Why COVID-19 Shouldn't Stop You From Starting Your New Business
COVID-19 has caused more than a public health crisis. The pandemic has also had a major economic impact, resulting in job losses and business closures. If you have been thinking of starting a business, you might be tempted to put these plans on hold. However, as vaccines are rolled out, now is an ideal time to get your entrepreneurial endeavour off the ground.
If you’re still not sure, learn how you can establish a thriving business below, brought to your courtesy of Easy Loan Helper and your ICS Commercial Loan Advisor Mark McDonough.
Why This Is A Great Time To Start Your New Business
The economic toll of COVID-19 caused banks and regulators alike to take action and cut interest rates dramatically. Low interest rates can be expected for the foreseeable future. This means that now is a great time to take out a business loan to support your new start-up. You can get a low-interest loan to cover your overhead costs, like rent, equipment, employee wages, and more.
Small business closures due to COVID-19 can also work in your favour. The World Economic Forum reports that many businesses are now closing permanently. As a result, you may be able to buy supplies and tools you need for your own start-up from those going out of business at reduced rates.
How You Can Set Your New Business Up For Success
Before you establish your business, write a business plan. This document includes a description of your products or services, market analysis, financial projections, and more. It can be used as an operational guide and to request external funding.
With your business plan in hand, you can register your start-up as a legal business entity with the state. A limited liability company, or LLC, is a relatively straightforward entity that can protect your personal assets in case of liability issues and offer tax benefits. To start an LLC, you'll have to file a Certificate of Formation. An online formation service can simplify the process and spare you costly lawyer fees.
If you plan to hire people to work for your business, then you’ll need to start thinking seriously about payroll. Payroll is the process by which you pay your employees, but it involves a few more steps than you may realize. Since accounting might be a little outside your comfort zone, know that there’s help available for those who need it. There are accounting and payroll services available that can handle payroll when you're just starting out, which can help prevent making costly mistakes in the beginning.
What you can do to expand your business
Once you have the basic administrative tasks out of the way, you can look for ways to nurture and grow your neighbourhood business. Local networking is one valuable step. Networking can help you find new clients and create important business connections.
For more ideas on how to wisely invest your start-up capital to grow your business, check out this list of 27 tips from When I Work. Suggestions include using social media, building an email marketing list, speaking at local events, and giving to charity. These steps allow you to boost your business profile while also engaging with the local neighbourhood.
Starting a business doesn't have to be scary. With a friendly and inviting community, you will find ample support. The above tips can help you get started.
If you need a loan for your Commercial Real Estate, Multifamily or Investment Property, Easy Loan Helper and ICS-Loans are ready to assist you Today!