In many ways, the pandemic will give you an advantage as you get your business up and running. And with the help of services like Profit Matters to keep your administrative processes organized as you launch, getting a business up and running is easier than ever before. Here are some great reasons to launch your business ASAP!
More Free Time
While many of our favorite pastimes have been canceled, this has opened up our schedules for new activities. Many people are taking advantage of this spare time to start business ventures. Others are going back to school to advance their education. Whatever you decide to do, this is the time to focus on professional growth! Attending online school and earning a business or accounting degree is a great way to set the groundwork for your entrepreneurial dreams. Through an online degree program in business or accounting, you will learn everything you need to know to make your business a success and pave the way for a brighter financial future.
Lower Interest Rates
One great reason to launch your business now is so that you can take advantage of low interest rates on business loans. Unfortunately, you won’t qualify for loans from the Small Business Administration (SBA) if your business is less than two years old, but you have other options! As StartupNation explains, traditional bank interest rates are low right now, which could be a great option for new entrepreneurs. Keep in mind that loan rates do vary from bank to bank, so be sure to look around before applying.
An Opportunity to Address New Pain Points
The coronavirus pandemic has introduced countless new problems to businesses and consumers. If you’re launching a business right now, you’re in a great position to solve these problems! Come up with a business idea that targets pain points related to the pandemic. For example, consider launching a business in a booming industry like digital marketing, graphic design, consulting, commercial cleaning, home improvement, accounting, or virtual touring.
The Widespread Availability of Talent
When you launch a new business, it can be tempting to do everything yourself to save some money. But outsourcing is always a good idea! You can waste days and weeks trying to build your own website or create a marketing campaign. Leave the specialized projects to the professionals so you can focus on what you do best.
Millions of people lost their jobs during the pandemic, so you should have no problem finding talent for your new business! Of course, with countless other businesses shifting to e-commerce, you may have to compete against established brands for remote employees. Attract talent by engaging with social media users, hosting online events, or offering remote training programs. Consider also broadening your search to include workers from all over the world! The beauty of remote work is that it can be done from anywhere, so don’t limit yourself to workers who live in your city.
Tips for Success
So you’ve decided to start a business. Congratulations! But where do you start? Launching a successful business is a lot of work, so make sure you take the time to plan out everything carefully. Start looking for clients now instead of wasting time perfecting your business model. You can always work on business improvements in your downtime, but you need to find customers or clients right away so you can start earning money. Take advantage of automation tools to save time, optimize your productivity, and ensure your remote teams can collaborate seamlessly.
Although we’re in the middle of a pandemic, there’s no reason to delay the launch of your business. This could be a great opportunity to take advantage of new business ideas, low interest rates, and remote talent. If you’re not sure where to start, Profit Matters can help you establish a strong foundation for your new business. Contact us today! Call 972-736-8810.
Photo credit: Pexels
Article credit: Marcus Lansky