Data from the Census Bureau shows that the number of new business applications filed in the U.S. grew during the third quarter of this year to almost double the quarterly average of the last decade. Even though it’s a challenge to start a business in the best of times, the global crisis has proven to be the mother of invention. If you’re one of the brave new entrepreneurs who want to build a startup as we continue to navigate the pandemic, here are a few factors, Xtraordinary Women offers the following guidance.
Figure Out Your Why
A strong mission mixed with a passionate founder in an expanding market is a magnet for success and talent. The reason why you want to start and run a business is imperative as it can act as a lighthouse, guiding you and giving you strength when you feel like nothing is working anymore. It can be the desire to provide for your family, or it can be your long-life dream: no matter the reason, think about it and put it down.
Establish the Important Things First
Mistakes are unavoidable – irrelevant to the stage of the company – but new businesses have less ability to recover from major ones, so make sure to read your contracts and legal documents thoroughly. You need to do this especially when you’re dealing with long-term or large deals as those are a couple of mistakes that can play a vital part in your business’ failure.
Speaking of the legal aspect, ensure you understand the best practices for starting a business. One of the several legal steps you need to take is establishing a business structure for your startup by filing the necessary paperwork. This can provide you with tax advantages and ensures you remain compliant.
Research Your Competitors and the Market
When starting a business, it’s best to pick an expanding market because it’s incredibly difficult to fight the economy or macro-trends. It’s also important to know who your customer is so you can offer them what they need and want. Researching your competition will give you an advantage over a business owner that doesn’t analyze the field, so make sure to know your competitors; however, don’t obsess over them.
Remember to Profit
Operating a business is not only about revenue and sales – the networks, experience, and newfound passions are just as essential. Still, your time and effort deserve to be paid, so when pricing an item, you should think about your target customers; it’s best to price your products or services to profit double or higher than the investment costs. Adjust your fees, including selling platforms, materials, supplies, and shipping, and use commercial shipping rates via platforms like eBay and PayPal.
Patience is Key
Don’t give up when you don’t see immediate profit – that’s normal. Your product or service hasn’t been vouched for by real customers, nor have you created an astonishing online presence with returning customers yet. Some days, you will not sell anything while other days, you’ll get a sudden influx. Your experience will become your greatest asset, and as you’ll continue to learn the best methods to navigate through operating a business, you’ll find the ideal tools to use to decrease costs, boost sales, increase efficiency, and find new customers.
In a Nutshell
Starting a business during or after a global pandemic may sound like an uphill task. Still, industry experts advise people with entrepreneurial inclinations to go ahead with their plans as this is an opportune time to begin. Just make sure to adopt some or all of these methods to get your business started and eventually reach success.
Summitted by Julia Mitchell from outspiration.net.