebook or Twitter feed, launch a podcast (you may even be able to find sponsors for it), or create unique video content to capture and compel your audience. These marketing strategies may be more effective than television commercials, radio spots, or printed ads.

 

There is more to starting a business than marketing, however, and you will also need to decide on what you want to sell, learn how to analyze your market, and ensure that your website and production capabilities can keep up with your clients. By operating online, you will also have access to services, such as PayPal, which can help streamline your business by providing reports and analytics, dispute management, and instant funds transfers, meaning you can use your money immediately after your customers have paid their bills.

 

Benefits Of Entrepreneurship

 

In addition to taking control of your financial future, there are other reasons that now make sense to start your own business. First is that you get to be your own boss. While you’ll still have to answer to your customers, you will have the freedom to present your products and services the way that you want. You get to choose when you want to work and, perhaps most importantly, you are in a unique position to impact people’s lives while doing something you love.

 

Being an entrepreneur also means that you are in a continual state of growth and get to live life on your own terms. You’ll witness the birth of your personal vision and will serve as an inspiration to your friends, family, and colleagues.

 

The world as we know it looks much different today than it did this time last year. But that does not mean that it is not a beautiful place full of opportunity. If you know in your heart that you are ready to take your rightful place as the leader of your own business, there has never been a better time to do just that. And, if you think you need a bit more motivation, education remains accessible until the day that you are ready to take your leap of faith.

 

Look to Harrison Baron for tips, coaching, classes, and much more to assist you on the road to success!

 "By Elena Stewart from elenastewart.com". 

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