By: Chelsea Lamb - businesspop.net
As the world recovers from the COVID-19 pandemic, aspiring entrepreneurs might wonder if it’s a risky time to start a business. But with consumers getting excited about returning to their old hobbies and habits, the current moment presents a great opportunity for up-and-coming business owners. PIVOT
offers the following tips on how to succeed as a COVID-preneur.
Outline Your Business Budget
Depending on which industry you are entering, things might still be a little shaky economically. Therefore, it is important to draw up a business plan that includes a detailed business budget. As you estimate your revenue for the coming months, stay on the conservative side – you do not want to anticipate sky-high profits, only to be disappointed and financially unstable by the end of the year.
Hire a Remote Team
A great way to save money and reduce expenses is by working with a remote team. This means they may need to hire employees and contractors remotely rather than scheduling interviews and onboarding them in person. Silicon Republic recommends testing out the technology you plan to use for interviews in advance and thoroughly educating your employees on the software they need to get acquainted with. As you move into management mode, make sure to set reasonable productivity standards.
Establish an Online Payroll System
Once you have a team in place, you will need to set up a reliable online payroll platform. Choose one that includes features and functions like same-day direct deposit, automatic tax calculating and filing, and automatic payroll scheduling. With a service that offers a mobile payroll app for both Android and iOS, you can monitor and process payroll while out of the office right from your smartphone.
Focus on Digital Offerings
You may want to prioritize launching digital products and services first, even with restrictions lifting. After all, you are better off staying on the safe side! You could host virtual events, release webinars or online courses, sell ebooks, and more. You can also think about how you can shift your product strategy in the future – for instance, eventually you can host in-person events and classes instead.
Formalize Your Business
Another important step before you launch is to formalize your business with the state. You’ll need to choose which business structure works best, such as a sole proprietorship, a limited liability company or a corporation. Filing this type of paperwork used to be a tedious process; however, online formation services have made it easy to establish your business. Take the time to compare sites like Legal Zoom vs. ZenBusiness. Both have several packages designed to fit your budget, and both are able to help you expedite the formalization process.
Virtual Marketing Strategy
Right now, you’ll need to put lots of time into designing the perfect digital marketing strategy. Not only will you be primarily selling digital products and services, but you will also be competing with lots of other businesses that are trying to reach customers online. Therefore, you need to go the extra mile to stand out. Naturally, you’ll want to focus on social media marketing – using these platforms is free, and you can reach a large number of people. To make sure that your social media strategy is effective, Meet Edgar recommends prioritizing several platforms and setting specific goals for your follower count and engagement metrics.
Maybe you have been sitting on a great business idea for months but have been wary of executing a launch. You do not have to keep putting off going for your entrepreneurial goals. Now is the time to put your business plans in motion!
About PIVOT:
Still working from home?
PIVOT offers flexible shared office space (co-working space) in the Ellicott City, Catonsville & Clarksville areas of Howard & Baltimore County; with all the amenities & productivity tools you need to succeed and be productive; All at one low price & with no leases or contracts. PIVOT is great for freelancers, business professionals, entrepreneurs, innovators, those who work from home and anyone else who needs modern, flexible office space without the long-term commitment or steep prices of typical office buildings or the hassle of a membership to a downtown co working space
Interested in trying out PIVOT?
Grab a free day pass here
Check out our other blogs