Right now, of course, is a pretty risky time to start up a new company. The market fluctuates regularly. We’re entering a recession. People are reluctant to spend with high levels of unemployment spreading across the world. But at the same time, many people have recently found niches that are high demand and where people are spending a lot. Some companies are thriving right now and, if you’ve managed to notice a gap where people will be willing to spend throughout the pandemic we’re in, you could actually experience a whole lot of success! Setting up a new business can be daunting though. So, what steps do you need to take if this is something that you’re going to pursue? Here are a few things to add to your to-do list sooner rather than later!
Stay Online If Possible
If possible, base your business online. Physical brick and mortar stores are having to remain closed for extended periods of time in many countries, as lockdown measures are regularly being implemented to slow the spread of coronavirus and Covid-19. If possible, try to run your store entirely online. You don’t want the costs of a store that you can’t even use being taken from your outgoings unnecessarily!
Take Out Insurance
Insurance is so important during unstable and trying times. You need to always be prepared for the worst and insurance can help to cover costs if the worst ever does happen. There are countless different policies that you could consider taking out – from commercial GL insurance to gadget insurance – so make sure to survey your own business’ needs and determine which policies would best tick all of your boxes.
We’re living in an odd time where you can’t really anticipate whether a business will get by or not. So, do you really want your business tied to your personal finances and assets? Registering your business through Companies House can make it a separate legal entity to you. This means that if your business runs into trouble, you won’t find your personal finances thrown into disarray, or your personal belongings and assets being repossessed, as a result of professional financial difficulties.
Set Up Professional Modes of Contact
Companies are being asked questions around the clock right now. Whether that’s whether you’ll still be operating, whether shipping takes any longer, or a whole host of other questions that are related to the current unstable times, you’ll need to answer a whole heap of messages. But you don’t want these blocking up your personal email inbox or your personal messages. Instead, make sure you have a business phone, a business email address and other forms of professional contact instead.
This may seem like a bizarre time to set up a business, but some companies are doing just fine right now. If you feel that you have a good idea, it could be worth running with it and some of the steps above could help you to get started out on the path to success!