The Hesitant Entrepreneurs' Game Plan

This article was authored by: Derek Goodman of Inbizability

Starting a business is a great way to push your career in a new and exciting direction. However, many potential entrepreneurs are reluctant to get started during the COVID-19 pandemic. Although caution is often a wise choice, especially in unpredictable times, there are some tried and true ways you can move forward with your business aspirations. Here’s a look at a few ways to get started with your business without taking major leaps:

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Consider Your Business Structure

One great foundational move you can make when it comes to starting your business is to figure out the best structure for your needs. When you start a business, the default structure is a sole proprietorship. In this model, you factor your business taxes into your personal taxes, often paying quarterly throughout the year. Many business owners stick with this because it’s simple and free, but it comes with drawbacks.

For example, you have little legal protection when running your business as a sole proprietorship. Structuring your business as a Limited Liability Company, or LLC creates a legal barrier between your personal and professional funds. If you get sued or wind up with serious debt, you’ll only be able to lose the funds associated with your business — and not, for example, your house. If the red tape of forming an LLC intimidates you, look into using a formation service — they’ll knock the busy work out on your behalf so you can focus on more important tasks.

Create a Digital Marketing Plan

Another move you can make before your business really gets started is to come up with a foundational digital marketing plan. Businesses need to have a strong presence online in order to thrive in today’s market. This means a functioning and attractive website, approachable social media presence, and SEO-targeted content to boost your rank on Google and other search engines.

Unless you’re a marketing pro, it’s best to have an ally on your side when it comes to figuring out the best approach for your business. AMA Consulting can help you come up with a solid digital marketing plan, from building a website to making good use of social media and more. We can also give you the tools you need to figure out if and when paid ads and targeted campaigns make sense for your business, as well as help you make sense of search engine optimization so you can make your content work for you.

Secure Funding

Finally, if you’re not quite ready to get your business started, you can always use this time to save and work on finding good sources of funding. Starting a business takes a lot of capital, and you need to have the funds to really invest in yourself — or else, find investors willing to take a chance on your idea.

The very early planning stage is a great time to start reaching out to potential investors and getting a sense of whether or not your business has legs. Not only will you get a chance to introduce yourself and your idea, you might also get valuable feedback as to how to make your concept stronger and more profitable. Reach out to people in your professional network, as well — you never know who might be looking for the chance to support a budding business.

The pandemic may be a good reason for caution, but that doesn’t mean you can’t make any moves to push your business dreams forward. We hope this article helps you to discover some effective steps you can take to get closer to running your own business and reaching your entrepreneurial goals.