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The COVID-19 pandemic has left a lot of small-business owners in the lurch, so it’s understandable to feel a little apprehensive about making the leap into business ownership at this point in time. However, the verdict is in: Now is actually a great time to start a business, if you are careful to take advantage of all the options available to you right now.
Here are a few things to remember as you consider following your dreams during the coronavirus pandemic:
Why should you start your business now?
While there have been many businesses falling on hard times during the COVID-19 pandemic, the number of small businesses in the U.S. has actually grown over the last year to 30.7 million total. This is following the trend of the past few years where ...
1. Interest rates are hitting record lows
Getting a loan for your small business may be easier than ever, thanks to several government mandates and some relief packages.
2. Get good deals on equipment
You can also get small-business loans for equipment expenditures, as well. These loans are designed to help you pay for heavy machinery or other large equipment you may need, like forklifts or commercial ovens. With the closure of so many businesses in 2020, you may be able to find competitively priced equipment.
Best business practices from here on out
Once you make the decision to start the business of your dreams, you’re going to need to know how to make the most of it and make the most effective decisions. Take advantage of your startup capital by remembering a few things:
1. Organize your systems
You need to make sure the systems you use to operate your business are efficient and organized. For instance, a good payroll program pays for itself. A good business is only as good as the people you hire, which makes it doubly important for you to make sure your payroll systems are organized and in good shape. Having a payroll system integrated with your other business functions can help you smooth out your onboarding process, maintain compliance with ever-changing tax law, and process payroll tasks accurately and on time.
If it doesn’t make much sense for your business to use an automated payroll system right now, consider instead using a biweekly payroll calendar template. These kinds of templates are a great way to get your feet wet with the payroll process and are a great option if you don’t need an automated solution. An added benefit of these templates is that they can also give you the ability to build schedules and easily track your staff’s time, plus a template can make it easier to manage invoicing.
2. Hire marketing professionals
Another good use of your startup capital is in “soft” expenses like marketing and advertising. After all, people need to know about your company, and the quickest way to make that happen is to hire marketing professionals who can get your name out there and advertise your services in new, fun ways.
Hiring a freelance marketing professional is a great idea because you get a lot of expertise for little overhead. You don’t have to onboard them as a full-time employee, pay income taxes for them, or worry about whether or not their work will be good enough -- if they make a living as a freelance professional, they no doubt are working at peak skill level. Freelance marketers can set up your website, run your social media channels, and help you get your company off the ground. They can even help you design and distribute professional-looking business cards.
Get out there and get started!
Now is the right time to get your business off the ground. You’ve waited this long, but it’s time to stop waiting. With low interest rates, affordable equipment, and the right tools and people in your court, you can achieve that dream you’ve been putting off.
Is your business’s website ADA compliant? Yellow Rose Consulting can transform your digital documents so that you can be in compliance and avoid potential legal action.
By: Amy Collett
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