Given the current state of the economy, starting a business in the middle of a pandemic might seem like a total fool’s errand.
Still, the ongoing health crisis has offered a lot of aspiring entrepreneurs more time to really think about what they want in the future. And with more free time and resources than ever, experts like life and business coach Susie Moore believe that there’s never been an easier time to build a business.
Here are some of the tips she has to offer for those who are finally ready to take the risk.
Dealing with the Basics
When starting a business, Moore says that you should answer some important questions first.
Ask yourself whether there’s already a market for the product or service you’re planning to sell. Then, determine if there are other businesses that are also offering the same thing.
Moore shares that having competition is a good sign that your target customers are willing to spend money on your product. Otherwise, you’d have to work harder to introduce something brand new to the whole market.
Thoughts to Action
Once you’ve got your business concept pinned down, you should immediately start putting it into action. Moore emphasizes how irreplaceable taking action is when it comes to entrepreneurship.
It’s recommended that you come up with an in-depth checklist for everything you need to plan and get done. This should include a marketing plan, research on your competition and industry, and potential financing options.
You would particularly benefit from analyzing your competition and what techniques have worked for them so far.
One way the pandemic changed the way many business owners run their company is the increased reliance on the digital platform. For example, more businesses resorted to offering virtual versions of their products and services now that people aren’t as free to go out in public anymore.
While having a brick-and-mortar storefront is still out of the question for you, you can set up an online store and determine payment and shipping processes for the time being.
Lastly, Moore advises new entrepreneurs to continuously grow their audience. While there might already be a thriving market in your niche, your customer base won’t necessarily know about your new business when you announce it.
Begin by letting the people on your contact list about your company’s launch. Then make a mission of promoting your brand beyond your personal circle.