Steps To Start a Successful Post-Pandemic Business
According to statistics, about 200,000 businesses closed because of the pandemic. If your business was one of them, you may be wondering what to do next. With the world emerging from the pandemic, now could be the right time to start a new business. These steps will help you get started.
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1. Expand Your Knowledge and Skills
The one thing your business has that no other business has is you. The more you can increase your expertise and build your skill set, the more valuable you are as an asset to your business. Consider returning to school to study marketing, finance, business administration, or an industry-specific topic. Find a mentor who is willing to show you the ropes. Study what other successful businesses in your industry are doing. Figure out where unsuccessful businesses went wrong and avoid making their mistakes.
2. Choose a Business Structure
If you have already been through a business closure, you probably know the value of protecting your personal assets from your business's creditors. Forming your business as a limited liability company helps ensure that if unforeseen events put your business in financial trouble, you won't lose everything. LLCs also have advantages when it comes to taxes and are easier to set up than corporations.
You can set up an LLC yourself, but it may require significant research to make sure you are compliant with your state's regulations. That time might be better spent working on other aspects of your business. Instead, consider using a formation service to save time and avoid paying expensive legal fees.
3. Hire Some Help
No matter how small your business is, you probably can't do everything yourself. Unless your area of expertise is graphic or web design, you will probably want to work with a graphic and web designer to ensure that your website and your marketing materials look professional.
4. Market Your Business
Now that you have your graphics squared away, it is time to put them to use by developing a marketing plan. Social networking sites are a great and free resource for getting the word out about your business, but don't forget about your real-life network. Your friends, family, co-workers, employees, colleagues, suppliers and even old schoolmates can be good sources for new clients, contacts with suppliers, funding and word of mouth advertising.
5. Maintain a Productive Office Space
With many business owners now working remotely, it’s crucial that you have a home office where you can stay focused and productive. Locate your office away from high-traffic areas of your home, add some ergonomic furniture, and let in natural light to keep yourself centered and focused. If filthy windows are preventing light from entering your workspace, look for a window cleaner near you to find affordable and reliable window cleaning services. Homeowners can expect to pay an average of $260 for this task.
6. Protect Your Business
Buying insurance isn't the most exciting aspect of starting a business, but it is an important one. If there’s a fire or an employee gets in an accident while driving the company vehicle, you need to be covered. There are other types of insurance, such as workers' compensation, that you may need to purchase depending on how many employees you have and any specific risks involved with the type of business you are running.
With cyber attacks on the rise, you need to prioritize IT security. Invest in state-of-the-art antivirus software, implement multi-factor authentication, and have a multi-layered cyber security strategy. You’ll need to have a data recovery plan in place in case your business is attacked. This plan should determine which data and systems you’ll need to recover first and which staff or outside vendors will aid your efforts.
The pandemic has been hard on many small business owners. However, it has also created new opportunities for business owners and entrepreneurs to help the world emerge from this crisis.