By Courtney Rosenfeld
Photo via Unsplash
Did you have dreams of starting a new business before 2020? Did you also put those dreams on a temporary hold due to the pandemic? So many entrepreneurs found themselves doing the same, but you shouldn’t let fear or anxiety turn a temporary pause into a permanent one.
With the economy picking back up and life getting back to a new normal, now may be the perfect time to turn your dreams of owning a thriving business into a reality. You may just need these tips to soothe your worries and take that bold first step.
Staffing Concerns and Shortages
If you’ve been paying attention to the news, you may be worried about finding the right employees for your new business. NPR points out that it’s true that some industries, like warehouses, manufacturing, and delivery services, are still struggling to stay fully staffed. However, if your particular business can allow remote work, you shouldn’t have to stress about attracting needed workers.
One thing you can do to retain committed employees once you’ve recruited them is to pay it forward with reliable payroll, so they always get paid on time and accurately. When you first establish this new system, you’ll need to take care of a few essential steps, including having new employees complete their W-4s so you can figure out the correct withholdings.
Keep in mind that you could hire a dedicated employee or outside consultant to handle payroll for you, but doing so will come with added expenses. So if you prefer to keep your budget tight and still ensure accurate and timely payroll schedules, as well as a better chance of avoiding tax penalties, consider a payroll service instead.
Startup Funding and Finances
Another piece of pandemic news that may scare potential entrepreneurs? That so many existing businesses are still struggling to maintain their bottom line. While there have been closures and struggles since the beginning of the pandemic, recent reports state that 200,000 small businesses have permanently closed due to the crisis—that’s actually a relatively small percentage.
Those same studies found that an influx of financial resources coupled with relaxed restrictions has actually made it easier for small businesses to remain open. It’s also worth noting that interest rates remain at record lows, so now may be the perfect time to find startup funding. The Federal government also expects the economy to continue growing as vaccination rates increase and severe COVID illness rates decrease, which could pave the way for new businesses like yours to grow, prosper, and thrive from the start.
Marketing and Competition
If the business is expected to boom in the coming months, this may bring up another anxiety for hopeful entrepreneurs: that the market may be flooded with too much competition. You need to figure out how to help your new business stand out from all of the rest.
The good news is that instead of building a marketing plan that includes multiple channels, focusing on your digital presence is what’s important right now, asserts the World Economic Forum. You just need to figure out how to leverage the many digital marketing tools along with the right consultants, and you should have no problems getting the word out about your new business and connecting with people.
One thing the pandemic has made clear is that businesses that can leverage an online presence through remote work are at an advantage. If your new business venture plans to follow this model—and it should—then you’ll need to make sure that your digital infrastructure is protected from threats like cyberattacks. You don’t want to lose your new business to malicious actors.
Just about every entrepreneur experiences some level of fear or trepidation before starting their business. The trick is to arm yourself with enough information to prevent that fear from becoming an obstacle to making your dreams come true—especially if you’ve put your plans off due to the events of the past year. Don’t wait for one more second to be brave and bold!
SignalHarmony is a business consulting firm focusing on business formation, website development, and social media optimization for new and existing businesses. Our company is based in the beautiful Southern California High Desert and offers successful strategies for your business on and offline. Let’s talk today!