As the Pandemic Winds Down, Entrepreneurs Are Stepping Up
Many people across the globe put their self-employment plans on hold at the start of the pandemic. And although environmental sustainability is never out of fashion, the risks of losing money in the middle of a sudden and unexpected recession were too much for some folks to comprehend. But many have begun moving forward. How? By taking steps to ensure long-term success. They:
Connect with the right people
Making the right connections is crucial in any business. When it comes to environmental sustainability, entrepreneurs can utilize Ubuntoo to connect with a group of partners that are already looking for solutions to existing problems. Small business owners can also look into other networking opportunities within their own communities. By establishing a network of peers, potential customers, and vendors, business owners have an opportunity to get their needs met and to forge reciprocal and beneficial relationships with others in their industry.
Take advantage of freelance services
Something else that many new and successful business owners do is hire freelancers instead of full-time employees. This is beneficial in many ways, including cost-effectiveness and having the ability to harness specific skills. Data entry, customer service, and social media marketing are all time-sucking tasks that are easily outsourced. Although many freelancers charge a much higher per-hour price than business owners typically pay an employee, they do not need training or benefits.
Navigate the financial ups and downs of the pandemic
According to AmTrust Financial, many industries actually thrived during the pandemic. Delivery, drive-in movie theaters, and telehealth services are among these. Unfortunately, many sectors did not fare quite so well. Now is an excellent time for business owners and executives in manufacturing and other industries to take advantage of liquidation sales and a vast pool of talent left out of work. Further, as interest rates remain low and the housing market remains high, some business owners are finding that it’s financially prudent to utilize home equity to fund their new endeavors.
Maintain sustainable growth
Perhaps the most impactful thing that new business owners can do during and after the pandemic is to focus on sustainable growth. The Sage Advice blog notes that there are multiple steps toward creating this. The first is to focus on the fundamentals, including cash flow and supply chain management. The blog also suggests that business owners keep their workforce happy and prioritize skills over experience. Importantly, to maintain a forward trajectory, business owners should avoid taking on more than they can actually handle. By choosing products strategically, entrepreneurs can gain experience and work out any kinks in their processes before investing in a major expansion.
These are not the only ways that pandemic-era entrepreneurs have coped with uncertainty. However, they are excellent actions to emulate for anyone wanting to start (or relaunch) a business. The combination of these actions, coupled with perseverance and good, old-fashioned hard work, make for the beginnings of a solid foundation for a business that’s ready to change the world.