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Last Updated on: June 26, 2021 by Joseph Muriithi
If you’ve always dreamed of starting your own business, but the pandemic has left you unsettled, you might be surprised to hear that this could actually be the best time to get your startup going. According to The Wall Street Journal, the low interest rates from the pandemic will last for a while, possibly even until 2023. If you need a loan to start a business, you’ll be paying record low interest rates. Businesses that closed during the rough times are selling equipment for discounted prices, and there are several new niches open to entrepreneurs to help in starting your own business post-pandemic..
Before you start, you’ll need to have a business plan, find startup capital or a way to finance your endeavors, and know how to pay your employees. Idea to Plan lays out everything you need to know about starting a business post-pandemic and finally realizing your entrepreneurial dreams.
Find a Niche for Your Business
If you haven’t already, you’ll need to decide what kind of business you want to start. Post-pandemic consumers are interested in different things than they used to be and several niches have opened up. According to Ecomdash, consumers today are drawn to products like men’s beauty products, home exercise equipment, natural feminine care products, natural pet care, boutique rugs, smart speakers, and organization helpers.
With food and toilet paper shortages, people are looking for more sustainable sources. There’s also something comforting to people about being able to order things online, so, as Radius Bank notes, ecommerce retailers are thriving. Whatever niche you choose to focus on, you’ll need to research who your customers are and what they want. Also, make sure you scope out the competition to see what you’re up against. With this information, you’ll be able to put together a business plan.
Finance Your Business
Once you have a good idea about what niche you want to fill, and who your customer base will be, you’ll need to figure out how you will finance your business. There are a number of different types of loans available to startups and small businesses, so it’s worth spending time on due diligence to identify what suits your needs. Financing options are available at friendly rates and ease of access based on who you are, for example, as a woman, financing might be easily available from women trust organizations, and as a Veteran, financing options might be easier from Veteran based organizations.
There are a few other ways you could fund your business. If you have any valuable assets, like extra cars, you could sell these off. You could also refinance the mortgage on your home. If none of these options work for you, you could even borrow money from your retirement account, depending on how much you have.
Once you’ve figured out a way to finance your dreams, it’s important to make sure you use your startup capital carefully. Have a good idea of your budget and don’t use it all at one time. Keep some of your capital saved just in case.
As your business grows, you’ll need to hire staff, but you should hire carefully to save money. Make sure you interview anyone you’re considering bringing onto your team. You should look at their references to see if their experience fits what you need, as well. Hiring the right staff can make or break your business, so take your time to find the right employees.
Before you actually bring anyone on, make sure you already have a payroll system set up. First of all, new employees will need to fill out W-4s. This will help you determine how much will need to be withheld for taxes. To make processing payroll easier, consider investing in a payroll service that will make sure your employees are paid regularly and on-time. Many payroll services offer early stage startup payroll processing for businesses just like yours. The service will keep track of when your employees work, so you don’t have to go back and calculate the number of hours they’ve put in. Some services even calculate and file your federal and state taxes for you.
Starting a business post-pandemic is easier than you think. You just need to find a niche that works for you, figure out a way to fund your startup, and determine how to pay employees. Before you know it, you’ll have your very own business.
If you want to make sure you have a solid business plan before taking the next steps, our industry professionals at Idea to Plan will help you work out any kinks and put you on the path to a successful business. Contact us today to learn more about our services.
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