COVID has proved that not all jobs and businesses are secure, especially if they do not have a digital or technological element attached to them. If the online classes and the work from home culture have left you with some extra time to engage with your passion, it’s time for you to start a business during the third wave of COVID and make yourself proud. If you are planning to start a business, here is a step guide for it.
1. Pick a niche
The first step that you need to do before you start a business is to choose a niche for yourself. If your niche matches your business, running a business becomes a lot easier. When choosing a niche of your business, figure out if there is a demand for the niche or not. Secondly, try to answer how stepping into the niche will help the customers.
2. Do a thorough market research
Doing market research of the niche that you are interested in. Proper market research will allow you the missing gap in the market that you can fill. Further, it will help you to analyze the opportunities that lie in the market. You can also study your competitors to understand how they are excelling in the field. For instance, if you are planning to start a courier company, you can study other competitors like XpressBees and Trackon. The gathered information can then be used as a competitive advantage.
3. Develop a business plan
After you have researched the market and you have a fair amount of idea how the other businesses are working, develop a plan for your business to lay the basic foundation. A business plan, even if rough, will provide you with a roadmap for starting and running your business. This will also be helpful in knowing whom to hire and how to seek investment for the company. While creating a business plan, examine the investment that might be required and the expense that you will have to deal with.
4. Check the investment required
The business plan will give you a fair idea about the investment that is required to start and run the business. Firstly check whether you can invest in the business with your savings or not. If not, create a strategy for raising capital that can be used as an investment in the company. Depending upon the amount of capital that is needed for the investor, you can try contacting angel investors or other investors for the same.
5. Choose a business name
Once behind the scene of the business is figured out, you can look forward to presenting what you need your customers to see. The very first thing that needs to be figured out is a business name. Take all your time but try to find the perfect business name as the name will represent the business and will further inform the audience with the niche of your business.
Additional steps that might need to be developed will depend on the business that you choose to work on. For instance, if you want to run a blog as a business, you will not need any legal work for it. However, if you want to start a home delivery service, then you will need to go through the legal work for the same. If you want to start a flower shop as a business, you will have to figure out a business location for it.
Once you start your business, in the next step you should focus on the marketing part of the business to let the audience know about the business. Again the marketing strategy will depend on the business that you are working on. Depending upon the business model that you are running, you can choose whether it requires online marketing, offline marketing or even a mixture of both.
What Are Few Business Ideas To Run During COVID?
A few of the business ideas for starting your own business during COVID are being an online consultant, freelance developer, coach, freelance writer, e-commerce store owner, photographer, videographer or interior designer. One can also try their hands on drop shipping, selling homemade items, eBay store, website flipping and event planning.
No matter what business you want to work on, ensure that it aligns with your passion to receive the ultimate success in the business niche that you have chosen.