Reluctant to Start a Business? Here Are 4 Tips for Success
If the pandemic has deterred you from launching the business you’ve been eager to start for years, this article could provide you with the reassurance you need to move forward with your plans. The pandemic may seem like a bad time to start a small business, but it’s actually a great opportunity to take advantage of low interest rates on business financing and killer deals on pre-owned business equipment. Plus, online tools can help you to manage your finances, pay your employees, and keep your business organized and on track.
Check out the four tips below to start a successful small business during COVID-19!
1. Look for Affordable Financing
Unless you’re launching a low-investment business idea, using money from savings, or crowdfunding your small business, you’ll likely need to finance your startup. And because of the pandemic, interest rates on business loans are lower than they’ve been in years — making it a great time to take advantage of traditional bank loans, online business financing, or loans from the Small Business Administration (SBA). However, several factors are used to calculate the interest rate you’ll receive — including the following:
● The length of time you’ve been in business
● Your credit score
● Your business revenue
If you don’t qualify for an affordable business loan, other financing options may include grants, personal loans, and business credit cards. Be sure to consider things such as monthly payments, loan terms, and customer reviews when comparing financing options for your new business.
2. Buy Used Business Equipment
As a new business, you may need to purchase office equipment for yourself and your employees or guests — as well as other things such as computers, software, vehicles, or anything else you’ll need to run your business. And while these purchases can quickly add up, you’ll stretch your startup dollars further if you purchase used equipment and supplies from businesses that have closed during COVID-19. Typically, you can find used business equipment on public Facebook groups, Facebook Marketplace, Craigslist, and eBay.
If you can’t find what you need while looking for secondhand business equipment, leasing is another affordable alternative to buying new. But unless you’ve been in business for a while, qualifying for equipment leasing may not be possible. In this case, you may need to apply for equipment financing if you can’t afford to purchase your business equipment outright.
3. Effectively Manage Your Payroll
In addition to buying used equipment and looking for affordable financing, it’s important to effectively manage your payroll to maintain the financial health of your new business. Many software tools are available to help you create, automate, and manage a payroll system — and they can be used to track employee time, pay federal and state taxes, and protect your business from tax penalties.
Even if your business isn’t large enough to reap the benefits of an automated system, payroll calendar templates can be used alongside your invoicing, time tracking, and employee scheduling tools. Whatever your specific needs may be as you get your business up and running during COVID-19, many tools and templates are available to keep you organized and financially healthy.
4. Keep Learning
If you still have reservations about launching your business right now, another way you can move your entrepreneurial dreams forward is by going back to school for a degree, whether it's a bachelor's, master's, or doctorate degree. Fortunately, online degree programs make it easy to achieve your diploma while still working full-time or tending to family obligations. When looking for an online school, ensure it's accredited and that it offers competitive tuition rates.
The Bottom Line
Starting a small business is scary, especially in the age of COVID-19. But thanks to low interest rates, affordable office equipment, and online accounting tools and templates, there are so many viable reasons to launch a business during the pandemic. So set your fears aside and take the plunge into business ownership: The pandemic is the perfect time to embark on new challenges!
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Article by Annabelle Harris of elders.center
Annabelle Harris is a writer, wife, mother, and grandmother. She started blogging nearly a decade ago when she was still facing the prospect of retirement and old age. She was terrified and needed an outlet for her thoughts, fears, and uncertainties. It was through her first blog that she found the support of a community that truly helped her through the process of aging.
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