With all this talk about how should you spend your time quarantined during this pandemic or what should you buy with your stimulus check... I want to take a moment to talk to those of you who have dreams of owning your own business.
I know you are ready to take your life to the next level by investing in yourself but this crisis scares you. Let me start by saying this, your current situation does not have to have a pitiful story ending.
Obviously we are in a crisis, we won't debate about that. The entire world is experiencing some type of lockdown which means 3 things:
People are stuck at home.
People may have a change in income... possibly a negative.
People have a lot of time on their hands
If you are on the social scene. Everyone is telling you to start a business or some sort of side hustle...Ads for online courses and webinars are through the roof. For many entreprenuership looks appetizing right now but in reality starting your business is a risk... A risk you have to be willing to take. Only you will know if the time is right for you. If you are still on the fence, here are a few things you should consider:
1. Think about your financial situation.
We all know it takes money to make money. So ask yourself, do you have excess money to spend that will be dedicated to your business? Ask yourself are you willing to risk/invest this money right now? There is no right or wrong answer. If you are, take advantage of this time we have to get the ball rolling. If you the answer is no, don't get down in the dumps, try your best to find new sources of income. If your business idea is flexible consider starting a low-cost businesses such as dropshipping or offering services from the skills or talents you possess.
2. Focus on what you want to sell.
Statistics show that online shopping is booming and that is because shoppers still have needs and desires. Think about what problem you are solving and who has a need for that product or service. RESEARCH RESEARCH RESEARCH! It may not be the best time to start a business in your desired industry. For example, if you want to start an event planning business now may not be the best time because everyone is social distancing. But.. It may be a great time to start a resume consulting and career development business because people have been laid off of work and they need to sharpen their skills to reach new opportunities. If your desired industry took a hit does not mean that you have to throw in the towel completely. Get innovative and find new ways to serve your customers or continue to plan and develop strategies for when the time is right.
3. Chose your goals wisely.
Determine what outcomes you want to achieve. Remember your business is new and some goals may take time to reach. Be realistic in everything, including your approach. Your goals should make sense. For example if you want a 6-figure business be ready to spend at least $10,000+ in marketing...as your marketing budget should be 10% or more of your revenue or what you desire your revenue to be.
No matter what goals you choose to set, write them down. Ask yourself, these questions.
"Can I achieve this goal if I start my business right now during this crisis?"
"Do I have what I need to achieve my goals?"
"Am I ready and willing to do what it will take?"
If the answer is yes, make a daily/weekly to-do list and get to work!
4. Make your decision.
No choice is right or wrong. Remember, do what is best for you because you are going to be first employee. There is never a "perfect" time to start a business. You'll never be 100% ready. Just think about it, no one saw this pandemic coming, There may be many opportunities right now that you can take advantage of. Your business will experience ups and downs, that's normal and totally okay! Everything is always a calculated risk. You're going to have to work hard to see the results you want to see.