So, you were planning to start a startup this year and then Coronavirus got in the way? Does that sound about right? Well, don’t let it stop you anymore. While there is hope that the pandemic will soon be over thanks to vaccines, it’s also important to learn to live with it and adapt to the new way of living. Surprisingly the pandemic has brought about new opportunities for entrepreneurs and while you might not be able to start the business that you had in mind, it doesn’t mean you can’t start it at all and here’s how.
Just like you would at any other time you need to have a solid business plan and know your startup costs. You will also need to think about who your customers are going to be, how you’re going to promote your business and how you’re going to run it around COVID-19 rules and restrictions. For example, will you be employing staff who can work from home? Depending on what your business is, do you know how you’re going to source your products, for example, do you know how to import from China to USA? Can your business work without face to face contact? Are you able to deliver your goods and services and get to people who can’t leave their homes? Once you have the answers to these questions then you can begin.
Secure Your Funding
You might not need a lot of startup costs if you’re going to be based at home but you’re going to need some. You’ll need to work out how much you need and if you don’t have it yourself then you’ll need to find it from somewhere. Due to the pandemic, funds are more easily accessible at the moment, and if your business plans to alleviate the pandemic, you’re likely to get some good investment. You may be able to apply for government-backed loans from trusted lenders, such as an SBA loan from Kapitus, but keep in mind that investors can also be friends or family, Venture capitalists or Angel investors.
Surround Yourself With The Right People
No matter what you’re doing in life, you should always surround yourself with the right people and starting a business is no different. It’s important that you have people around you who support you, but at the same time, you need people around you who will challenge you too and not just agree with everything you say. Surround yourself with people who inspire you and can mentor you too, people who have been where you are now and you can learn from. Also make sure that you have people around you with different skills than you such as a lawyer, a financial advisor and an accountant.
Find A Location And Build A Website
Next, your startup will need a physical address and perhaps even more important than that but it will need a website. You can start on your website early so that it’s ready to go live as soon as your business is. Make sure that the website is fast, user-friendly and has all the basic information about your business on it. These days your website is your first impression so make it a good one.