The 2020 crisis has hit every field of industries, but a superior entrepreneur knows that problems create opportunities. So are you bored with working 40 hours per week for somebody else’s business? Have you determined the feasibility of your business idea and awaiting the proper time to launch? Starting your own small business could be a big and risky step, so here is a guide to let you know how and why this is the perfect time to launch!
The Game Has Changed
Who would have thought that work from home would be the new normal, well there is just not changes in professional life but also the personal lifestyles have been stricken by the pandemic.
Focusing on professional lifestyles, business owners no more necessarily have to hire full-time employees for working in an office instead entrepreneurs can hire a freelancer or a part-time worker who will work from home. One of the major advantages of this scenario is that owners can hire a talented and skilled expert from any part of the world.
Another benefit of launching your business now is that thousands of qualified and trustworthy employees have lost their jobs or are being relinquished by their firms due to the business crisis in 2020. You should grab the opportunity of hiring these valuable employees as they may be thrilled to work for a new emerging small business.
Take Advantage of Discounted Services
As pointed out earlier that almost every business has been affected by the pandemic which implies that the services will be now offered at discount. Needless to state the importance of resources, raw materials, editing tools, or any other service given by vendors to start a business.
Also, do your research on free trial services offered by well-known companies. Due to the increase in competition numerous websites put forward free trials and it’s your job to pick the right one for your new business.
Easy to Grasp the Funding
Entrepreneurs have always hesitated to take a bank loan as it involves a massive amount of paperwork as well as it may take some weeks or months to induce approval or sometimes even get rejected. Besides the option of a bank loan and self-funding, there are various other considerable options to get funded by investors.
OPTION 1: Venture Capital (VC)
Getting funding from venture capitalists is now preferred by many entrepreneurs. Often VCs fund businesses even before proper operations have begun which suggests, they supply funds to some businesses that haven’t started to earn a profit.
Venture Capitalists are known to take high-risk for high-return. The main downside of getting funded by VCs is that you have to share ownership. However, their thriving practical ideas and growth hacking marketing strategies will assist sales to boost up ultimately minimizing the possibility of failure.
OPTION 2: Angel Investors
Angel investors are rich individuals who spot businesses of their interest probably associated with their expertise niche. Angel investors substantially invest in potential growing businesses in return either to become partners or get a seat in a higher position on the board.
These investors provide valuable input to the business through their many years of experience, proving faithful to their name “Angel Investors!”
OPTION 3: CrowdFunding
A newbie “Crowdfunding” is gaining traction in the past couple of years. Crowdfunding is a strange form of getting funded because the people raising fundings are non-investors by profession.
These people don’t expect any ownership share in business instead they can become priority customers or expects gift in the form of products/services. Another way of thanking them is to invite them in launch events, business fairs, or online webinars.
Since in crowdfunding there is no high debt to be paid or didn’t have to lose any possession, the level of competition on crowdfunding platforms/websites is intense.
Online Marketing Is More Efficient Than Ever
As the trace of traditional marketing is dwindling away steadily, entrepreneurs have to specialize in online marketing or digital marketing(DM). Right from the beginning of the lockdown in various countries, people are online like never before!
Due to the business crisis, many digital marketing agencies and display ad agencies have lower their rates therefore now is the time to invest in online marketing and display advertisement. Nevertheless, grasping the basics of DM isn’t challenging so your business doesn’t mandatorily need the help of DM agencies.
The crisis will not last forever the new-normal will eventually fade away. Until that day, businesses that entail considerable changes will hold-on in the market-place. We may conclude by saying that with new opportunities, cheaper services, numerous ways of fundings, and effective online marketing now is the time to start out your own small business!
About the Author
Mark Burke is a blogger and a business consultant in Alcor, a global investment bank. Mark is passionate about researching on the latest small business and start-up trends. He loves writing informative blog posts to help small business owners and startup founders in their entrepreneurial journey.