Guest Blog Post by Amy Collett
In 2020, there was an average of 84,253 new business applications filed each week in the United States. The rise of COVID-preneurs was almost as difficult to predict as the pandemic itself. And so far, the trend remains unshaken this year.
The truth is, there’s no such thing as the perfect time to launch a startup. It’s always going to be challenging, and it’s always going to require you to work a little harder than the rest.
But there are some significant advantages to starting a business at the moment. For example, new consumer needs provide a wide-open door to entrepreneurs everywhere. The pool of talenthas never been broader or of higher quality. And then there’s the fact that you can do most—if not all—of your tasks and projects remotely, which comes with a slew of benefits on its own.
So, if you’re considering becoming a COVID-preneur, you have good reason to move forward with your plans. From testing out your business idea to working with a digital marketing and PR agency like PR ByIntention, here are some practical tips for how you can set yourself up for success:
Ensure your idea will meet a need. Coming up with a business idea is one thing. Making it work is another. Commit to researching your market to ensure that your idea will satisfy a consumer need. After all, that’s the only way you stand a chance of making a profit and enjoying long-term success. Conduct market research, put out surveys, and take any other steps that can help you determine how to refine your business idea to line up with your target market.
Carefully determine your business model.
Few things are as important as choosing the right business model. This will determine how your company handles everything from production to sales, from delivery methods to pricing strategy. In other words, it really is the model through which your business will be run. Take plenty of time to consider all the implications so that you can start off strong. Here are a few common types of business models to look into:
Choosing a business model is all about positioning your company to provide value to customers long-term. Make sure you figure out your target audience, business processes, unique selling proposition, and strategy for generating demand before moving forward.
Establish your company structure.
Your company structure is also essential. Many entrepreneurs operate as sole proprietors because it’s the easiest structure to set up and manage. But forming an LLC is typically worth the extra effort because it provides protection from liability and tax benefits, among many other perks. Plus, you can hire an online service to establish your LLC for you; this is much cheaper than hiring attorneys, and it will ensure that your LLC meets the rules and regulations of your state.
Create a digital advertising strategy.
As soon as you begin crafting your brand, it’s a good idea to start promoting online. Digital marketing can play an indispensable role in boosting your brand awareness, conversion rate, leads, and sales. And it’s quite cost-effective, especially when you consider the impact it can have on your business. Work with professionals like PR ByIntention, and you’ll be sure to see results, whether it’s through pay-per-click, social media, or any other type of marketing.
Plan to hire help.
Depending on your business, it’s likely that you’ll need to hire staff or even freelance workers to help with different aspects of your venture. For example, you may need several people to help with day-to-day operational needs. Or, if you aren’t savvy with web design and dislike the idea of a DIY build, you may need to connect with a freelance web designer and developer. It’s wiseto know your limitations and to plan for hiring our outsourcing to ensure a job is handled correctly and that you’re not wasting money or time in the long run.
Whatever type of worker you decide to hire, it’s important to have a payroll system in place so that everyone is compensated on time. While you can tackle this manually, you can avoid the risk of costly errors by using a reputable software system. A popular platform like QuickBooks can be a boon since it provides a wealth of capabilities that help with payroll such as automatic scheduling, tax filing and calculating. You can even tap into their mobile app which allows you to run your books from your phone.
There’s a wealth of opportunity right now to build a business that experiences long-term success. Do the homework to ensure that your business idea is filling a gap in the market, and take time to select a business model that will serve your company well in the long run. Finally, carefully choose your business structure, and invest in digital advertising early in the process.
There’s more involved in launching a thriving business, but following these tips will help you lay a solid foundation.
Photo Credit: RawPixels