Building a Business Post-Pandemic: Tips for Entrepreneurial Success
December 14, 2021
In our latest guest post, Sharon Wagner delivers ideas for Building a Business in a Post-Pandemic World and shares her Tips for Entrepreneurial Success.
“Pandemic entrepreneurs” is now a thing. According to Salesforce, U.S. entrepreneurs created 4.4 million new businesses in 2020 alone. This number is more than double the average from 2010 to 2019 and nearly 25% more than the number of companies started in 2019.
For 57% of new entrepreneurs, being their own boss was the sole source of inspiration. For another 25%, the pandemic merely accelerated their plans.
Whatever your motivation, now appears to be the time to take your idea to the next level and start profiting from it. However, before you take the leap, consider these top tips for entrepreneurial success.
Choose a Profitable Business Idea
First things first, you need to develop a profitable business idea. According to Harvard Business School Online, there are several questions you can ask yourself to guide your efforts:
- Is there a better way?
- Can you improve a company or product’s delivery, cost, customer experience, and/or location?
- Can you make something more accessible? Think Airbnb and Uber.
You may also want to use the ideation process, which involves looking at your skill sets, experience, and passions. Do you have a skill or passion that you can turn into a business? If so, look for ways to market them.
Build a Flexible Business
When developing your startup, leave yourself plenty of flexibility to pivot when necessary. For instance, consider creating a “doing business as” or “trading as” name for your company.
A DBA makes it easier for you to branch out and provide new products and services to different markets under various names, but with the help of your parent company’s reputation.
You can form a DBA as a sole trader, limited liability company, or traditional partnership. Just be sure that you discuss the implications of each type of entity with a qualified professional before forming one.
Secure Business Funding
Business News Daily estimates that most micro businesses require $3,000 in their early stages. On the other hand, home-based organizations may be able to get by with slightly less, at $2,000, though the publication warns costs can soar to $5,000.
Regardless of how much you need in the early days, you may eventually require additional funding. Though hundreds of funding sources are available to you, some ideas include:
- Startup incubators
- Angel investors
- Government programs
- Family and friends
You should start thinking about ways to market your business as soon as you identify a profitable idea. The number of marketing strategies available to you may seem overwhelming, so start with something simple, such as your logo.
Your logo is an important asset. It can generate brand awareness, distinguish your business from the competition and deliver a great first impression.
While you may be able to get away with a DIY logo, there are some tasks for which you will want to hire professionals.
Your logo and brand identity should create a great first impression for your new company, so investing in this area by using the services of a professional logo design agency will be money well spent.
Other areas of marketing that you may wish to consider using the services of a professional agency include:
- Accountancy – keeping track of your expenses and submitting tax returns.
- Web Design & Development – Designing and building a great website for your new business
- Social Media Management – To help you run marketing campaigns across all of your social channels
When starting your own business it is tempting to try to manage all of these things yourself, especially because the cost savings can be very attractive. But you will run the risk of spreading yourself too thin if you try to do too many of these tasks yourself. So play to your strengths and let others manage the tasks that require expert knowledge and experience.
Good luck with your new business!
Starting a post-pandemic business may be one of the smartest moves you make in 2022. It will be hard work, but the rewards can be great.
Working for yourself allows you to be more flexible with your working hours and have total control over business decisions and creative choices.
And finally, those who make the choice to work for themselves have greater job satisfaction. So if you are an entrepreneur looking to start your own business, follow the tips above and set your sights for success.
If you are interested in creating a guest blog for LWDA, please read our tips on guest blogging here.