The COVID-19 pandemic has changed the face of the marketplace. It has changed how we do business, how we buy and sell, and even what a regular business workday is like. So naturally, if you are considering a small business launch, you may be wondering whether the rules for new solopreneurs have changed, too. While effective business management principles are largely unaltered, there are certainly new factors that need to be considered, both before your launch and once your business is live.
The time of the solopreneur.
Usually, when you think about starting a business, you think about a company with a manager that hires employees and functions as a team. But in recent years, with the increased growth of the gig economy, more and more businesses are a company of one. In fact, in 2020, 66% of new businesses were started by independent workers. Demand for freelancers is high, while job openings in some fields are hard to find—so many skilled individuals are opting to be their own boss and turn their freelance operation into an actual registered business.
The benefits of starting a business now.
Despite uncertain times, you may be wondering if you should wait a little longer before getting your business off the ground. A delay may be wise in certain industries that depend heavily on face-to-face interaction, but even certain factors make this a good time for a new business owner. For starters, interest rates are unusually low. Plus, many businesses that closed their doors are either selling out their products, equipment, and inventory at low prices. Alternatively, there are opportunities to buy these established businesses.
The switch to ecommerce.
One lasting change wrought by the pandemic is that many more consumers purchase products and services online, and businesses that have invested in an ecommerce model are benefiting from this. As you plan your business, consider whether you can offer online options for potential customers, or whether an ecommerce model might even be your best choice.
A quality website.
It’s important to have a professional website, no matter what the nature of your business. This is essentially your calling card, and it’s the first thing customers or clients will see when looking into what you have to offer. Rather than a clunky, DIY site, a professionally designed website is worth the investment to get your company started on the right track. Experts like the J&M Group can help you prepare and create a robust and visually appealing website, as well as help manage all of your digital marketing needs.
The importance of outsourcing.
Life as a solopreneur does not mean you always have to go it alone, considering that you can hire freelancers to assist you when needed. Areas that may require you to outsource certain tasks include web design, content writing, accounting, and cybersecurity. If you do opt to hire freelancers, it’s important to have an organized system for compensation so you don’t get bogged down in trying to manage payroll. Before you hire your very first freelancer, look into an online payroll program that offers automation features for scheduling payroll as well as filing and calculating taxes to eliminate some of the guesswork. Bonus points if you use a platform that provides a direct deposit option, and an iOS or Android app that paves the way for processing payroll while in the field so that payroll is never held up.
The importance of health and safety.
Many consumers anticipate making public and personal health a priority even after the dangers of the pandemic have subsided. If your business involves any person-to-person contact, especially indoors, it’s crucial to address your environment from a safety standpoint, which includes physical details such as ventilation, ease of hygiene, and social distancing options. Customers with health concerns will be seeking out businesses where they can feel safe, so this is one way to earn lasting client loyalty—a key to business success—and it can also help reduce the loss of work hours due to illness.
Building a successful company as a solopreneur requires many of the same qualities that have always been key to a good business strategy. But it’s also important to keep your eye on new and changing trends that will determine many of the choices you make for your company, along the way.
2. Keep customers updated on how you are handling any potentially unstable supply chains.
