In the face of a fluctuating and unstable economy, we must consider the option of entrepreneurship more seriously. That's especially true if we find ourselves unemployed due to COVID-19.
In this article, I want to share with you 10 essential things to consider when launching your business during a pandemic:
- Ask yourself, is your business idea solving a problem? If your business idea isn't solving a current or coming problem, it will quickly become irrelevant.
- Research the industry that your business will engage in. New startups fail because the proprietor didn't spend adequate time learning the industry and market.
- Ask yourself, what will it cost you to launch this business? Many people become discouraged when faced with calculating the cost of starting their business, but this is still a valuable exercise. It gives you a clear perspective on what you need.
- Read books and resources by gurus and experts in your industry. Possessing a gift or talent isn't enough; you need to be knowledgeable in your industry.
- Personally cut back on excess spending. The most significant investment in your business idea needs to come from you, but if you mismanage your funds, it will impact your business.
- Set a launch date. If you don't ever put a time to any of what you want to accomplish, you will never achieve it.
- Register your business even if you haven't made any money. Registering your company name takes your business from the dream stage to reality.
- Find a good accountant before profit comes in. It's wise to at least speak with an accountant to discover some of the tax implications of launching this business.
- Utilize all of the free resources you can to promote. Social media platforms are open spaces to promote your business. Utilize these platforms to talk about your business as often as possible.
- Find a business mentor. Your mentor should be someone who can help you avoid mistakes as you grow in your industry.
Tune into this episode of Mastery Talks with Dr. Nathan Culver titled, Are You Ready to Launch Your Business? on the Charisma Podcast Network.
Dr. Nathan Culver is a financial and business strategist and trains Christian entrepreneurs and professionals to be effective in their marketplace calling.
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