This is a guest post by Amy Collett of www.bizwell.org.
Throughout the last few years, you’ve been waiting for the economic circumstances to shift in your favour so that you can finally start a business. In the recovery period, that moment has certainly arrived.
Now is a great time to set your entrepreneurial plans in motion, and as you make progress, you can expand your company with the support of a marketing consultancy like Jigsaw Metric.
Here’s why you should take action to start a business now, and what you can do to boost your chances of success.
Why become an entrepreneur now?
You might be suspicious that the pandemic recovery could be a profitable time for new business owners, but right now, you can enjoy several advantages.
For instance, low interest rates are creating favourable terms for entrepreneurs, and with so many businesses closing or downsizing during the pandemic, you can save money by purchasing used equipment and tools for reduced prices.
In addition, people are looking forward to getting back to normalcy, so they’ll be ready to shop again
Business finance and finding prospective investors
You might have secured startup capital through several sources. This could include
- Personal savings
- Angel investors
- Business loans from the bank
But how should you spend it in order to get the best returns on your investments? Business Collective recommends focusing on hiring qualified team members, necessary tools, and marketing initiatives that you can measure.
Hiring talent and setting up your business structure
You want to hire the best employees and contractors for your company. But, if you’ve never been involved with the hiring process before, you might not know where to begin.
At this time, many talented professionals are interested in remote work opportunities, so if you can offer new hires the ability to work from home, you may have an easier time finding qualified candidates!
If you’ll be conducting interviews over video chat, take time to do a test-run of your technology in advance.
Embroker recommends offering a flexible training experience, emphasising your company culture through virtual interactions, and explaining how you plan to keep your team safe during in-person meetings and events.
Choose a payroll platform
Before you officially onboard your first team members or contractors, you’ll need a plan for handling payroll. You might have already set up payroll services software, but you can upgrade your platform by integrating other tools.
For instance, you can find software for payroll and accounting with features like automatic payroll scheduling and same-day direct deposit for easy payment distribution.
Some platforms also offer automatic calculating and tax filing to simplify bookkeeping, or allow you to manage employee benefits.
Create a marketing plan
How can you effectively market to target customers as we move through the pandemic recovery?
The techniques you utilise might differ from the strategies that companies relied on before the pandemic.
For instance, with lots of potential customers still choosing to shop online, you’ll need to optimise your website and promote ecommerce options.
You’ll also want to focus on digital marketing
- Blog about product updates
- Invest in sales campaigns on social media
- Implement an email marketing strategy
- Work on establishing a clear brand identity across multiple online platforms
Aim to be highly responsive to customer queries online so that they know they can expect great service from you!
You might have put your life and your business plans on hold during the pandemic.
But the tide is finally turning, and the recovery is well underway. You don’t have to keep your plans on the backburner any longer - you can finally make headway as an entrepreneur!