How to Start a Business Now?

Since last year, life has changed a lot… If you feel lost and unstable, you’re not alone. Most of us are now working from home, some of us not at all. Family and friends used to be at the center of our lives, but now it’s second nature to keep our distance to protect ourselves and others.

The Pandemic and all the events that have shaken our country have drastically changed our life and we’ll emerge in a new state of normal.

But one thing is certain:  Whether we’re struggling with unemployment, economic uncertainty, health concerns, civic stability – or all of these things – life goes on. New businesses will open, established business will reopen with new business models, and the path forward will absolutely be paved with innovation. We have our nation’s entrepreneurial spirit to thank for this – our vision to see possibility in the void.

I’m sharing with you an article from Deluxe which I find really helpful and takes you through a step by step guide on how to start a business now…

STEP BY STEP GUIDE ON HOW TO START A BUSINESS NOW

Niche business

Companies that can carve out new niches and cater to evolving customer bases have incredible potential. They’re called “disruptors.” Businesses like Uber, Airbnb and Venmo arose from the Great Recession of 2008 as the country moved to a “sharing economy.”

Uber didn’t invent driving a customer from point A to point B (taxis had already done that). Airbnb didn’t invent a rental home-away-from-home (hotels and motels had already done that). They took an existing model and turned it on its side. The post-Recession customer needed a better way to travel and lodge and the “gig economy” was ready.

Most businesses will never reach the scale of Uber and Airbnb. Still, starting a business can give you purpose, a creative outlet, the ability to strengthen your community and, ultimately, control your own destiny. In fact, Guidant Financial found the most common reason for starting your own business was being your own boss.

Many established businesses will survive the impact of COVID-19. They’re the ones who prove agile enough to pivot their operating models to adapt to changes in consumer behavior and buying. Here are a few examples:

• Dine-in restaurants that quickly modified their operating model to accommodate curbside pick-up rather than sit-down meals
• Bike shops that began offering curbside pick-up and delivery
• Personal trainers that became overnight YouTube sensations with 7-minute workouts we could do from our living rooms

Business Trends

Some trends are surely here to stay: Among them, increased e-commerce, greater attention to the health and safety of both workers and customers, and hopefully the greater inclusivity our country is so desperately crying out for. Now is a time for innovation, but that doesn’t mean you need to reinvent the wheel: rather, you need to adapt to consumer needs and deliver a product or service that fulfills them. Indeed, as many as 42% of small business fail because there’s no market need for their services or products. Don’t let this be yours.

Do you have an idea for a business that taps into new customer behaviors or solves an issue around reopening and staying open, even during COVID-19? Has your idea been percolating for some time and you just need a push – or some help – to set things in motion? Are you ready to take the initial steps to prove out your new business idea, seek funding and prepare to “hang your shingle,” whether virtual or in a physical location?

How to Start a Business Now will take you through the startup process, from validating your idea to incorporating to launching a website. This is where it starts. Your new business.

Prior to COVID-19, there were 30.7 million small businesses in the U.S., accounting for 99.9% of all U.S. businesses, according to the SBA. No one knows how many small businesseses will survive, but you need to be able to speak to market needs, differentiate your business within the market and resonate with customers to start a business that survives, long-term.

Set-up for Success

Starting a new business isn’t easy. You will need to gain the insight to develop a tactical plan to set and keep your idea in motion. Many new businesses fail. Set yours up to succeed.

As the saying goes, every journey begins with a single step. Next week is that first step. Join us as we provide the building blocks that will pave your path to How to Start a Business Now. Yes, even during rampant unemployment, business closures, financial uncertainty, civil unrest and health fears, you can start a new business now.

For the next 16 weeks, we’ll take you through everything you need to know to start a business in the current climate, including:

• How to know if you have a solid business idea
• How to create a business plan
• How to raise funding for your business
• How to set a budget and manage business finances
• How to create a marketing plan
• How to hire employees
• How to care for customers
• How to prepare for the next crisis

How to Start a Business Now will be serialized each week on our blog.

Take the first step to business ownership

Each chapter will be summarized and direct you to the full text where you will begin to build your business plan, lay the groundwork for funding and develop your marketing strategy.

Each week, you’ll move one step closer to realizing your dream of business ownership. Quizzes and checklists at the end of each chapter mean by the time you finish, you’ll have an action plan to start your new business now.

Now is a perfect time to start a new business. Start yours here next week with Chapter 1, So, You Have a Business Idea.

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