Many prospective entrepreneurs are hesitant about moving forward with their business plans during the pandemic. However, there are a few reasons why this could actually be a great time to launch a business! If you have some time to kill right now, consider putting it towards a new business venture. To help you get started and optimize the use of your funding, here are some of our best tips.
Why Start a Business Right Now?
While no one can deny that the pandemic has hurt the economy, many businesses continue to thrive. In fact, some businesses are doing better than they were before the pandemic began. Consumer behavior has changed significantly in the past year, opening up many new opportunities for business. Home improvement, pet products, home beauty products, and fitness are just a few of the industries that experienced growth during the pandemic.
Many innovative businesses have been born out of the pandemic, and yours can, too! Find a way to fill a new need or solve a problem that arose — or became worse — during the pandemic. This is also a great time to get a business loan since interest rates are still very low right now. Plus, many talented people are looking for work, so you should have no problem finding skilled team members.
Where to Start
After deciding on a business idea, your next step should be to make it official. Pick a unique business name, choose a business structure, and register with your state. According to ZenBusiness, forming an LLC is a popular option among small business owners who want to shield themselves from liability when it comes to lawsuits or business debts. If you want to skip the lawyer fees, review the formation process for your state and file your Certificate of Formation online.
This is also a good time to look into the licensing and permit requirements in your city. Remember, even home-based businesses must adhere to these regulations, so make sure you do your due diligence before moving forward.
Building Your Online Presence
Although you can launch a business without a website, it’s not a good idea — especially during a time when all of your customers are at home in front of the computer. Establish a strong online presence for your new business so you can meet your customers where they are. Of course, this starts with a well-designed website. Make sure your website is mobile-friendly, readable, attractive, and easy to navigate. Better yet, find ways to personalize your website for each and every user so you can foster better engagement and encourage those conversions.
Put Your Customers First
Adopting a customer-centric mindset is paramount during the pandemic. COVID-19 has made a lot of people anxious about their mental, physical, and financial health, and your customers need to know that you are putting their best interests ahead of profits. Consumers are craving human connection in every interaction. Ensure your customer service approach fills these needs and makes your customers feel heard, valued, and cared for.
McKinsey & Company suggests a couple of great ways to address your customer needs and build a solid foundation of support for the future. For example, it’s important to reach out to your customers and offer genuine support, instead of overwhelming them with marketing material. Offer digital, at-home, and no-contact shopping options to settle customer concerns. Stay on top of your customer’s changing needs by monitoring social media. This will enable you to anticipate consumer trends and adapt your business to better resonate with your customers.
Do you have a great idea for a business? You don’t have to ride out the pandemic before bringing your innovation to market. Countless businesses have launched amid the pandemic, and if you want to get ahead of your competitors, you need to get started right away!