Starting your own business can be scary but also rewarding. In the beginning, you might worry about finances, location, and finding your customer base. Especially in times of economic downturn or global crisis, it might be extra intimidating to strike out on your own. Sometimes, though, this is the perfect time to go your own way. Last year, a pandemic changed the way people work, think, and live. This year, you can take advantage of those changes by opening your own business and catering to the new normal.
You might think you need business classes and negotiation training to start your own shop, but really all you need is a little technological savvy. Stay-at-home orders and social distancing drove more people than ever to the internet, and the market saw that reflected in purchasing patterns. e-commerce increased nearly 40% after COVID-19 hit the scene.
So, if you’re worried about setting up a brick-and-mortar store, consider the online option. The overhead costs are significantly lower because all you have to worry about is the cost of your items. Focus on creating a great website and providing excellent customer service to keep your clientele coming back for more. You can even offer free shipping to make your shop stand out from the crowd.
Maybe you aren’t looking to open a shop but instead want to offer your services on a freelance or contract basis. More people than ever are switching over to remote work, so your client base just expanded significantly. Whether it’s virtual assistant work, freelance writing or editing, or even voice acting, you can tap into the new online market to sell your services and make money from home.
Changes in the Marketplace
The 2020 tumult was a tough time for most businesses, forcing many to close and others to take a hiatus from conducting business. This means there’s a gap in the market that needs to be filled with new or replacement services. Instead of there being five sweets shops on a corner, there might only be two now. This gives you a great chance to slide into the marketplace with significantly less competition than before.
With so many businesses closed, you’ll also have your pick of qualified employees. As companies shut their doors, they also had to lay off or furlough their employees, leaving a large swath of the workforce without jobs and eager to receive a paycheck. You might notice when you’re looking through applicants to your shop that more and more people are highly qualified workers with lots of experience. This could be great for you because you won’t have to spend as much time and resources training new hires.
Lastly, there’s also a ripe vine of available funding for new businesses because investors and governments want to help restart the economy. You might have a much easier time finding major investors, business grants, or reasonable loans to get your store off the ground this year, which means more money in your pocket to make it come alive.
How To Start
If all these reasons have convinced you to go for your dreams, then consider these few easy steps to get the ball rolling. First, you want to make sure you have a solid business plan that doesn’t need any over-the-top funding. Start small and see if you can get the majority of your capital from investors. Shape your business plan around carefully researched data that shows why your market is a reliable investment and how your business could grow over the next five years.
Even in the best times to start a business there are still risks. Make sure you’ve thought through any possible negative outcomes and come up with solutions to overcome them. Just because something bad might happen, though, isn’t a reason to give up hope. 2021 is a great year to follow your passion and make your dream business a reality!