What do What’s App, Airbnb and Uber all have in common?
Their founders all started them up during the last recession.
That’s because a crisis is a good time to start a business. Credit is cheaper because of lower interest rates. Smart investors are looking to support promising new businesses. People are looking for innovation. The crisis creates a lot of opportunities. If you’re thinking of starting up your own business, now is the time to get things moving. Here are the essentials:
A business that allows you to work from home
If you want to thrive, choose a business that allows you to work from home so you can use the resources you already have. This will help you to keep your costs down in those difficult early days that all businesses encounter. You’ll need a reliable internet connection, so it’s checking your current deal, browsing the cheap broadband deals available and, if you see fit, switching to a new internet provider.
A strong business plan
It all starts with a plan. You need a solid business that sets out what the business will be, who you’re targeting, how the business will achieve its goals and how you’ll measure success. The plan should also include a sales forecast and a marketing plan.
It’s important to set some goals. Your goals will help to keep you on the right path as you strive to grow your business and make it a success. Along the way, you should keep updating your business plan. You can then review the performance of your business, compare it against the plan and review your goals where necessary.
Of course, businesses need as much money as possible when they’re starting out. You can pitch to potential investors, borrow money from friends and family, crowdfund, sell some assets or continue with your day job, putting money towards your business while you work on it in your spare time. You’ll get a few rejections, but don’t lose heart. When you have a solid business plan, sooner or later someone sees the potential in you and the business.
A website and blog
A website is par for the course if you’re running a serious business. It’s also a sparkling opportunity to show off your brand. You should also publish blog posts regularly (and if you don’t have time, hire someone to write them for you) to build trust with your audience. If you publish content that answers their questions and/or engages them, they’ll start to see you as an expert in your field.
A recession is a tough time and you’re going to think creatively to steer your new business through it. You’ll have to come up with new or inventive ways to save money, generate business or perform tasks. You’ll likely to have made some short-term sacrifices, but these will pay off in the longer run.
Don’t be scared about starting up that business you’ve always wanted to. The recession may have begun, but there are lots of opportunities out there when you equip yourself with the resources, knowledge and courage to make it happen. Others have done it successfully. Now it’s your turn. Strike while the iron is hot.