If you’re thinking of starting or have already started a business in the wake of the COVID-19 pandemic, you may be nervous about your odds of success. However, there are some reasons why now is actually a great time to become an entrepreneur. For example, COVID-19 has created fresh demand for digitally based business. Plus, the low interest rates at the moment can make it easier to get a cost-efficient business loan.
If you do decide to start a business, Pure Code Digital Agency can help you with your digital marketing needs. Outsourcing this kind of niche task to experts will help improve your odds of success in the long run. Discover more tips for becoming a thriving entrepreneur during COVID and beyond below.
COVID-19 reiterated the value of internet-based businesses that require little personal contact. As you brainstorm business models, prioritize those enterprises that can be run online, either partially or fully. For example, if you dream of opening a bakery, why not sell baked goods online instead? Miles Beckler offers a list of lucrative internet-based businesses ideas like affiliate marketing.
One benefit of online businesses is that they have a relatively low overhead. You won’t have to pay the cost of commercial rent if your company is based online. However, you will still have some startup costs to account for, like phones, computers, and video-conferencing tools. Calculating your startup and ongoing operating costs can help you prepare financially for business ownership. This MasterClass explains how to calculate operating costs.
Digital marketing is a cost-efficient way to grow your business. A website is the first step. As Theme Isle explains, your website allows you to showcase your services or products, provides potential customers useful information about your business, and can be a valuable marketing tool. You want a website that is user-friendly, with top-quality text and images. It should also be search engine optimized, making it easier for people to find you via search engines like Google and Bing.
With your website in place, you can branch out in the digital space by establishing social media accounts. You can use these to promote your website and engage with current and future customers. Loyalty Lion reveals that this kind of proactive engagement is critical to building a community of followers, which can foster loyalty. Customer loyalty allows you to secure returning clients with no additional marketing or advertising investment.
As your business grows, make a point of streamlining your daily operations as much as possible. The less time you have to waste on tedious tasks like payroll, the more time you’ll have to devote to your core business competencies. Look for a payroll app for small business that you can use on your mobile iOS or android device. For example, Quickbooks offers a platform with automatic payroll scheduling that’s also capable of managing same-day direct deposits and completing automated tax filings.
As your business grows, technology alone may not be sufficient to handle the increased workload. Consider outsourcing expert jobs that you don’t have the time or energy for. According to Flatworld Solutions, offshoring your outsourcing in particular can help you save money. Delegating responsibilities to others further frees up your time and allows you to benefit from expertise in areas you may not be proficient in yourself.
The COVID-19 pandemic shouldn’t hold you back from achieving your dreams of becoming a business owner. Follow the above tips to establish a successful startup.