Challenges are part and parcel of life. Entrepreneurs are aware of the never-ending challenges that come in the way. In the year 2020, COVID-19 entered the planet and put the world at a standstill. Whether it was the hotel or travel industry or small business owners, everyone suffered a tremendous financial loss.
The question is – How can you start a business during COVID-19? Your mind is worrying about the consequences. There are innumerable thoughts at the back of your mind about whether your products and services would sell or not.
The good news is that the pandemic phase is ideal for starting a new business venture. Business people are aware of the budgetary constraints and the worse that could happen. Each step taken by you will be calculated and well-thought-out.
Here’s a quick post that gives you a broad idea about starting a business in California.
Take Cues From The Current Situation
Did you know that popular brands like Apple and Microsoft had a rocky start? In fact, Jaffas, a traditional sweet from New Zealand, came into existence during the Great Depression. Milo, the malt and chocolate powder, was first introduced during the Great Depression (again!). The purpose was to feed malnourished children.
So, businessmen can take full advantage of the situation and create products that cater to people’s needs. The global pandemic gave rise to new business opportunities. Fashion designers and small business owners can design trendy masks, and even the beauty industry started manufacturing sanitizers.
Take cues from the current situation and work on a business plan. Don’t create a product for yourself. Create it for the people!
Persistence Is The Key To Success
The idea is to be persistent and work on ideas that make sense in the real world. Creating a product, making several units, and starting a business is just the first step. You have to market your business on social media channels.
Always remember that there is a lot of competition out there. So, try to put some unique products and services on the table. Be willing to offer discounts and products at competitive rates.
Work On the Technical Aspects
Now that you have decided to start a business during COVID-19, it is vital to start working on a business plan. This will include the company description, cost structure, organization, and management.
Moving on, you have to choose the apt business structure. As per IRS, there are six types of business structures. These include:
- Sole Proprietorship
- Limited Liability Company
- Non Profit
- S Corporations
Once you have made the business plan and chosen a structure, it is time to select your company’s name. It is essential to choose something which reflects the objectives of your company. Moreover, you would need to check whether the name has been taken or not. You can use different search engines like Yahoo, Bing, and Google to find out whether the potential names have been taken or not.
As you move forward, you would need to choose a location and register your business. Getting your Employer Identification Number in place comes next.
All the technical aspects have to be taken care of at the initial stage.
With sheer passion, persistence, and hard work, you will be able to reach new heights. If you have a business plan, this is the best time to get started. You are well aware of all the possible challenges, and there are no more surprises.
Use this time to observe what people NEED. If you can offer a product/service, which is evergreen, your business will flourish even during the pandemic.
Interesting Related Article: “Why Do People Start Businesses? It’s Not What You Think“