The Ins and Outs of Starting a Business During a Pandemic

With the Coronavirus pandemic affecting the economy so gravely, thousands of people have been laid off and therefore need to find alternative measures to pay the bills. While more than a handful of people have fallen prey to pyramid schemes and the like, even more people have seen this as the perfect opportunity to take initiative and create their own business. But is it worth it? And what should you consider before taking the dive?

Ideas

The first thing you’ll need is an idea. Maybe you’ve already thought of creating your own business and have a whole host of ideas. If not, grab a pen and paper and start brainstorming. No idea is stupid, so don’t beat yourself up if you don’t come up with the perfect business plan immediately.

Money

As with all business-related decisions, money plays a big role. Starting a business is not a cheap thing to do, and if you’ve lost your job, you might be especially sceptic about pouring your savings into a venture that may or may not work out. Seeing how much it costs to start a business might completely put you off of the idea, but keep in mind that with remote work become the norm, you might not need to shell out money on office space.

Employees

The next thing to consider is employees. Start by asking yourself whether you’ll actually be needing employees. In the early days of your business, you might be able to handle it alone. It would mean putting in more hours, but also saving money. However, you might need to hire extra help if your business idea requires a lot of manpower or expertise you don’t have. Many people would be sceptic of joining a business that hasn’t had a chance to prove itself, but with unemployment rates skyrocketing due to Covid-19, people are more desperate than usual, and therefore more likely to take the risk.

Laws

Starting a business isn’t as easy as having an idea and creating a website. There are all kinds of requirements that you need to consider, especially if you’ll need to hire people. Get clued up on all relevant labor laws, and have your employment contracts drafted by a trusted professional. Do research on average pay for the skills you’ll be needing, as well as the UK payroll.

Marketing

Social media has always been the go-to option for marketing, but with the pandemic, digital marketing has become even more popular. Create an account for your business on all the social media platforms, and be sure to keep active. This way, you can create a lot of excitement for your business before it even launches.

Be realistic

Try to stick to something you have some knowledge about. Don’t go into this thinking you’ll be an overnight success and be a millionaire at the end of the year. Set small, achievable goals for yourself that lead up to a bigger goal. And remember that if you fail, you can always try again.