Covid-19 has been affecting the world for over a year now and that includes the world of business. As companies and employees have adapted, some key changes have occurred. Here’s what you need to know if you’re planning on opening a start-up during Covid-19.
Certain Businesses Are Thriving
There are a few types of businesses that have continued to do well during Covid-19. They include:
- Cleaning services. Many companies are hiring professional cleaning services to keep their buildings germ-free.
- Telehealth services. People are seeking professional medical advice virtually rather than risk unnecessary visits to the doctor’s office.
- Delivery services. With many states in partial lockdown status, people are having more and more items delivered.
If you’re undecided about what kind of start-up you’d like to open, consider a business that has done well during the pandemic. That way, you’ll know you’re the kind of essential service that isn’t going anywhere.
The Hiring Process Is Changing
The way companies seek employees is changing. You can save a lot of time, effort, and potentially money, by letting someone else do your hiring for you.
- Save time by letting someone else monitor and manage your job listings.
- They’ll keep track of your recruiting budget so you don’t overspend.
- They’ll help you design a hiring campaign to attract more qualified candidates.
- You’ll spend less time checking on how your listings are doing.
- You won’t have to do as many unnecessary interviews, which means less unnecessary contact.
There’s no need to spend precious time going over all the little details when someone else can do it for you.
Crowd-Funding Is Here To Stay
Covid-19 has led to an increase in crowd-funding campaigns. Now more than ever, it’s important to have a dedicated base of people who support your projects. There are some steps you can take to raise the potential of crowd-funding your start-up.
- As we talked about in the last section, you could choose a start-up that has done well during Covid-19. This will come with a small amount of built-in support.
- You could also build an audience that believes in what your company is doing and is willing to help fund your dream.
- If you’re looking to build an audience, start by crafting a well-written pitch that sells your idea, posting high-quality content, and getting people interested in who you are as a person.
- Once you have a dedicated following, you can ask for their help and support to get your start-up off the ground.
- Even if your following can’t help you directly, they can be used as leverage to find investors willing to fund you. This is because investors are more likely to support someone who already has a customer base.
Crowd-funding allows you to open your start-up while also guaranteeing that there are people willing to buy your products and services.
A Business Plan Is A Necessity
Recent times have shown how truly important it is for a company to have a good business plan in place. Start your start-up on the right foot by creating one before you open the doors.
- Come up with a list of your missions, goals, and objectives.
- Research the background information on the field your start-up is in. How are others that are in the same business doing?
- Take care of your necessary paperwork. Do you need licensing or to become an LLC?
- Create a strong marketing plan.
- Design a financial plan that leaves room for emergencies.
- List your assets and liabilities in a balance sheet.
- Make a plan for keeping track of your start-up’s income. Are you doing it yourself or hiring an accountant?
- Write a cash flow statement that predicts how much money you expect to come into and leave the business in the first year.
Making a business plan before you officially get started will give you a better idea of how you need the first year to go.
Opening a start-up can be scary, and Covid-19 has brought some unique challenges. Despite that, if you keep these points in mind there’s no reason you can’t open a successful business.