Is Now a Good Time to Start Your Own Business?

100 million new businesses are launched globally each year.

Small and medium-size businesses employ 47% of Americans, and provide two-thirds of new jobs.

The Covid-19 Crisis adds a new layer of complexity for business owners and people who want to start their own business. With so many companies that offer similar products and services, the business owner must find something that gives them an edge over their competitors.

What questions should I have answers to before starting my small business?

1.    Do you have a clear and understandable explanation of your business idea and its value?

2.    How is your product or service unique? 

3.    How will your idea improve the lives of your potential customers? Would customers miss it if it went away?

4.    How will you price your products or services so that your business stands out? Will they be less expensive, tiered, or unlimited use for a certain amount of time?

5.    Is your idea one that competitors can easily replicate?

6.    Have you done your research and gathered data to determine your target audience?

7.    Why do you believe you are the best person for this small business idea? 

8.    Have you discussed your idea with your connections? Have you asked them for their expertise? Have you kept your contacts updated with your progress?

The pandemic has caused many businesses to close, or be majorly impacted by severe revenue losses. Having an online presence is more important than ever. Online sales are the reason why some businesses are managing to stay open.

How can small businesses become successful online?

1.    Update business information online. This includes the business website, social media platforms, and Google and other search engines.

2.    Create a YouTube account and use videos to introduce your business, showcase your products or services, or teach customers something new. 

3.    Make sure your marketing reflects your message, and is accurate and updated with current services and items in stock.

4.    Provide contact information in a visible way that makes it easy for customers to contact you.

5.    Google offers a wide range of opportunities for small businesses, including Google Ads and YouTube Video Builder. Through September 2020, if a business uses a smart campaign through Google, promoted pins on Google Maps will be free. Google is offering free resources for small businesses to get or give help.

The challenging times have caused all businesses to shift in order to maintain relevance and appeal to customers. It’s possible that an idea that worked before is no longer going to work.

However, the challenging times also allow for new opportunities for all businesses, established and new, big and small.

If you need a sounding board for your new business idea, please contact me! I enjoy working with my small business clients!

For more reading on this subject, we recommend the following articles:

How Can I Tell Whether My Business Ideas are Good or Bad?

How Small Businesses Can Become More Relevant to Customers Today