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Do you have a lifelong dream of starting your own company? For many people, the COVID-19 pandemic has halted all plans of starting a new business. Although there are many businesses that have suffered due to the pandemic, there are others that are expected to continue their growth. Before launching a business during this period of history, there are critical components that need to be considered. In this article, we will share six things to consider before starting a business during this time.

1. Evaluate the Industry Trends

No matter what industry you are working within, there are stories of failure and success. Rather than looking at other companies on a case by case basis, look at the overall trends of the industry. Overall, is the industry growing or failing? If a large percentage of prominent brands are having to close, it is not likely that a new business will succeed.

2. Are You Filling a Need?

When people feel that their jobs and financial stability are at risk, they will likely cut back on expenditures. If you are filling a need, people will continue to purchase your products even when they are minimizing their spending. In your marketing material, make sure to answer common questions that the audience may have. 

3. Do You Have the Necessary Capital?

With many people applying for loans and seeking financial assistance, many banks are stretched for cash. Make sure that you acquire a loan from a trustworthy source that has the corporate backing to complete their role as designated. In the early days, it may be helpful to maintain a “side hustle” or part-time job so that you can continue to have an income as the company launches. 

4. Get Your Closest Friends On Board

In order to have a business that grows, you need support from family members and friends. These acquaintances will help spread the word of your work organically. In many cases, referrals are the most effective type of marketing technique. When you align people with your vision, you will likely see success.

5. Outline the Customer Persona

Although you will reach for customers from varying demographic groups, it is important to have a customer persona that you work to assist. When you develop a single persona, you can create marketing techniques and common languages that relate directly to a certain type of demographic in your target audience. It is important to flesh out this character thoroughly. What does this person do on a Tuesday afternoon? What are their spending habits?

6. Hire a Coach

When starting a business, it is critical to have guidance and coaching from an expert. These experts can help you grow your base, expand your offerings, and get your numbers in check. Zachary Weiner Startup Coach has effectively helped many businesses get off the ground. Not only does he share general information through blogs and newsletters, he will work with you directly to process through the nuances of your business.

Summary

Starting a business may seem daunting. During today’s job market, there are more entities that are needed in order to decrease unemployment levels and improve economic capital. Unfortunately, many people are hesitant to launch a business amidst such uncertainty. Thankfully, it is possible to launch a  successful business when you handle the process effectively.