No one is certain about how much and for how long the impact of the pandemic will last on the local economy.
Businesses are experiencing pressure on sales and cash flows. Marks & Spencer reported a first loss in 94 years of £87.6 million in just six months, while the owner of Primark has said it will take a £375 million hit from the loss of sales amid its latest enforced closures.
This may seem daunting for people who are considering setting up a business, yet this is a great time to awaken that entrepreneurial spirit and harness your skills.
Starting a business during covid 19 is no different to starting a business at any other time; the hurdles to overcome are basically the same.
Firstly, you need to have a business idea. There are several small and easy to set up businesses that are riding the pandemic successfully and seeing increasing customer demand.
These include freelance tutoring (via platforms like fiverr, upwork and peopleperhour), virtual assistant, cleaning services, medical and social care, online exercise coaching and mental well-being, ecommerce and web designing, delivery and distribution, meal prep delivery services, and landscaping, to name a few.
If you already have an idea, assessing the potential success of the business is imperative. Your idea should identify a problem or gap in the market you desire to target, provide a solution, and integrate this into your business plan.
Your business plan sets out a roadmap for your business, showing what your business is and how you plan to run it. It is used for accessing funding, pitching to investors, purchasing equipment, and developing your idea.
Having a business plan is vital but can be discouraging when all you have is a vision, and nothing on paper. Free online templates exist, as does step by step expert advice on how you can write your perfect business plan.
Start-up costs can also be a crucial part of getting your business off the ground during the first few months. While many online businesses require just a Wi-Fi connection and laptop, others might need a bit more financial support.
There are a range of Scottish government funding options available to help businesses find funding, ranging from grants, bank funding, venture capital, and private equity financing. For instance, the Scottish Growth Scheme is a £500 million package of financial support for businesses
Like any business, marketing and advertising can be quite costly. No longer is the traditional approach to advertising the popular norm. Social media platforms such as Facebook, Twitter, Instagram and LinkedIn can be used to target customers from a specific demographic or niche.
For instance, creating a Facebook page couldn’t be easier, simply click the “Create a Page” button, fill out the forms, add your business contact information, business hours, upload photos, company logo and so on.
Once the page goes live, you can invite people to like your page and develop an online following. Once people have “liked” your page they can recommend and share it with their friends. Facebook pages are free of charge, while there can be upgrade options for additional coverage and features, starting from as low as £5.
Lastly, could the problem you are facing to start that business be an internal obstacle? Procrastinating, fear of failure, and perceived judgements from friends and family can be blockers delaying your success. You might believe you’ll start that business someday, but not today.
Well, that someday might never come; there is therefore no greater time like the present. Take that step, focus on one thing at a time, keep moving toward your business goals, and be determined that your business will succeed.
Dr. Shelly-Ann Brown is a business and market researcher; founder of the Economic Lead Global Limited.
