Tips for Business Owners Navigating the Post-COVID Landscape

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Tips for Business Owners Navigating the Post-COVID Landscape

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If you’ve been thinking of starting a business, you may have been deterred by the COVID-19 pandemic. While this global health crisis did take a toll on economies worldwide, it also opened up many unique business opportunities. In fact, K2 Enterprises reveals that so many people seized this moment to start a business that a new term was coined to label them: Covidpreneurs. Want to join their ranks?

It is possible to start a successful business in the post-pandemic era. It simply requires careful planning. Best Web Hosting For WordPress shares a quick guide to post-pandemic business success.

Find a business that can sustain tough times

The COVID-19 pandemic made it clear that resilience is critical to overcoming unexpected hurdles to business success. As you conceptualize the type of startup you want to found, look at sustainable models that are easy to adapt, like online businesses. Miva explains that ecommerce companies offer economic benefits. Plus, they’re better for the environment than brick-and-mortar businesses.

Figure out what type of business model makes sense for you

You should establish your business as a formal entity to protect your personal liability in case your company faces legal claims. Many types of entities exist, from corporations to sole proprietorships. They all have different taxation requirements, which can impact your bottom line, so it’s important to choose wisely. If you aren’t sure, consult experts that can provide advice on how to structure your business and more, taking into account tax planning.

Decide how you will fund your entrepreneurial Enterprise

You will likely have some initial overhead costs when starting your business, such as technology and tools, staffing, and property. Make a list of all your foreseeable costs and tally them up to figure out how much seed capital you need to get started. Eqvista offers a list of funding opportunities you might consider, including bootstrapping, crowdfunding, and consulting angel investors.

Get the technology you need to support business success

Technology can simplify many tedious business tasks. For example, an online payroll platform with automatic payroll scheduling and same-day direct deposits will save you time — and keep your employees happy. Look for a service that also offers an app so you can take care of business on the go. 

Build a strong brand and bolster it with a comprehensive marketing strategy

Your brand reflects how people perceive your business. It’s basically the first impression your company makes. From your logo to the verbiage you use in your content, many components make up a cohesive brand. All of your marketing materials should support this brand in order to successfully attract potential customers. Constant Contact provides tips for small business marketing on a budget, such as offering coupons to attract consumers.

If you’re planning on selling multiple products but want to sell them under a different name for branding purposes, consider registering a DBA name. According to ZenBusiness, not only can having a DBA name enhance your branding, but you’ll have more flexibility to expand your business. 

Build a strong next work, online and offline

A strong business network is critical to entrepreneurial success. You can tap into your network to meet prospective clients, find worthy collaborators, and scout employees. Attending local business events is one way to ramp up your connections. You can also network online. Alignable provides a how-to guide, explaining how you can leverage social media to achieve your goals.

At any time, starting a business requires forethought and planning. This has become even more true in the post-pandemic era, as people have come to realize the importance of resilient, agile enterprises. Follow the above tips to support your startup’s success.

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