Guest post by Tina Martin

 

When people think about starting a business, the first things they tend to think about are risks. This is a wise first step – after all, creating a new company is an inherently risky endeavor. However, it’s important to think about the advantages as well. Otherwise, you might miss out on the perfect opportunity.

For many businesses, right now could be the perfect time to get started. It seems counterintuitive – after all, a pandemic is surely a riskier time, right? The fact is, some industries are facing higher risk, but others are primed for the moment. Digital services, e-commerce, and delivery services are just a few of the industries that can make a big impact in our world right now. Solomon Bruce Consulting is a great resource for entrepreneurs thinking of making their move. Here are a few things to consider as you get started:

Your Qualifications

Every business comes down to the skill and talent of its team. Think about it – you wouldn’t hire someone else to run your business if they weren’t qualified, right? In the same vein, you need to take some time to think about your own qualifications. What skills are you bringing to the table? What gaps in your experience and abilities will future employees need to fill?

You can approach any concerns in one of two ways. You don’t have to be a perfect business owner at the start, but you do need to have some idea for how to make up for skills you don’t have. You can either craft a hiring plan that targets the missing pieces, or you can boost your own abilities. Getting your MBA, diving into books about business ownership, or working with a startup incubator are all great ways to gain the skills and knowledge you need to run a company.

The Budget

Considering basics is a must, so take some time to think about your budget. Money management is the crux of business ownership. You need to know how much money you have, how you’re spending it, and what kind of return you’re getting on those investments. The ability to track and evaluate your budget is an absolutely vital skill.

In looking over your budget, you might realize that it simply isn’t big enough. The good news is, this is a great time for those seeking a loan. Since interest rates are low, Seeking Alpha notes you’re likely to get a good deal. Use online calculators to get a general idea of what kind of loan you’re likely to qualify for. Use this to come up with several tentative budgets (both high-end and low-end) you can use to plan your next steps.

The Benefits of the Moment

Finally, take some time to really consider the ways this moment in history might be right for your business. You cannot start a business during a pandemic while ignoring the pandemic. As Inc. explains you must, instead, consider what new needs have arisen that your business will be able to fill. Can you find a way to run your company without requiring in-person interactions? Can you create a business that helps people stay safe and healthy, or regain a sense of normalcy?

You should also be pragmatic when it comes to what this moment can do for you, as well. For example, many companies have decided to shut down in-person offices in favor of remote work. There are likely a lot of opportunities to buy used office equipment at an affordable price in your area – keep your eye out and take the deals you can find.

This may feel like a bad time to start a business, but every moment has risks and opportunities. Take a look at the big picture to see if this is the right moment for your idea. If it is, don’t miss out on the opportunity to create something great.

 

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