4 strategies for Entrepreneurs to Move Forward Amid the Pandemic

Written by – Nicole Rubin

Becoming your own boss is a dream many modern workers have.

But if you’ve been putting off your entrepreneurship dreams for a while now, now could be the perfect time to start a business. Consider these four strategies for making the most of your startup efforts despite the pandemic.

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Not Sure Where to Start?

Sure, you might have a big idea, but are you unsure where to begin to put that idea into action? Professional guidance from Coaching and Life could be the solution. With a built-in support system and expert knowledge at your fingertips, it’s easy to get started and excel in your industry.

Get Legit First

Navigating the paperwork is probably every entrepreneur’s least favorite part of business ownership. Different rules and requirements apply when forming an entity, and each state has its own guidelines. But knowing whether you should register as an LLC, Corporation, or Partnership can help you figure out what documents you need.

Once your paperwork is in order, getting your company’s bank accounts and tax information squared away is much simpler. Plus, Boss Magazine recommends separating your personal and business finances – which means your documents need to be in order.

4 strategies

for Entrepreneurs to Move Forward Amid the Pandemic

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4 strategies for Entrepreneurs to Move Forward Amid the Pandemic

Enlist Support

While the definition of an entrepreneur is someone who spearheads their own company, that doesn’t mean you can’t seek support while building your business. Whether you choose new entrepreneur coaching or hop on social media to connect with other business owners, there are tons of ways to network.

One study found that 55 percent of entrepreneurs rely on networking tools like LinkedIn to get connected, get management advice, learn about new industries, and more. Plus, the more active you are online, the higher the odds you’ll attract an audience via social media.

Embrace the Now

Plenty of would-be entrepreneurs have doubts about launching a brand-new business during a pandemic. But the truth is, there’s never been a better time to make your business dreams a reality. Here’s why.

Interest rates are at an all-time low, so you can seek funding via small business loans with fewer strings attached. Other businesses are closing – which is unfortunate, but also means more vacancies in commercial real estate, notes NPR. Closures could also mean cheaper office equipment and other perks for new business owners.

Everyone else is doing it, too. Tons of entrepreneurs are Entrepreneurs to Move Forward Move Forwardmarket; in one survey, 18.1 percent of startups were in the professional and businesses services niche, notes Score. After that, restaurants and food services were the next most populous category with 12.9 percent of respondents in the industry.

Make the Most of Startup Capital

Getting the cash together to launch your company could be the most challenging part of becoming an entrepreneur. And while small business loans are an excellent deal these days, making the most of your capital is a must. If you need more financial support than loans offer, consider sourcing seed capital via investors and start seeking angel investors. Getting in touch with the right people and companies can help your venture thrive.

Of course, budgeting will also be part of your startup equation. To that end, the coronavirus has delivered a workable solution to hiring full-time, in-office staff: telecommuting. Surveys confirm that remote workers appreciate the nonexistent commute and flexibility that working from home affords. But business owners like the fact that remote workers require fewer overhead costs to get started. After all, onboarding can get expensive.

It’s understandable that the current economic climate is discouraging entrepreneurs from pursuing their dreams. But many would-be business owners are misguided: now could be the best time to launch a company. Running your business above-board, enlisting social support, embracing current work trends, and budgeting appropriately could help your dream become viable after all.

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