7 Top Tips On Starting Your Small Business During The Covid-19 Pandemic
Dec 06, 2021 | Sabina M Abul
During COVID-19 numerous companies had to shut down due to financial issues, however it might come to you as a surprise to know that actually during this time, lots of people took new opportunities to start up their own business.
There were around 407,510 new businesses that were opened in during the covid in 2020 alone in the UK.
Despite these changing times, there are lots of opportunities out there that you can take advantage of and this could be a great time for you to start your new business.
You may now be wondering: why is this a good time and what should you do to start?
Let’s first start by looking at the reasons why this is a good time for you to consider opening up a new business.
WHAT ARE THE REASONS WHY YOU SHOULD OPEN UP A BUSINESS NOW?
One reason why you should consider opening up a business now is the rising need of problem solvers due to the challenges caused by the Pandemic and we know that a key reason why businesses are created is to solve certain problems and satisfy rising demands.
Some of the issues caused by the Covid pandemic range from loneliness to boredom and if as an entrepreneur you are able to solve these issues, you have a higher chance of succeeding whilst also being able to help improve people’s lives.
Another reason is that you probably have a lot more time spared if you are working from home or if you have been furloughed. You could use this free time to get your business plan ready.
Also, to the pandemic a lot of people have been left without jobs which means that there are many skilled people without work that you could hire in your team early on. These people will help you grow further in the future.
In addition, there has been a decrease in competition in certain markets that have been badly hit by the Pandemic which means that starting up a business in those markets will enable you to gain a first-mover advantage when those industries become stable again.
Overall, there are a lot of opportunities and reasons why you should embark on this journey!
Don’t know where to get started? Here are a few tips for you to follow!
1. Find out what you want to sell and why you want to sell it
It might be obvious, but the first step to starting is finding out what you want to sell and to do that you need to carry out some research and find out what it is that people need.
It is best if you find a new product that nobody is selling already, however, you can alternatively just find what products are trending right now and just sell those.
Whilst thinking about what to sell, think also about why you want to sell it. This is really important as businesses cannot be created without a reason. It is also important because this can also help you build the values and goals that surround your company.
When thinking about the “why”, try to consider what can help make your business stand out and what will make it different compared to existing firms (if there is an existing market for the products).
It is, thus, important to find products that people would want and also to find the reasons why you have opened your business and why you sell what you sell.
2. Research for ways you can get help with the funding
After you found your niche and the idea you want to go with, it is time for you to consider how to fund your business plan.
In addition, during the Pandemic the UK government introduced different schemes to help protect small businesses including the Bounce Back Loans, deferrals of VAT taxes, the Job Retention Scheme helped cover 80% of wages of employees who were not working or even the Self-Employed Income Support Scheme that offered grants to self-employed people.
There are lots of financial opportunities that the government offers to encourage people to open up businesses or to help existing businesses to survive and by doing some research, you will surely be able to get some schemes to apply for.
3. Start out your business as a side hustle
It is advisable for you to start your business as a side hustle and wait for it to grow before using it as the primary source of your income.
Most people started their own business on their free time as a “second job” whilst working on their existing job.
This is the best way to start as it can take some time before you will be able to earn enough through your business to be able to pay for all your expenses.
It can, of course, be difficult to juggle the two, but with the right organisation and determination you will be able to do both well.
4. Have an online presence
One important tip is to have an online presence, or just set up an online business rather than taking the hassle of opening up a brick-and-mortar store.
Well, during Covid people are mostly buying online due to restrictions that are in place which is one more reason why you should consider an ecommerce business.
In fact, according to statistics, in March 2020 about 40% of people in the UK stated they were spending more online than they had been before the Pandemic.
By opening an online store, you will also be able to reach customers around the world and you won’t be limited to local customers, and you will also be able to save up as you won’t need huge sums of money to start.
Covid has also changed the way businesses work, from the way products are advertised and sold to the way people within your team work and communicate due to remote working and if you are starting your business now, it’s going to be easier for you to incorporate this new way of working.
This way of working can also help cut down certain costs, for instance costs of hiring a space for your store, or even equipment costs.
You could do this by opening your business on Shopify, a platform where you can start and manage your business.
Thus, having an online presence is essential in today’s business world and if you choose to open a business you should consider an ecommerce one.
5. Use social media to promote your business
You probably already know this, but without being present on social media as a business, you are going to miss out on so many benefits.
As a lot of people use social media, that is a good place where you can promote your business and get yourself more customers.
In addition, you can also use platforms to advertise your products and also to build a relationship with your customers and engage with them more.
There are several social media platforms that people use, and you need to find the one where your target audience is most present.
Most businesses have an Instagram account as it is a platform where you are able to showcase images and videos of your products or even connect with other businesses for partnerships or advertising agreements.
You could also sell your products on Facebook marketplace or just promote your products on Pinterest by sharing images.
It is important for you to be consistent and active and plan your content ahead of time whilst also listening and addressing customers’ concerns.
Lots of businesses that opened during Covid had to use social media to promote their businesses as it was the only best way to do it given the circumstances.
6. Be organised and have a good plan
It can be difficult to manage every aspect of the business by yourself, especially if you already have a permanent job on the side.
This is why you should try and think about the tasks that you are able to do and delegate other tasks to other people, if you have anyone around who can help you.
Otherwise, if you do not have anyone and do not have enough money to pay someone to work for you, then you can consider hiring freelancers.
You will be able to set how much you are willing to pay and normally it costs less to hire freelancers.
This can also be useful if there are certain areas of the business that you do not much about as there are skilled freelancers that are specialised in different categories including marketing, content writing or sales.
By delegating some of your work to other people, you will be able to focus on other sides of your business and you will be able to manage and organise your time better.
7. Give back to the community and work sustainably
As you might already know due to news reports, now, more than ever people are becoming more and more concerned about sustainability.
The next largest generation, Generation Z, prefers buying from sustainable brands when deciding who to shop from.
It is, thus important for you to take advantage of this rising sustainable buying trend as conscious consumerism is on the rise.
By being sustainable not only will you be able to attract more customers, but you will also be able to save costs and compete against other firms.
In addition to this, it would also be great if you could donate to a sustainable cause or even just show how much you care about the current issues in the world.
This will demonstrate customers that you care about the community and people around you and it will also allow you to show your company values.
In conclusion, this could be a good time for you to start up your own business due to the opportunities that are available.
It can of course be difficult, and it may also seem a bit overwhelming at first, but we hope that following these tips will help you to start working on your plan and get going!
After all, lots of people were able to open up their businesses and be successful, so what makes you think you can’t?
All you need is the right plan and motivation to start and it will then all go on from there!
In the meantime, why don’t you check out this useful blog on ways to make your business more sustainable!
Alternatively, you can contact us to find out more about what we do!
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