How to Be a Successful COVID-preneur
Many people choose entrepreneurship as a way to take control of their own finances. But it’s not always easy, and there’s lots of competition regardless of your industry. Still, the struggle, however real, is worth it.
Getting Started
Your new business begins with an idea. You must first decide what you want to do and narrow that down into an actionable task that you can perfect over time. This is your niche. Defining your niche product or service will help you get ahead of and stand out against the competition.
Next, make sure that you are organized. This should happen from the very beginning when you are trying to fund your new endeavor. Get your personal finances in order, check your credit score, and have a business plan in place. To attract the best investors, you’ll need to present your market research, know your audience, and, perhaps more importantly, sell them on your products. Investors are more likely to loosen in their proverbial pursestrings if they get excited by what you have to offer.
Another key component in organizing your new business is to ensure that your accounting and payroll are ready to go when you take on employees. Using an online payroll, you can offer paycheck direct deposit same-day. The right system will even let you wait until 7 o’clock on payday to get your numbers in. Your online payroll processing will help you keep up with your employees’ hours as well as their vacation time. As you grow, you always want to know you have someone on staff when your customers expect it the most.
Analyzing Your Risks
It doesn’t matter if you have owned businesses before or if you are a novice COVID-preneur: there are inherent risks involved in launching a new company. FundingSage explains that these run the gamut from personal economic risks to the possibility of not being able to procure the right resources to move forward. Minimizing your risks isn’t always easy, but steps you can take include getting business insurance, only taking out loans that you can afford to repay, and documenting everything you do.
Building A Reputation
Your reputation precedes you as it pertains to your business. Today’s social-media savvy consumers want to get to know you online before they ever spend a dime in your establishment. It doesn’t matter if you are a brick-and-mortar restaurant or an e-commerce shop, you have to start by outlining your digital presence. You’ll need to create a website and then keep your business alive via social networks, online review sites, and your local business listing directories. You can build your reputation by posting often and engaging (with a positive attitude) with your customer base.
Staying Focused
When you don’t turn a profit immediately, it’s easy to get distracted and want to move on to your next possible endeavor. But, try to avoid jumping around too often. Remember, it can take months or years to see your growth turn into profitability. Amazon didn’t start making money until seven years after its initial launch. Check its stock today if you need more convincing of the power of persistence.
To stay focused on your business, try to remember why you started it in the first place. Was it to enjoy more balance between your personal and professional lives? Perhaps you began as a side gig in your garage to supplement your family’s income to pay for vacations, dance lessons, or other extraneous expenses. Whatever your reasons, remember them, and you will be more motivated to keep moving despite any challenges you face.
Being The Best
If you want to be truly successful, you have to be the best at everything you do. Fortunately, this does not mean that you have to also be the lowest priced option. Exceptional customer service will keep people coming back more than price alone. To provide the best consumer experience, make sure that you and your employees know your products and services from top to bottom. You also have to maintain a positive, problem-solving mindset in both good times and bad. If you get a negative review or complaint, always respond with a solution. You can also provide ways for customers to get help for themselves, such as an FAQ section on your website or automatic password reset.
Just as important as any of the above is being consistent. No matter what you do, do it right each time. The last thing you want is for those that had a positive experience to share that with the world only to turn around and provide less-than-stellar service to their friends and family. Remember, people are more likely to call you out if they are unhappy than they are when they’re satisfied.
As a COVID-preneur in an always-competitive market, you have to do what you can to get ahead. The above tips are a great starting point, and they can help you stay productive and profitable.