Soon I will be starting my teaching course again, How to Start a Business, at my local adult education center and I am happy to say that we will be transitioning the program to be online! Getting ready to start teaching the course got me thinking of a common question entrepreneurs ask themselves, “When is the best time to start a business?” And then doubt and second guessing kicks in. “Is it wise to plan for starting a business now given the pandemic?
In my opinion now is a great time!
Time, the one thing everybody craves and wants more of.
With entrepreneurs that time crunch pressure is felt even more, with that feeling of so much to do and get done so the business idea can be up and running and making money. So enter the pandemic and time is something that actually has gotten created for us, with changes in schedules and jobs some people are actually finding that they have more time on their hands. So why not use that time wisely to think about a project or a side hustle (or the main hustle) that you have always wanted to work on. Now is the time to capitalize on that extra time and plan your business idea, with an actual business plan of course!
Let agility and disruption be your idea mojo
Having watched many businesses struggle with the new changes we are facing in society due to COVID, you might have an idea to do it better, smart, faster. Maybe your idea might lead to disruption in old paradigm or old way business that lacks digitization. Whatever that idea might be put it to work, research, design and plan it.
If there is one thing that the pandemic has taught us is that technology is crucial aspect to a business’ success. Making sure you incorporate a technology focus into your business idea to ensure it’s a success. While you are at it research technologies that will make communicating your brand and business with others easier on social media, tools like Hootsuite can be a great help (Especially, if you are starting out as a one man show).
Reviewing your fulfillment strategy is key for any business, but during Covid it may be even more precious with new restrictions in place and sometimes limitations on service. Review how the platforms you want to use will be able to fulfill your products and services and investigate what other processes, technology or reporting systems you can use to stay relevant to your customer base. There is nothing worse than waiting a really long time for a product or service you have ordered.
There are a lot of grants available at the moment for COVID and starting a business in general, in Canada. You might like to check out an amazing site called Fundica to see what grants are available for your business sector. You should also check out your local government sites and local organizations that support business development and growth.
Should I go for it?
And I will say it again because it is important, make sure you put together your business plan so that you can strategize your business idea and really hone in on the opportunity. It is also a good opportunity to review and fine tune your marketing strategy. With a focus on how you are going to digitize your business.
Nicole Fortunaso from Ctrl Alt Marketing is a strategist and business coach helping businesses, entrepreneurs, CEOs and fellow marketers reach their business goals.