The COVID-19 pandemic has turned into a significant economic crisis at a global level. The pandemic has ramifications that are felt across all industries and markets, regardless of their size and their countries. While many predicted the economic downfall of the COVID-19 pandemic to be similar to the economic recession after the 2008 recession, the actual impact has been even worse off than that. Markets have collapsed, businesses have shut down, and the general economy paints a gloomy picture.
Besides the evident economic impact of the pandemic, there is also growing concerned within economies regarding the absence of innovation and creativity in ideas. As a result, startup entrepreneurs have found the current situation extremely tricky to manage and find ways to confront and combat the current predicament.
Women entrepreneurs, who were already disadvantaged, find the going even tougher under the current circumstances. However, women entrepreneurs looking to act on their creative ideas and start their business can work hard to benefit the most from this situation and strike gold.
In this article, we look at some tips for starting your business in the current pandemic. These tips hold for the current business environment and will help women entrepreneurs master the waves of change.
Have a Clean and Clear Plan
Pursuing your business objectives and working on your brainchild can be challenging enough on its own, without having to factor in for the tricky period that we’re experiencing currently. The predicament of COVID-19 coupled with the complications of running your own business requires all women entrepreneurs to devise a clear plan without any additional challenges.
Creating a healthy business plan will help you negotiate the complications of starting your own business and straightforwardly follow your objectives. Your business plan is your guiding light during these dark times and should help you map out several critical areas related to management and cost affairs. Some places you should map out here include the legal structure you should follow, identify the target market you have set your eyes on, and hone the products and services you are willing to provide. A great business plan can kill whatever doubts you have here and should make it easy for you to start your entrepreneurial journey, even in these times.
You can find multiple business plan resources online, which can help you cover all related details and ensure no essential items are left out. However, perhaps the most critical part of your business plan should be ensuring an optimal contingency plan and having enough resources to bear business expenses if your business isn’t immediately able to finance itself.
Know Where to Get Your Funding
Pandemic or no pandemic, no business can get off the ground without finding proper funding resources for the future. Hence, you must research the market around you and determine the best form of funding your business.
The pandemic makes it even more critical for businesses to secure a significant amount of funding to finance the business and inject some life into it. Cash and capital are the life and blood of the company, without which a new startup will not be able to operate in these challenging times.
Many startups have failed to leave a mark currently because they’re short on funds and do not have the required resources to take significant steps forward regarding marketing and sustainability.
Some sources that you can consider to secure your business and get appropriate funding are financial:
- Small Business Loans: The name of small business loans speaks for itself as the most common source of funding used by startups for small businesses. Small business loans come with varying rates and can pull companies through challenging periods, especially the kind they will witness during the pandemic.
- Finding an Investor: Having a business plan is an excellent way to visit and attract investors interested in your industry. Investors consider business plans a superb source to decide whether they should invest in the industry.
- Crowdfunding: This is a more contemporary form of funding that secures investments from the general public. Multiple investors are operating online during the business, and you can reach out to them through crowdfunding.
Have Streamlined Processes
A significant part of having your own business is determining the right strategy and technique for managing your day-to-day work. Since you’re no longer working under a boss, you can decide which tools can stall progress in which processes. This information can come in handy for entrepreneurs and can increase both productivity and efficiency.
Startups do not necessarily have to invest in several fancy tools but can benefit from CRM and ERP tools that make managing key stakeholders easier.
Have Safety Nets
During the pandemic, the mantra for all startups should be ‘to hope for the best but be prepared for the worst. The current situation isn’t devoid of uncertainties and volatilities, and hence, businesses should have a safety net for both operations and finance.
For instance, businesses find themselves working from home due to the nature of the pandemic, which increases the responsibility on them to set remote workplaces for swift operations in the face of COVID restrictions. Additionally, there should be a safety net available for your finances. You can fall back on it if the business cannot finance itself in the manner that you want. An emergency fund to manage overhead costs and unnecessary expenses during the pandemic can help you through it.
This might not be the ideal time for starting a new business, but with willpower and hard work, you can take your brand to the greatness you strive to achieve.