The beginning of the pandemic saw headlines dominated by stories of job losses and closing businesses. However, the following months saw momentum swing in the opposite direction with a record number of businesses being started across the country. As reported by the Census Bureau, upwards of 4 million new business applications were received in the year 2020, and current projections show this number to increase further in the years to come.
Not only has the opening of new businesses helped the economic recovery, but they’ve also been a prime source of job creation during the pandemic. If you’ve been contemplating starting a business, this article will explore why now is the best time to do so and how to ensure your entrepreneurial journey is successful.
Focus on Customer Needs
According to research, here are industries that have experienced massive growth through the pandemic:
- Home Renovations: This includes selling products such as paints, tools, or services such as interior designing, handyman services, etc.
- Food: Meal prep services, homemade organic foods, and food delivery services have been major winners during the pandemic.
- Gifting: While this can encompass any product from chocolates to rings, brands that have marketed their offerings as the perfect gift for special occasions have experienced high sales.
As a new player in the market, entering a thriving industry will help you get your business off the ground faster.
Have a Business Plan
While millions of businesses are opening each year, unfortunately not all of them will survive. One of the main culprits for this is a lack of planning. To ensure your business doesn’t fall prey to this mistake, your first goal should be to create a business plan.
A business plan encompasses all important aspects of your business such as short and long-term goals, financial requirements, funding sources, marketing strategy, and details about your offerings. Your plan provides you with a clear vision of how to manage your business and provides valuable insights while making important decisions.
A sign of a good entrepreneur is their ability to manage time by delegating responsibilities as needed. While you spend your time handling important projects such as securing funding, creating business strategy, etc., look to pass on subsequent projects like those mentioned below to the experts at Hilltop Secretarial Service:
Email Management: From sorting emails based on priority to prompt replies to customer queries, all your email communication needs will be handled, saving you hours each day.
Virtual Assistant: To avoid distractions during work, forward your calls to a virtual assistant such as Hilltop Secretarial, who can handle customer queries, receive appointment requests, and screen calls.
WordPress Blog Administration: A WordPress administrator will handle all responsibilities relating to designing, posting, and maintaining your company blog, leading to an increase in website traffic and business.
Choose the Right Business Structure
When it comes to choosing the best business structure as an entrepreneur, a Limited Liability Company tops the list due to the following advantages:
- It makes you eligible for tax write-offs and a lower tax rate
- Establishes your business as a separate legal entity, reducing liability during disputes
- Makes it easier to add or remove partners
- Has fewer requirements as compared to other business structures
When deciding to form an LLC, opt to use a formation service such as ZenBusiness. It will help avoid dealing with lengthy paperwork, adhere to state-specific regulations, and drastically reduce costs compared to filing independently.
While skeptics will view the pandemic as a period to delay their business plans, the data and market conditions point towards the perfect opportunity for motivated entrepreneurs to create new thriving businesses.
By Elena Stewart from Elenastewart.com