This is Actually the Perfect Time to Start Your Own Business — Here’s Why, From a CEO
We live in challenging times. As the COVID-19 pandemic continues, many individuals are hunkered down at home and following safety and shelter in place rules. But spending time in our homes, in spite of the trying circumstances, has allowed many to bloom where they are planted.
Some are embracing their inner baker and baking everything from macaroons to banana bread. Others are sewing masks, learning how to tend to a garden or writing and illustrating the first few pages of a children’s book. As we embrace more activities that give us joy, we are actually leaning into entrepreneurship.
Fortune favors the bold, especially those interested in starting a small business. Now is the time to embrace entrepreneurship. It is time to let the passions and dreams you have become the “new normal” you always wanted for your life. Here are four reasons why.
1. You have time to work out the nuts and bolts of your business idea.
The precious time you have in quarantine may be put to good use as you determine how your idea can become a small business. Use this time to address these following areas before you launch your startup:
- Discover your “why” for going into business. Set short-term and long-term goals that you are able to achieve.
- Figure out what some of the early challenges are for starting a business. Will you need help finding customers or funding?
- Ask yourself what makes your business idea unique. You should also be able to answer whether there is a demand for your services and how your offerings will make life better for consumers. Collect feedback when possible via social media or surveys.
- Conduct market research to identify core target customers and better understand the competition.
- Choose a business model.
- Draft a business plan to act as the blueprint of the company and guide you through starting and managing the business.
- Create a plan for how you will be able to fund your startup.
Once you have these items taken care of, start looking into incorporating the company or forming a limited liability company (LLC). You will also need to apply for an employer identification number (EIN) to open a bank account and hire employees, register trademarks and obtain a business license. (The company I lead can help you with these filings, and is offering free EINs for any small business!)
2. You can start a business that people need.
Plenty of businesses are thriving in COVID-19, including the following:
- Canned and jarred good companies
- Game makers (think board games and puzzles)
- Fitness equipment companies
- Delivery services
Consider how the business (or side hustle) you choose to start may allow you to pursue your passion and help fix problems. Your skill sets put you in the place to create a business that people need — now and into the future.
If there are certain frustrations that your family and friends have and you know you have the ability to develop new methods and processes to solve these issues, the small business you start now has the opportunity to make a big impact.
3. You can pursue your passion with a loved one.
Recently, I read a news story out of Augusta, Georgia about a mother and daughter that started a bath bomb business. They are making their own natural products for body wash, lotion bars, sugar scrub cubes, and more. The duo just received their business license, too.
What I loved the most about this story was that the co-owner, Amanda Weed, said starting this business meant she was able to do more than pursue a dream. She could spend more time with her daughter and work together on what they love.
Many entrepreneurs choose to start businesses with a partner, like a family member or like-minded friend. A partnership allows both individuals to pursue their dreams together and utilize each other’s strengths to create an incredible company. If you’re practicing safety/shelter in place with a family member who would like to join your business endeavor, see how they may be able to get involved with your hustle.
4. Remember: entrepreneurs have launched businesses during all eras of history.
Take a look at entrepreneurs like Madam C.J. Walker, Ruth Handler and Sara Blakely.
Walker developed a line of hair care products for African American women, Handler created the Barbie doll and Blakely invented Spanx shapewear. Each entrepreneur believed their offering could benefit the lives of countless individuals everywhere — and they did. These inventions changed business and the world, inspiring people everywhere to become entrepreneurs.
There is no point in history where dreams, originality and creativity have been cancelled. Great minds throughout history, in prosperous and difficult times alike, moved forward with their ideas to start a business. Becoming an entrepreneur is a risk. It requires the ability to stand by your idea and understand how it may succeed in the marketplace. However, there are many rewards that come with making the leap forward. You’re able to do what you love and know that what you’re doing is helping benefit others — now and into the future.
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