The COVID-19 pandemic affected businesses of all kinds, forcing many to shut down temporarily or at least dial back their operations. If you're a small business owner, you're undoubtedly eager to get back to everyday life. However, resuming business in the "new normal" requires some extra care. Whether you already own a business or are thinking of becoming a post-pandemic entrepreneur, this empowering guide provides tips to help you establish a thriving venture in the post-pandemic world.
Assess your community's needs and tailor your business accordingly
If you want your business to be a success, you want to make sure there is plenty of demand for your goods or services. A community needs assessment can help you determine whether people will be interested in championing your brand. Learning To Give explains how to conduct an assessment, for example using techniques like focus groups or public forums. Even if your business is already up and running, keep in mind that people's needs may have changed during the pandemic, so revisiting your offering with a needs assessment can help.
Make sure your business has the money it needs to maintain operations
Running a business takes money. If you're just getting started, make a list of all your possible overhead expenses and tally them to figure out how much you'll need. There are many ways to get funding, including angel investors, venture capital firms, and business plan competitions. If you're already running a business and took a hit financially during the COVID-19 pandemic, there may be federal or state government funds available to help. The U.S. Small Business Administration provides a guide to relief programs.
Find relevant professionals who can help drive your business success
When you're an entrepreneur, it can be tempting to do it all yourself. However, it's often preferable to outsource your work to professionals. Common jobs that can be outsourced range from bookkeeping to web design. Entrusting these gigs to professionals allows you to focus on other business tasks. If you're not sure whether to do a job in-house versus outsourcing it, performing a cost-benefit analysis can help. As a rule, however, you should never outsource jobs that are related to your business' competitive advantage.
Make sure to market your business to attract new customers and retain existing ones
Marketing is essential to any business's success, allowing you to stand out from the competition. Look for innovative ways to promote your business as the world emerges from the pandemic. For example, you might appeal to the current trend of "nostalgia marketing" by creating traditional business cards. They create a lasting impression and allow you to give clients something tangible to remember you by. You can create your own cards using a premade business card template, customizing them with colors, text, and images.
Network with other entrepreneurs to get the support you need
Whether you're just starting out or have already been in business for a few years, entrepreneurship is full of challenges. Connecting with other people who understand the hurdles can be a great way to maintain motivation and boost morale. Plus, networking is a wonderful way to connect with potential customers, business partners, and employees. The National Association for the Self-Employed, NASE, is one organization that can help provide guidance and a network as you start and grow your business.
Becoming an entrepreneur is a great way to take control of your professional life while pursuing your passion. That said, entrepreneurship in the wake of the COVID-19 pandemic requires careful consideration. The above guide provides some handy tips to get you started.
Want to learn more about starting and growing a successful business? Check out the "self-made" blog.