With the current coronavirus crisis comes economic challenges. Many people globally are being furloughed or run the risk of their jobs not even existing in a few months’ time. This can cause untold worry. However, this situation can also prompt you to think about what is important to you. If you can no longer continue in your role, you need to begin preparing for what you could do with your career. Do you want to get a like for like role in a different company? There will be fierce competition for jobs as you will not be the only one losing out. Instead, why not think about that business idea that you have always had?
Starting a business can be tough at the best of times, and may be even more challenging during a pandemic. However, if you do find yourself without a job, there’s nothing to suggest that you cannot turn your business dream into a reality. Follow this guide and complete these four steps to ensure you can maximize your chances of entrepreneurial success.
Plan
You need a thorough and comprehensive business plan to attract investors to your venture. Don’t just print a temple from the Internet and fill it out, only to file it away in a drawer never to be seen again. Instead, you need to veer away from the generic, and think long and hard about your funding, marketing, and profitability. This is more crucial than ever, as banks or business angels will want to make doubly sure that you are a serious and worthwhile asset.
Consider your business plan as a working document. It should be referred to frequently and become your bible. You need it to help you tease out your business vision and your long term goals. Ensure that you know your gross from your net and that you can work out your profits and revenue for at least the next three years. Identify any risks you may face as you try to break through in your industry sector. Think about how you can scale your online business in the years ahead, in an attempt to futureproof your concept. By planning this out now, you won’t be caught off guard if something unforeseen crops up.
Funding
Make sure that you consider how you are going to get your business off the ground financially. In the current climate, it may be more challenging to find parties willing to invest in your business concept. Head to the bank and present your business plan. Allow the professional in charge of the loans to probe your planning. They will ask you questions about the challenge you think you may face, the risks to your business, and the reason why you have projected your profits in the way that you have. Ensure that you have the answers and can show off your entrepreneurial acumen.
If you are less inclined to seek a loan from the bank, consider a business angel. These investors will use their own money to fund your business idea. Ensure that you are suited and booted, and can survive a question and answer session. A business angel can be the perfect investor as you won’t just benefit from their money, but they will also bring a whole host of industry contacts and a lifetime of experience.
You need to demonstrate that you can be a responsible borrower. Ensure that you have a strong credit score and that you aren’t in unmanageable debt. Keep an eye on your purse strings and live within your means. Prove how serious you are about your idea by investing some of your own cash. Heading to the bank or a business angel asking for money with a sporty little set of wheels on your driveway is not a good look.
Social Media
You need a strong online presence for your business to ensure that your target market knows about you. There will be some well-established industry rivals out there with a long-standing reputation. You need to try and cut through their dominance to attract customers. Get online and have a Facebook, Twitter, and Instagram account at the very least. Direct traffic to your website from your social media feeds. On Instagram, show off your product or service in action. Have your branding plastered all over Facebook. And communicate with potential customers through Twitter.
Social media gives you the chance to find your company voice. Here, you can afford to be more informal and chatty. People getting in touch via social media with a query will want to chat with a human being, not a corporate entity. Ensure that you have meaningful and relevant content posted to your feeds daily. Making it interesting makes it shareable. As people share your content, more of your market get to know your brand, and you may be able to convert more hits to sales on your website.
Customer Service
To compete with your rivals, you need to offer something new. Make your customer service exceptional and provide the finest experience to anyone who purchases a service or product from you. If you can deliver a product in forty eight hours, state that you will get it to your customer in seventy two hours. By under-promising and over-delivering, you can appear to be going the extra mile by delivering something a day early. This creates a positive feeling towards your company. This makes customers more likely to leave a positive review on your website or on a third-party review site.
Your reputation is everything, and you need to build up a bank of glowing feedback as quickly as possible. A negative review can lead to a potential customer looking elsewhere. List testimonials on your website and respond to customers’ queries promptly to provide an exceptional post-purchase experience.
Follow this guide, and be inspired to seek greater meaning in your professional life. You can turn your business dream into a reality even in a post-pandemic world.
