There is no doubt that the economy has been under a lot of pandemic-related pressure in the last year. As a result, many people are financially struggling to get back on their feet. It also means that some people try new, different ways to make a living, like starting their own business. But is it wise to start a business right now? Here are three factors you’ll need to consider:
Be Ready to Work Hard
Since the pandemic hit the world in 2020, multiple businesses have been forced to shut down for good — but that doesn’t mean starting a new businesses is impossible.
Basically, a business can bloom at all times; of course, the current situation of the world does not make it any easier.
Starting a business requires a lot of hard work, patience and time. It is also important that you know that it will cost you a lot, so you need to be aware of this before starting anything. If you do not have the money, then wait until you do.
A business is not cheap, and you will need the money in order to get your business started right. Before you even start your business, you need to figure out what you are selling. What is the product that you believe that people would want to buy?
Don’t Underestimate the Importance of a Business Name
Once you’ve figured that out, the next important step is to find out what your business name should be. If you want a business that’s noticeable, you will have to come up with an easy and catchy name. Many people really have trouble coming up with something, and if the situation is the same for you, then you might want to consider getting some help from an online business name generator. For example, these generators are designed such that all you need to do is type in a few key words that are related with your business and the generator will then come up with a potential name. Smart and simple; right?
Last but not least, it’s important that you make sure to check rules on mainland company setup in order to ensure the name isn’t against the rules.
Don’t Overlook Security
If you are starting your own business, you are most likely trying to draw quite the bit of attention towards yourself in order to make the public aware of what you’re selling and who you are. This is a good idea — but it can cause security issues, since many people associate business owners with people who have a lot of money. Of course, that increases your business’ odds of being a robbery target — so it is important to update your security-system. The good news is there are more than a few ways to secure your business on a budget.
Watch Your Expenses
This brings us to another factor that you need to remember once you’ve decided to start your own business: Before your business takes off, there will be some time when the money is a bit short. Just remember that it takes time for most businesses to get up and running, so you need to remain patient. Sticking to a strict budget is not always easy, but you can do it if you put your mind to it. Again, the good news is there are plenty of tricks that can make budgeting easier.
Photo Credit: stock photo
Maybe you need to ask a lot of people if they think your idea for a business will succeed? Do some research on failure rate? A lot of people want to “follow their passion” and later find out their is no way to make a living at their passion. Things working out inside one’s head are often at odds with what happens in the real world. On the other hand you might have a good idea. My caterer friend found business stopped totally with the lock down. She changed to cooking full meals on Mondays and Tuesdays and delivering them. She sent messages to all her catering customers asking if they were interested in having a home cooked meal delivered one or two days a week. The business boomed! Her previous customers had rapidly had it with cooking 7 days a week on top of at home work and at home schooling. She quickly got over 40 customers for Mondays and Tuesdays. She was forced by popular demand to add Wednesdays to the schedule. She has added a few more customers to her route since. Cleverly the caterer picked early in the week so if the catering business resumes she can still cater when required which is invariably Friday, Saturday, Sunday. BE COLD AND ANALYTICAL, MAKE SURE THERE IS A CHANCE OF SUCCESS FOR YOUR BUSINESS. You don’t want to end up like a student loan person who gets a $40,000. a year job and has $100,000. in student debt, although I personally would of course in that case suggest a part time job to knock out that debt quick (I would NEVER have accrued it in the first place. I’m a cheapskate who bar tended Fridays and Saturdays and worked in the UT cafeteria every lunch shift Monday through Friday to make ends meet!)
Wow. Great story, Karen. And some good advice too. Thanks for sharing!