Unemployment numbers in the United States continue to improve, with the latest report showing the unemployment rate has dropped to 3.9%. However, despite declining unemployment, many people are still seeking something different than what they had before the pandemic started. For some, that something different is starting a business.
If you’ve been pondering whether to launch your own venture, these tips from ClearLine Interactive can help aspiring post-pandemic entrepreneurs successfully launch their own enterprises.
1. Choose an Industry You Know or Are Willing To Learn About
You don’t have to know everything about the industry you’re interested in, but a willingness to learn is crucial. Ideally, you will build a team around you that complements your areas of expertise with their own. However, you at least need to know enough to be able to evaluate the performance of your team.
If you are not already an expert, become one. Get a job in the industry. Go back to school. Work with a mentor. There are many ways you can build your knowledge base while also making valuable contacts.
2. Plan for the Long Haul
No business becomes a success overnight. Set short, medium and long-range goals and draft plans to achieve them. Writing a business plan can help with this process. It is also important to consider the long-term when choosing what type of business to start. Focusing on a present-day need may backfire if demand for the product or service dries up when conditions change. Create contingency plans and build flexibility for your business to pivot to new markets and new products if needed.
3. Choose the Right Business Structure
Most small businesses are organized as sole proprietorships, limited liability companies or S corporations. Sole proprietorships are easy to create and provide you with complete control. However, because they do not create an entity separate from the business owner, they provide no liability protection for your personal assets.
LLCs are separate entities and provide you with liability protection for your personal assets. They also have tax benefits and less paperwork compared to some types of corporations. Regulations that govern forming LLCs vary by state, so you may want to work with a formation service to ensure your LLC is set up correctly and avoid potentially expensive legal fees. S corporations share some of the same benefits as LLCs but are more complex to establish and have some restrictions that LLCs do not.
4. Focus on Networking
It takes a village to start a business. Make use of the people you know. Your friends, family, co-workers and even old classmates can be good sources of potential clients, suppliers, funding and other services. Next, join the local chamber of commerce, and make a point to start attending as many events as possible, particularly events that are linked to your industry. It’s important to get to know your competition, and it helps to connect with other businesses that complement your services or products.
5. Get Your Name Out There
The best business idea in the world is doomed to failure if no one ever finds out you exist. Marketing should begin from day one. This starts with a quality website that’s easy for customers or clients to navigate. Partner with an agency like ClearLine Interactive, who can create a professional-grade website as well as monitor your traffic and generate leads. In addition, you want to get comfortable with social media. Through sites like FaceBook, Instagram and TikTok, you have an opportunity to engage with customers, alert them to new products and build a following.
6. Don’t Forget Cybersecurity
Beware: As a small business, you are ripe for a cyberattack. Hackers and other web criminals love to target small businesses. And it’s not really a matter of if, it’s a matter of when. Knowing this, it pays to stay as far ahead as you possibly can. Work closely with an IT security firm to set up specific measures to help ward off attacks and to create a recovery plan in the event of an attack. By practicing due diligence with your cybersecurity measures, you’re better positioned to protect your company and your customers.
Even as the world tries to return to pre-pandemic norms, you don’t have to go back to your old way of life if you don’t want to. Now is the perfect time to make your dream of owning your own business a reality.
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