Many people have made the transition to startup business entrepreneur following redundancy as a result of the pandemic.
You might think that starting your own business is something you could never do. After all, it can seem difficult or frightening to put yourself out there. However, this is just negative thinking speaking!
Why not look at starting up on your own as a business entrepreneur as an exciting opportunity - a blessing in disguise?
You might ask yourself “is this a good time to start a business?”
But as working from home rapidly takes over as the new normal, the reality is that now is a great time. The greatest amount of new startups began life in the wake of the 2008 financial crash.
The main things you need to start up a business post Coronavirus are a clear business idea and a willingness to put the work in!
Building your New Business
The first thing you will have to decide is what type of business you want to run. From this you can build your business model and proposition.
The best advice is to focus on what you know, and play to your strengths!
This doesn’t mean that you have to stay within the industry you’ve previously worked within. There are certain industries that are thriving during the pandemic, and you may be able to transfer your skills to a business focusing in one of these sectors when you’re starting a business during Covid-19.
The best businesses are those that solve problems for customers - providing a solution to their needs. That’s why it’s important to research any gaps in the market and current consumer habits. You’ll also need to define your unique selling proposition (USP). Be confident in highlighting how you’re different from your competitors.
Another thing that’s often overlooked is creating a realistic budget for initial startup and operating costs. There’s a lot of hard work involved as a startup entrepreneur, and although you may want to outsource certain tasks (for example branding or website design), you need to be sure there are the requisite funds to allocate within your budget!
Marketing your New Business
Getting your marketing and business communications right is key. After all, as a start up no-one will have heard of you, and it’s up to you to remedy this and plan a clear route to market for your new enterprise.
The good news is there’s never been such a variation of platforms to market your business on, from traditional advertisements and promotional materials like business cards and flyers, to digital and social media platforms. But it’s important to ensure that the channels you choose are the right kind for the business you run.
Social media is a powerful marketing tool - from professional platforms like LinkedIn to fun, visual options like Instagram. It’s free to get started; you can not only reach and attract new customers quickly but also share updates and promotions with ease. However, it’s important to be consistent, and strike the balance between posting too little and too often to keep your audience engaged!
At DNS Accountants we’ve helped many startups move from the early stages to successful growth and profitability. We can provide expert financial advice, and let you know your options for setup structure. Book a call and let’s talk about your business ideas!
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