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This is a difficult time for countless Americans. And it’s easy to assume that starting a business in the midst of a global pandemic would be unwise. However, if you’re an entrepreneur, now could actually be a great time to get your new venture off the ground.
See the opportunities.
While the road hasn’t been smooth for many businesses, opportunities abound right now. Not only are you likely to have less competition to worry about, but it’s easier than ever right now to find and hire talented employees—particularly those who have been looking for a bit. Then there are the uber-practical aspects to consider, such as closed business selling off equipment, business loans coming with lower interest rates, and more cost-effective marketing options.
Nonetheless, starting a business at any time presents its challenges. That’s why we’ve provided you with some practical tips for how you can best use your startup capital as a business owner in 2020:
Be eager to learn.
If you plan to launch your business soon, the desire and willingness to learn must still be present. It’s essential to remember that you can always get better at your craft, and that there are always things you can learn. So, constantly seek advice from whatever sources you can, whether it’s reading business and leadership books, finding a mentor, or working with a consulting agency to help you strategize.
Seek the right funding.
The type of funding that you secure in the early stages of your business will have a significant impact on how you run your business. Do your research, and make sure you will be able to pay back any money you owe within a reasonable timeframe, whether you’re working with angel investors, venture capitalists, incubators, crowdfunding, or any other sources.
Manage your money.
This may sound simplistic, but if you don’t work from a budget, you will eventually lose track of your company’s finances. If you haven’t already, create a thorough budget that includes every cent of your finances, and make sure everyone on your team stays up to date on where the business stands.
If you’re prepared to DIY your finances or work with QuickBooks, your best bet is to level up through Quickbooks Cloud Hosting. This opens the door to a wider array of QuickBooks features, and it provides an added layer of security for your data. Moreover, if you hope to eventually outsource your business’s bookkeeping and accounting, a firm like Realizing Profit Potential for Change can help you position your business for success. The beauty of working with RPPC is that you’re not just handing off the work, you’re finding a partner who can help you learn the best ways to understand and utilize your financials.
Strategize your marketing.
There’s no substitute for effective marketing when it comes to running and growing a business. And when you are trying to make the most of your startup capital, it’s critical to avoid overspending on marketing that isn’t doing your company any good.
Digital marketing is king in this day and age, so make sure that you have a great website and that you are promoting your brand through channels like social media and email. Whether you work with a freelancer or tap an agency, you can settle on a marketing strategy that gives your business a leg up on the competition.
Purchase the right equipment.
Finally, the right equipment and tech is essential when it comes to launching a business. For a solopreneur, a top-notch laptop or desktop computer, applicable software, a printer/scanner combo and a reliable smartphone are a must. This isn’t to say older devices shouldn’t be used, but they can add chinks in your armor when starting out. Of course, you also don’t want to burn through your capital just for the latest and greatest. Affordable, quality equipment can be easily found with a bit of extra homework. Shop smart by unearthing sales and discounts, which will become more prevalent as the holidays near; in some instances, used equipment can also be worth considering. Regardless of what you buy, remember, your office equipment is tax deductible, so keep those receipts filed away.
If you’re ready to start a business right now, there are many reasons to go through with your dream. Just make sure to make the most of your startup capital. Along with implementing the tips discussed here, remember to constantly seek out other ways that you can improve your money management, along with other aspects of business ownership.
Contributed by Dean Burgess Excitepreneur.net