Ever since the government urged businesses to close down because of COVID-19, the unemployment rate has gone up. But did you know now is the perfect time to start a business? People need supplies and retailers are feeling overwhelmed. If you can meet the needs of those customers, they’ll become loyal to you even after the pandemic ends.

Use the following strategies to get your startup and running:

1.   Find Capital

The first thing you need to start your business is financing. Create a sound business plan and take it to potential investors. Some banks may still give you loans if they think your business idea is good. Do your research so that you know everything about the market and how your product will satisfy your customers. Consider the competition and make accurate financial projections. Make your business plan as detailed and as clear as possible so that investors can trust you with their money.

2.   Take Advantage of Government Incentives

The Federal government created a stimulus package to help small businesses that are struggling during these tough times. Find out what incentives the government has put in place to help startups. Such services can help you save money when getting your business off the ground.

3.   Get Insurance

Since you’re not sure when the difficult times will end, you need to shield your business from risk. Having business insurance for your startup is as important as malpractice liability insurance to a practicing physician. Protect your workers with worker’s compensation and your business from risks such as fires and theft.

4.   Market

Marketing helps your business reach the intended target. However, the marketing mistake that startups make is advertising to a general audience. If you want your efforts to be successful, you have to be very specific. Narrow down your target market and make it as small as possible. You’re more likely to make sales if you personalize the message for a small target market.

5.   Start Small

Instead of going big from the get-go, start small and build your way up. Even if you understand the market, customers are unpredictable. You may not reach your sales target during the first three months due to low traffic. To shield your business from huge expenses, you can start by operating from your garage or home office. Then, when the orders become too much to handle in such a small space, you can move to a bigger office.

6. Leverage on Technology

Thanks to technology, information is everywhere. Take advantage of the resources around you to gain a competitive edge. Install software that will help you manage the business accounts and orders. Use technology to make your business more efficient – machines are better at calculations. Use online analytics to check on the effectiveness of your website. Take advantage of digital marketing platforms to reach more people.

7.   Have a Backup Plan

Create a backup plan of what you’ll do if you don’t meet your sales target during the first year. Make sure that you have saved enough money to keep your business running for at least half a year. Keep an eye on cash flows and consider negotiating for the best deals with suppliers. Since things are bad, try to make them understand that you may need more time to repay debts. That way, you’ll have more money to deal with more urgent business. Although it’s risky for you to start a business during these difficult times, it’s not impossible. Right now, people need essential supplies. Use the above tips to take advantage of opportunities in the market.

During these uncertain times, there is a lot to consider and you can feel overwhelmed. Please see this article on BetterHelp for further information on ways to combat any anxiety during the pandemic.

The goal of every business owner, whether their company is small or large, is to increase revenue. Without it, your business will become stagnant and possibly fail. The good news is that with the right tools, resources, and a staff that’s motivated, you can achieve this easier than you may expect.

Take a Step Back

Time is something that’s necessary to keep the focus on bringing in new business. Unfortunately, many business owners feel the need to either handle all aspects of the business or micromanage those they entrust with various components. Taking a step back and allowing your qualified employees to perform their duties will allow you to stay on track. Another time-saver is outsourcing. It’s a common practice these days, and for very good reason: it works. For example, managed IT services provided by another company will keep your employees working by reducing downtime for unforeseen problems with software and programs.

Goals for the Company

Monthly meetings are essential. They provide a venue for you, as the business owner, to show in black and white the direction you want the business to go. They also let employees have a voice that they can use to offer suggestions. Since your employees deal directly with the customers, they bring something incredibly valuable to the table. Keeping an open mind and allowing your staff to participate in company meetings will make them feel that they are an important part of the business.

Energized

Working at a desk and sitting in front of a computer for 8 or more hours each day can sap the energy from your employees. This is true for many companies who know that productivity is at the highest level early in the day. Once mid-afternoon comes around, your staff is more likely to be less energized. Thankfully, there’s a solution. Implementing 15 minute breaks mid-morning and mid-afternoon will allow them to get up and move around and get their blood pumping. They will return with a clear head and renewed energy.

Prioritize and Complete Tasks

Trying to run your business with a singular focus or by spending all of your time on just one thing isn’t going to produce the results you want to achieve. Most often, there are several tasks to perform in a single day. Learning how to prioritize them is a great way to make the best use of your time. Not everyone is good at multitasking. In fact, having too many tasks to perform often causes everything to take longer to complete. Instead, delegate duties to qualified individuals. This way, all of the work is done on schedule.

The Employee Role

As a small business owner, you rely on every person under your employment. However, if an employee is unhappy with you they may not work as hard and start looking for new employment without notice. If you only have a staff of 5 or 6 people this can mean a reduction of 15 or 20 percent of the workforce. By assigning certain tasks to employees with an imposed deadline, you can identify the individual quickly and take steps to uncover the problem.

Upgrades

As a small business owner, money is always something that you must spend wisely. Older office equipment such as a printer without double-sided copy or color capabilities and outdated software programs will cost you in wasted time. However, acquiring new tools is often something not in your budget. Thankfully, you don’t have to replace everything at once. For example, you can upgrade the inefficient copier with a new high-tech model from a leasing company. This will allow you to save time and, if any repairs are needed, the company will service the machine at no additional cost.

Increasing workflow efficiency will help you stay the course and focus on bringing in new business