Business Success On the Heels of the Pandemic: Take Advantage Now
By Amy Collett
Photo by Vaibhav Jadhav from Pexels
The COVID-19 pandemic has been a challenge for everyone, but it has especially offered various forms of hardship to small business owners. Many small businesses have shuttered their doors, and many others have sold their businesses, as well.
On the contrary to your fears, however, your best bet may be to start your business during these times and there are plenty of reasons why.
Art Essential invites you to take a look at some strategies for making sure your small business gets off the ground successfully:
Consider buying a business
The idea of diving into the world of entrepreneurship is an overwhelming prospect. If you’re eager to own a business but struggle with what type of service or product to offer, BizBen.com notes that you can always start out by purchasing an established business. This opportunity allows you to move more quickly into business ownership, and an established operation will have a lot of the moving parts already in place. A qualified business broker can be a great asset here, as they can walk you through every step of the process. With experience and time, you’ll get the hang of running the show, and can eventually launch another venture!
Take advantage of interest rates
In response to the pandemic, the Federal Reserve has slashed interest rates, and this is helping small-business owners and others access the loans they need.
Use this opportunity of incredibly low interest rates to get a good business loan and get the startup capital you need to fulfill your business idea. Acquiring a small business loan will require you to have a business plan in place. First, you want to assess the kinds of loans you can get and whether or not you qualify. You may have to put up some collateral, and you will definitely need a good credit score. Some government organizations and nonprofits have opportunities for first-time business owners. The U.S. Small Business Administration offers small-business startup loans, for instance, and some organizations offer microloans. Personal loans and credit cards are also options.
You can also ask for money from friends and family, with the promise that you will pay them back once you get on your feet! This may be the most common way for small businesses to get startup funding.
Use your startup capital wisely
Once you have those initial funds in your hands, you can start to put them to good use. Because so many businesses closed in 2020 (nearly 100,000 as of September 2020 according to Fortune), there are, no doubt, ways to get your hands on used equipment (for a brick-and-mortar business), and you can find a niche to service that will successfully bring your target demographic. EBay, for instance, is a good place to look for used industrial equipment that you can purchase for less than market cost.
Form an LLC to protect your assets
When you get your business idea rolling, it’s a good idea to consider a business structure like a limited liability company (LLC). If you’re starting a new business, forming an LLC is especially beneficial; personal asset protection, flexibility, and tax advantages are built into the framework of an LLC. When you go to file the certificate of formation, you can avoid pricey lawyer fees by filing yourself or using an online formation service. You will want to research how to start an LLC in your state before continuing, however, as different states have varying regulations.
One common task to check off in the LLC filing process is to get an EIN number. Also called a Tax ID Number, securing an EIN (Employer ID Number) through the IRS gives you the ability to open a business banking account and hire employees. It also acts as the boundary between your business and personal assets.
Launch a Stellar Website
Every business needs a website. No matter what. This is your initial calling card, and the very first impression people will see. It’s true, you can quickly build your own website through a variety of DIY services, but you’re better off having a website custom built to fit your business and your specifications. It’s a worthy investment that helps you start out on the right foot and that can pay off in reaching the clients or customers you’re looking for.
Get started today!
Now is the perfect time to take the business dream you’ve always had and propel it into the universe. The COVID-19 pandemic has been stressful for us all, but it doesn’t have to stand in your way of building your brand and making your dreams a reality!
Art Essential designs revolutionary Art-Based Experiences, Wellness Workshops & Educational Programs for diverse audiences, focusing on designing and facilitating constructive educational workshops that generate productive life experiences. Discover us today!