How Can I Start a New Business During a Pandemic?
There is no way around it, the pandemic has touched every single life in America. Many people have lost jobs, or their job description has changed, many people are feeling the financial strain, and many people are wondering how can I start a new business to get back on their feet.
While it may seem like wondering how can I start a new business during a pandemic is futile thoughts, it may actually be one of the best pursuits you have ever had. Starting a new business during the pandemic can actually be a very fruitful pursuit. Of course, thanks to the pandemic you may have to put a little extra effort into the process, but in the end, it could be worthwhile.
How Can I Start a New Business During the Pandemic
The first thing you need to do if you are considering starting a new business during the pandemic, is to give some serious thought to how you will reach your target audience and how you will best serve them. For example, no contact delivery for flower shops, and other stores is a very popular model to follow.
The hardest part of figuring out how can I start a new business during COVID 19 is going to be to figure out if the business you are considering is going to be able to service the customer base. In some states (hopefully the one you live in) the restrictions are much lighter. In other states, the restrictions are pretty tight still.
If you live in the latter, opening a bar or a restaurant where the restrictions are heavy is probably not the best move. If you are wondering how can I start a new business during a pandemic, one of the key things not to do is start a business within an industry that is already struggling.
If bar and restaurants are not a good idea, what may be a better idea? While some areas of the service industry are flailing like fish out of water to survive, other industries are enjoying a nice boom in business. You may have to think outside the box.
For example, a lot of people have been sent home to work remotely. What type of business can support people working from home? A wholesale printing service could. A service that helps people to upgrade their at-home office space. You get the idea if you are wondering how can I start a new business during a pandemic, choose a business that will support the people that the pandemic has affected.
How Can I Start a New Business With the Skill Set I Already Have?
Maybe you do not want to have to spend a lot of time learning a new skill to start a new business but you do want to start a new business. There are ways you can parlay your current skill set into a new business.
Here is a list of ideas for starting a new business:
- Office skills. A big chunk of the nation is working from home currently. What if you have extensive office skills and you want to start your own business, how can you incorporate your office skills into your own business. Become a freelancer. Start a bookkeeping service. Provide customer service support or other back-office support. You may be a one-man show for a little while, but if you play your cards right, you will be able to open a virtual staffing service and make a nice profit.
- Construction skills. The pandemic has seen a building boom, especially in residential areas. With people stuck indoors, they have realized all the things they hate about their home and want to change. Now would be a good time to start that construction business, handyman service, or other related services that can help people do those home improvements they want.
- Cleaning. Cleaning services are also enjoying a boom in business. COVID 19 has made people very aware of how important it is to keep things clean around them. Start a commercial cleaning business (this is where the real money is) and before you know it every commercial building company will be hiring you on for construction cleanup and more.
Other skill sets that you can parlay into your own business include cooking skills, bartending skills, and inventorying organizing skills. While events are being downsized thanks to COVID 19, there still are private events. Your cooking skills can turn you into a catering business owner. Your bartending skills can turn you into a traveling bartender service owner. The staffing industry is huge right now, according to the experts that staffing industry has created more jobs than any other industry in the US. You could start your own staffing service with minimal skills.
There are plenty of opportunities out there to start a new business. You have to be innovative in times like these. Choosing the right business based on a skill set that you already have is an easy way to start a business.
The Basics for Starting Any Type of Business
While many things have changed because of the pandemic, some things when it comes to how can I start a new business, have stayed very much the same. For example, you will need a plan in place to reach your target audience, you will also need some business insurance to protect you from personal liability.
In other words, you are going to need support. Here are some support experts you will need on your team to help build your business and ensure that it thrives:
- Marketing services. Getting the word out about your new business is so important that it is an area where you will want to invest in professional marketing services. Local SEO services can help bring clients and customers right to your door.
- Business planning services. It is important that you have a business plan in place. It will become your guide book and you will need it to get financing. A professional service can help.
- Equipment. Every business will need at least a computer and office supplies. Of course, depending on what business you plan on starting you may need to invest in other types of equipment.
Things like having pre-inked rubber stamps created for your business can make managing your business easier and can give your business a professional touch. One of the best things you can do when you are starting a new business is to check out what your competitors are doing and how they are doing it.
If you are completely new to owning your own business and are thinking how can I start a new business when I have zero knowledge about how to run a business. The answer is a simple one. Do the research. Invest in books like an accounting for entrepreneurs book. Visit websites that support entrepreneurs, meet with people that have been successful in your field, and consider seeking out a mentor.
How Can I Start a New Business Online
COVID 19 has caused a lot of brick and mortar business to shut down, which has been really great for business online. If you are focused on how to start a new business that is within the retail industry, starting your business online can be the right solution.
There are clear benefits to starting a retail business online including:
- Very low overhead. You do not have to pay for a commercial space.
- You can reach a much wider audience online.
- You can keep your staffing needs down.
An online business can take care of itself. All you will need to invest in is your inventory. It can be a very cost-effective model. If you are wondering how can I start a new business during a pandemic, an online business can be a great solution.
There are plenty of platforms that are in place to support retail businesses online. The basics that you will need to get started include:
- A professionally designed website. Your website is going to be the foundation of your business. It needs to be professional and polished to establish trust with your customer base.
- A marketing plan that focuses on online marketing. A social media marketing strategy and an SEO strategy to drive traffic to your website is vital when you are going to be a strictly online business.
- Warehousing and shipping. There are companies, think Amazon, that can manage your warehousing and shipping needs. It is worth connecting with a company that can manage these needs for you.
When you are strictly an online business you will not have foot traffic, and you will not have signage on your building to get attention. Your focus will have to be on online marketing. It is best to connect with a company that specializes in online marketing.
More people than ever shop online and you can easily tap into the potential. If you are wondering how can I start a new business during a pandemic, you can start your business online, and see where it goes from there. The beauty of starting a business online is that it checks all the boxes of the best way to start a business during the pandemic. It is a no-contact method or meeting a need.
One of the best pieces of advice when it comes to starting a new business in any circumstance is to not quit your day job. If you have a job, you will want to keep it and dedicate yourself to starting a new business in your downtime from your day job.
Why should you keep your job when you are starting a new business? Because you will need income. It can take up to a year to really start to see a profit. That means for about a year you will not be able to draw a salary from your new business.
Unless you have the financial backing in place that will help you to survive during those first couple of years you will need income. Keeping your day job, while starting your new business, will ensure that you can keep up with your personal bills while you build your business.
Of course, if you have lost your job and you are wondering how can I start a new business to generate income, you do not have the luxury of keeping your day job’s income. You may have to get a little creative when it comes to meeting financial needs.
How To Pay for Your New Business
No business can get started for free. You will need money to get started, and you will need money to live on while your business takes off. How will you find the money to start your new business?
If you are thinking how can I start a new business during a pandemic and come up with the cash that I need to get started, consider these resources:
- Use your savings. While you should not tap into all of your retirement to start your business, you can tap into a part of it. Consider setting a limit to how much you will take out of your savings to give starting your own business a go. In other words, be willing to give up 1/3 or your savings and no more.
- A small business loan. Apply for small business loans that are backed by the SBA. Go to the bank that you typically bank with and start there.
- Grants. In the interest of kick-starting the economy, there are grants for small businesses out there. Do the research and apply for grants.
Consider talking to friends and family and offering them a slice of your business from an investment. Consider crowdfunding as an option. Of course, if you have credit cards you can use them too, but do be careful about mixing your personal credit up with your business. It can be easy to keep swiping and find yourself in a world full of trouble.
You Can Start a New Business
This may seem like not the best time to start a new business, but the fact is, we really have no idea how long this pandemic will last. If not now when? You can start a new business with a little innovative thinking, planning, and doing your research. Good luck on your pursuit.