New Entrepreneurs: Moves for a Post-Pandemic World
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Starting a small business during the pandemic may seem extra challenging, but for many new entrepreneurs, there are lots of benefits that come with acting on a great business idea right now. Not only does striking out on your own create an opportunity to do something you truly love, you may find that there are ample opportunities in markets that haven’t been tapped by bigger companies.
Start by creating a solid business plan and look for resources that can help you bring your ideas to life. You can also look for tools that will help you grow your business without worry, such as a formation service for your business structure, as well as do some research on how to find success in the right market.
Below, JADCOM Media presents more ideas new entrepreneurs need to explore as you put together your small business.
Make Your Idea Shine
While you’ll have to think about both local and online competition for your business, there is ample opportunity out there for the right idea. Do some research to find out where the most potential lies; what’s lacking in the field you’re interested in?
The most successful business ideas are the ones that offer something new or tap into a previously untapped market, so don’t be afraid to find your niche. Take a look at what businesses overseas are doing, and utilize social media resources like Instagram and TikTok to get an idea of the latest trends.
Once you have your ideas fleshed out, you can start setting up the legalities.
Determine Your Structure
Starting a business means having something of your own, so new entrepreneurs probably want to be able to run things a certain way. Forming an LLC will give you some flexibility, and the structure itself comes with less paperwork to worry about than a corporation, which will save you valuable time.
Not only that, it provides a measure of protection for your personal finances, which is incredibly important for new business owners. Utilize a formation service to register for your employer ID number (EIN) and make the process as easy as possible.
Alternatively, you could begin your business as a sole proprietorship. This can be beneficial for tax reasons as well as reduced start-up costs. Once this is done, you can look for funding.
This is not meant to be legal advice. You are always encouraged to seek the advice of professionals. This is intended to show there are resources available to help you along the way.
Take Advantage of all Your Options
Finding a way to fund your business and ensure that you’re able to run it worry-free is often one of the most challenging parts of becoming an entrepreneur, but it doesn’t have to be frustrating. There are several options available, from private loans to crowdsourcing to grants that don’t have to be paid back.
Depending on the type of business you’re starting and where you live, you may also qualify for pandemic assistance, especially if you’re a woman or individual of color.
Create a prospectus that includes all the relevant info for your business, from the number of employees you plan to have to how much you’ll need to spend on equipment and supplies so that potential investors or lenders can see everything in black and white.
You’ll also need to check out your competition and do a little market research before securing funding.
New Entrepreneurs Leverage Outsourcing
As you expand, look to outsourcing projects by working with freelancers and agencies. For example, many freelancers and services like JADCOM Media can help you put together a remarkable website that’s perfect for your business.
And if you want to put together a plan that protects your business from cyber security threats such as ransomware and phishing, work with IT pros who have years of experience in the field. By outsourcing, you can tackle different projects and responsibilities without hiring several full-time employees to handle the work.
Connect with Other Business Owners
Starting a business of your own may seem like a solitary process, but it’s actually very important to network and connect with other business owners around you. Not only can they provide valuable insight that could help you grow your ideas successfully, but they can also give you an idea of what to expect in the coming months as far as income and expenses go.
Connect with New Entrepreneurs
Whether they’re your competition or just another small business owner with big ideas, strike up a conversation and get to know them.
Getting your own business up off the ground can be a time-consuming process, so give yourself plenty of room to make careful decisions as you get started. With a solid plan, new entrepreneurs can find success in the coming months and keep it going for years to come.
About JADCOM Media
JADCOM Media is a publishing, marketing, and business services company. We can help you with your business project, whether you are thinking of creating a website, ready to publish that book, need help managing your social media presence, or need support in any number of back office operations. We’d love to hear from you!
