Guest Author, Chelsea Lamb, Resident Tech Specialist of businesspop.net
Many would-be entrepreneurs have spent the last year dreaming up an idea, or maybe even putting in the early planning work, only to have the pandemic throw the plan off course. However, it’s not as cut and dry as it might seem. For some businesses, it makes good sense to pause plans until the pandemic is under control. For others, however, now is the moment to strike.
It can be difficult to tell which scenario applies to you and your idea. Just as Beachside Social Networks can help establish and maintain a successful social web presence once your business gets going, we’ve gathered these tips to help you figure out if now’s the time to start:
You’re Mentally Prepared
Many business owners make the mistake of thinking a great idea is all they need to succeed. Although a good idea and some solid luck occasionally works out for people, you’re better served by tipping the scales in your favor. For example, if you don’t have any real business management knowledge, you might decide to earn your MBA before you start. Getting some formal classwork under your belt can empower you to make the strongest decisions further down the line.
You Have the Funds
Next, you should take some time to think about funding. You don’t have to fund your business idea with your personal savings – in fact, ideally, you shouldn’t. Instead, you should seek funding through loans, grants, and financial backers. This empowers you to take on business risk with relatively little personal risk. The ability to pay money back over time (with the profits you make along the way) will keep your personal funds secure in the meanwhile. Plus, interest rates are low right now, so you could land an excellent deal.
Your Idea Suits the Market
The pandemic can easily sink the wrong idea, but CNBC notes the right idea has the chance to thrive right now. Ask yourself: does your business concept solve a problem unique to this moment in history? Does it work virtually, or provide some way to keep people safe and healthy? Can you tweak it so that it does? Businesses that start now have a distinct advantage over businesses that began before the pandemic: you can plan for COVID-19 from the start, rather than make costly adjustments further down the line.
You Have a Contingency Plan
You should never assume failure, but you should always be prepared for the possibility. Ask yourself: what would you do if your business didn’t work? Coping ahead in this way is a powerful tool. If you don’t already have a backup plan, now’s the time to craft one.
Start by considering how you’ll handle the event emotionally. A failed business idea is almost always a heartbreak in some way or another. Plan space for grieving, and give yourself preemptive permission to feel that loss. Next, try to decide where you’d go next. Would you pick up a freelance or contract career? Go back to working for someone else? Dive right into your next project? Imagine what these would look like, and think practically about time commitment and income needs.
You Believe In Your Idea
All of the above plus faith in your concept is a pretty good sign it’s time to start. After all, passion is one of the most important parts of running a business. The hours, the demands, the stress – no one would do it without that spark of belief and excitement. If you’re itching to get started, and your gut says this is the time, embrace that. There’s no risk-free moment to start a business: seize the moment you get.
Connect with Beachside Social Networks for more information, ideas, and connections that keep you in touch and keep you growing.
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