Editor | 21 September 2020
Five tips for starting a business during the coronavirus pandemic

Five tips for starting a business during the coronavirus pandemic

With health concerns still prevalent and the economy looking shaky, it might not seem like the ideal time to start a new business.

Along with the uncertainty, however, has come lots of new opportunities. And many brave souls have used the outbreak to plan new ventures and have started working for themselves.

Here are five tips to help get your new business off the ground.

Make a plan

A business plan is like a map towards business success. A well-written plan will help you when you speak to investors, the bank manager and any friends or family that try and talk you down.

It doesn’t need to be a thesis on business, but it should be enough to convince anyone reading it that your venture will be successful.

Drum up interest

Whatever your business is, you’ll need customers if you’re going to make any money. Coronavirus means that it might be difficult to meet people in real life, but you can still connect digitally.

Consider making a website and start connecting with people on social media. If you have the budget, a well-made paid advertising campaign can be a great way to get new customers quickly.

Figure out what makes you unique

All of the most successful companies have one thing that they do better than everybody else in their industry. And this is a key reason why they are so popular.

Some companies are the cheapest, some are the friendliest while others make things that are unlike anything else in the world. If you can figure out what it is that makes your business special, you can really make yourself stand out from the crowd.

Make the boring stuff simple

Nobody starts a business because they want to do lots of extra admin. Unfortunately, however, running a company also involves managing some complicated financial, legal and administrative responsibilities.

There are ways to make it easier, however. Using cloud-based accounting software will help you keep your finances on track and using an accountant will make sure you don’t run into any problems with the taxman or Companies House.

Enjoy yourself

New projects will always feel stressful. Try to approach your new business with a positive mindset, maintain a healthy work life balance and lean on friends and family for support.

And most important of all, remember that starting out on your own is fun – so make sure you enjoy yourself.

For more information about cloud-based accounting software and support, speak to a member of our CloudAccountant.co.uk team. Call: 0808 281 0303.