How to Survive as an Entrepreneur During a Pandemic

Published on Sep 16th 2020 by Admin
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The global pandemic dealt quite a blow to the American economy, but post-quarantine, there’s a land of opportunity. Landlords are offering great incentives for new tenants, e-commerce is booming, and consumers are eager to start spending money. As an entrepreneur, your ability to adapt and innovate during times of crisis will help ensure your business thrives no matter what.

The Best Time to Start a Business

Starting a business on your own can be scary, even without a global health event. Starting a business might be more complicated amidst a pandemic, but it is far from impossible. And in some cases, now could be the perfect time for your brand to claim a bigger market share. If you’ve always wanted to start a business, but you aren’t sure where to begin, many different business management resources are available online. From filing incorporation paperwork to choosing your website host, BuildABiz offers full-service business consultation services and tools to help your startup get off the ground.

Questions to Ask Yourself Before Starting a Business:

Before you start designing business cards, it's essential to answer some key questions and lay out some basic ideas. The goal is to realistically evaluate your idea to determine how feasible it is, and whether or not it will be worth the effort to move forward.

Ask yourself:

  • What are the legal requirements associated with starting or operating my business?
  • How does my product/service offer value to my customers’ lives?
  • What is my target audience, and how large is this group?
  • What’s the best way to reach potential customers?
  • What is my company's brand? How do I want customers to think of my business?
  • What makes my company different from competitors?
  • Can I find a team of dedicated employees ready to help?
  • Do I have the financial resources to start a business?
  • How fast can my business start generating profit?
Understanding the answer to these questions will help entrepreneurs develop a business blueprint, the first step to successfully starting a business.

Helpful Tips for Entrepreneurs

Once you’ve decided to take the leap, it’s time to get to work. While specific requirements may vary according to your location and industry, generally, the steps to start a business are the same. 

  1. Create a business plan, or business blueprint. Try a business plan template if you aren't sure where to begin. 
  2. Incorporate your business. Getting an Employer Identification Number is important for registering as a business entity, and is often required for tax and licensing purposes.
  3. Hire a legal consultant. Or do some legal research yourself. This helps make sure you are obeying all local and federal laws and regulations related to your industry.
  4. Look into financial consulting. You can get great tips for balancing the books, raising funds, and more.
  5. Do some market research. Learn who your competitors are, how they are promoting their business, and how they're reaching your target market.

Business Plan Templates

A solid business plan can help you secure starting capital, lease your dream commercial space, and chart your path forward. From mission statements to financial projections, business plans may sound complicated, but they don't have to be. Many successful entrepreneurs have used business plan templates to create strong foundations for their brands to grow, and you can, too. 

At BuildABiz, you can view a variety of business plans by selecting your industry and then choosing to “Do It Yourself” or “Hire a Pro.” View helpful resources, articles, how-to videos, and products to help you get started or work one-on-one with our expert consultants to create a custom business plan that will map out the future of your success.