Entrepreneurial Tips for Starting a Business During the Pandemic
Starting a business during a global pandemic can seem like an impossible task, but for many entrepreneurs, now is a perfect time. There are several benefits to opening a business right now — including low interest rates — and if you know where to begin, you can make the current situation work in your favor. Think of some ways you can bring your business to customers in a time when social distancing and changing safety guidelines can make in-person shopping a challenge. For instance, Redde Payments will give you a secure, on-the-go payment system that can be used anywhere and is perfect for businesses that offer curbside pickup or delivery. Here are a few tips on how to get started with a business plan during the pandemic.
Protect your assets
As a business owner, you’ll want to make sure your personal assets are covered in the event of litigation, and the easiest way to do that is to create an LLC, also known as a limited liability company. The formation of an LLC allows for more flexibility in the way you run your business and separates your finances to ensure that you aren’t held personally responsible for professional debts. There are quite a few steps involved in forming a California LLC, so read up on the process before you get started to get a feel for important dates and paperwork that needs to be filed. Keep in mind that while there are fees involved, you can save money by filing the certificate of formation yourself or through a formation service rather than an attorney.
Seize every opportunity
Once you’ve protected yourself and your business, think about how you can make the most of your budget. Not only are interest rates low right now, but you can also look for inexpensive supplies, tools, and equipment from other business owners who are making changes due to the pandemic. According to Shopify, startup costs can add up quickly, but by taking advantage of these seemingly small opportunities, you can save quite a bit.
You’ll also want to read up on federal loans and grants specifically designed to help entrepreneurs during the pandemic. There are a few companies that provide resources for small businesses at little or no cost — such as communication and time management tools — so it’s a good idea to take advantage of these as well. You can also look for a service that provides more than one benefit, such as Redde Payments. Whether you need a point-of-sale system or an easy way for customers to shop an e-commerce store, they can help you get set up without breaking the bank.
Another easy way to keep costs down is to stay simple where your business goals are concerned. This is a little easier when you’re in a specialized niche market, but any entrepreneur can benefit from making sure their business concept is streamlined and not overly complicated. It can be tempting to keep adding products or services, especially as the pandemic creates changes in consumer needs, but this will only increase your costs and confuse your customer base. As your business grows, it’s always possible to add things slowly over time.
Starting a business takes a lot of research and hard work, but with a few resources and a good plan, you can ensure that it will thrive even during a pandemic. Stay on top of local and federal health guidelines to ensure that you, your staff, and your customers are safe and that your business complies with the regulations, even as guidelines become more relaxed.
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