Having the guts to start a business from scratch in the time of a pandemic is a very admirable pursuit. Aside from the uncertainty the economy brings, government regulations are mostly in flux. Lockdown rules and regulations keep on bouncing about different scenarios. Now that the numbers are still rising and trending upwards, no one in their right minds is gearing up to start a business.
However, vaccines are now slowly being paced out to the masses. Optimistic businessmen are hoping to strike while the iron is hot. As restrictions are hopefully lifted in the next few months, good entrepreneurs are looking to strike at the first opportunity to start a profitable business. As a person with little capital and lots of confidence, how can you start a business in the uncertain time of COVID-19?
Having a Solid Business Plan
A tight and solid business plan is essential when you are planning on starting any kind of business at any time — pandemic or not. A business plan is a structured process by way of which you intend to start and sustain your venture.
Most dreamers stop immediately at the prospect of laying out plans and finances in a presentation or a written document. It is a level that those who are actually serious about starting a business are separated from those who are all talk.
The business plan is where objectives or goals are defined. It is where the path that the business intends to walk on is laid out for your prospective investors’ indulgence. Also, by having a business plan, you can have a reference document to go back to if you feel like you’ve lost your way in doing business.
Having capital is definitely difficult to come by especially in a time of a pandemic. Most people and firms are scared to spend or loan anyone money when times are uncertain. However, it is integral as a future entrepreneur that you secure the capital that you need.
Capital is what is needed to buy all the necessary assets to have your business walk and run. In this step, the business plan is integral. Having your business plan will be handy in convincing your potential investors or creditors that your business has an optimistic trajectory.
Of course, nothing will ever be certain. However, if you have a firm belief in your product, and you are confident enough that your plan will be successful, I’m sure investors will be convinced as well.
Acquiring the assets to use for your business may is a tricky step where you have to be careful. Knowing which assets will work best for your business may prove to be difficult, especially for first-time purchasers.
There is no trial and error when it comes to expensive purchases for quality machines or equipment. As an entrepreneur, you have to be decisive and detail-oriented when it comes to machines. Always do your research before you buy the item. Reviews are handy in this step. You lose twice if you fail in acquiring quality assets in the time of COVID-19.
Having Adequate Protection
Assuming you have already bought the necessary machines for your business, insuring them is the next activity you have to do to protect yourself. Much as a car accident attorney would advise you to ensure every aspect of your car and your driving, insuring your place of business and the assets involved is always a great idea.
Protecting yourself from accidents and thievery might be expensive. However, losing your place of business or your equipment without adequate protection will give you even greater losses. Aside from completely halting your base of operations, you will not have enough capital to rebuild.
Lastly, having follow-through with your business is the most important aspect of starting a business. Most entrepreneurs I know completely forget to do their grind once they have experienced their first taste of success. They do not know that sustainability of the business is key to be successful.
Having the same grind over and over again every single day is what drives your business. While it is true that the product is the key to your success, you are the fuel that drives the vehicle. Without you, the business will merely look good. Without you, it will completely come to a halt.
Starting a business while in lockdown might prove difficult. However, following the steps abovementioned will at the very least get your business running. The rest is completely up to the driver.