If there is one thing the current climate is forcing everyone to do, it’s to think differently, challenging how we live and work. For many budding entrepreneurs, now is the perfect opportunity to put those new business ideas into action.
But how do you go about it? With current restrictions, that probably also means setting up your business from home. That can create a generous mix of fear and excitement, depending on personal circumstances.
Assuming you already have a great business idea, you’ll then need to consider the practical aspects. Do you have the time to dedicate to setting up your business? Consider family commitments, other full-time work or even studies and how you will fit your business around these other demands.
Something many entrepreneurs fail to consider is their skillset. Be honest with yourself – do you need to develop certain skills yourself or can you hire them?
You’ll also need to dedicate space and resources to your new venture. Will a corner with a laptop suffice or do you need storage facilities for stock? Think about the equipment and staff you’ll need. Can family, friends or contractors help?
Fun with funding
Other practical considerations are whether you have sufficient funds. You will need to cover business registration costs, technology (perhaps a laptop and accounting software) and promotional costs. You could apply for a bank loan or seek investment from friends or family. Alternatively, if you have luck on your side, you could try your hand at some online casinos. Take a look at MrCasinova’s list of Japanese casinos for inspiration…you never know, you could win enough to fund that new venture!
And don’t forget insurance and legislation, depending on your business. Consider whether there are any restrictions on running a business from home, whether you need a special licence or require professional indemnity or public liability insurance.
Know your competitors
Do your research. What are your competitors’ strengths and weaknesses? Will you need to compete on price, cost or geographically? Are there certain market segments market that are less competitive, such as certain industries or customer types?
Once you’ve set up your business you’ll need to let everyone know about it. But first, you must understand your audience. Do they rely on social media, online publications, events (in-person or virtual) or search engines? One way to find out is to see what your competitors are doing or ask prospective customers directly.
Still searching for an idea?
For many would-be entrepreneurs, one key challenge is actually coming up with ideas. Think about skills or interests you have which you could turn into a home-based business. Unusual examples might include cheese sculpting, running desk yoga classes, restoring and selling vintage furniture, training drone operators or even renting chickens or goats. The world is truly your oyster!
Passion and commitment
Finally, ask yourself if you have the passion and commitment to keep going, regardless of what life throws your way. Try to find a business mentor who can challenge your plans but also support you when things get a little tough. If, after all this, you are still fired up then you’ve definitely got what it takes – so, what you are you waiting for? There’s no time like the present!