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If COVID-19 put a damper on
your plans to start a business, you might be surprised to hear that
this might be one of the best times to get your business on its feet.
Or perhaps, you never even considered being an entrepreneur and the
pandemic reminded you that you need to have a more stable source of
income.
Whether you’ve been planning on it for years or your passions have recently been ignited, starting your own business will let you be your own boss and give you the reward of seeing your new venture grow. Here are a few tips for starting a successful business post-pandemic.
Why is it a good time to start a business?
If you’re still confused about why now is the time to start your business, here’s what you need to know. During the pandemic, over 100,000 small businesses closed. This is tragic, but it doesn’t change the fact that there are now open niches for new businesses. If you want to start a business that needs equipment, such as a restaurant, several closed businesses are selling equipment for discounted prices.
Not only are there open niches, but this is also a great time to get funding, whether you decide to go the traditional route and get a small business loan or seek funding from investors. Interest rates for loans are low, and investors who withdrew their money during the pandemic are seeking new ventures to back.
The importance of building an online presence
Over the years, online marketing has become more and more important for businesses. The pandemic has made it even more so. The pandemic changed how customers purchase products. 43% of customers are shopping for products online that they used to buy in stores. Because recent events made people shy away from brick-and-mortar stores, it’s important to have an online store. Studies show that there will be around 300 million shoppers in the US around 2023, accounting for about 90% of the population.
Even if you decide to open a store in person, you will have a larger customer base online, and Glamour Social’s online marketing services can help you draw more customers. With an online store, people can reach your products from anywhere. Social media marketing also has an impact because it allows you to develop your business’s brand voice. Your brand voice helps you stand out and gain a following. When developing your brand voice, it’s important to be as consistent as possible. This will make your business feel more cohesive and trustworthy.
Keep your finances in order
If you’re just starting a business, one of the most important things you can do is keep very detailed financial records. Before you even get funding, you should have a clear business plan and budget. A business plan will cover everything from how you will finance your business to how you will face competitors. Your budget will list predicted income sources, fixed costs, and variable costs. It will also predict cash flow. This will give you a good idea of whether or not your business will have positive cash flow. It’s important to check your business’ finances regularly to make sure you are on track. You will have to be flexible in case there are any unpredicted costs.
In order to keep your finances moving smoothly, it’s important to have a good grasp of inventory management. If you don’t move inventory regularly, your cash flow could become disrupted as cash gets tied up in inventory. Inventory management software will help you keep track of your products from your warehouse to your customer's doorstep. You’ll be able to check what’s in stock, what has been ordered, where each item is located, and what each item is actually worth. The right inventory management software will allow you to see the true cost of each item, including how much labor and material went into it. It will also help you factor in the cost of shipping. With this information, you’ll be able to keep your business in the green.
In order to have a successful business post-pandemic, it’s important to take advantage of financing opportunities, build a strong online presence, and keep track of your finances. This could be your shot at becoming an entrepreneur, so why don’t you start writing your business plan today?
If you need help bolstering your business’s online presence, Glamour Social has the expertise to make your online marketing shine. For more information, get in touch.
Amy Collet is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand.
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