The New Rules for Entrepreneurs during Covid-19

It has been almost two years since the Covid-19 era began, and we must admit that times are hard! We live the new ‘normal’ life, and people are fighting to keep their businesses alive. People can understandably say that it has been a terrible time to start a business. However, this statement is false since for some entrepreneurs the steps for starting a business are still the same – the only thing that has changed is the rules.

So, since the virus situation rewrote the rules for starting a business, let’s sum up what has changed for entrepreneurs during Covid-19 until now. What is the path to success that new entrepreneurs need to take during and after 2021? Let’s take a look:

You need a business plan

You need a business plan, even in this time of change. You have to write a business plan when starting your business. The things you should include in your business plan are: how much money your product or service will cost, how much money you will need to break even, how you will market your product or service, etc. There is one question that people tend to forget to include in their business plan. That is ‘How much money will you need to live on each month?’

What has changed: Your strategy. You need a front and center online strategy for entrepreneurs during Covid-19. Do you know how to connect with your customers online and via phone or video calls? Is your website interactive? Do you know how social media works and how to place your business over there? These are essential questions for startups today.

Businesses that survived are businesses that include digital-marketing strategies in their business plans. They have an online presence, and in that way, they connect with their customers and their audience. Even if the business offers a service instead of a product, it is essential to connect with your customer, keep them informed, and update them on new developments because people like to be kept informed.

You need calculations

Well, it is not unusual to say that new businesses need a pile of cash to start up. They need to think of the expenses they will make, and what will happen if sales do or don’t go up. However, in these kinds of situations, people avoid going to banks. Banks are last on the list of startups since it is hard to get loans because the banks don’t like to waste their time dealing with people who will need time to start making money. So instead, small business entrepreneurs start with their savings, borrow from friends and family, or get capital through other sources.

What has changed: You need to double your calculations now, as entrepreneurs during Covid-19. You will need more money to get started these days. If your plans include money that would last for half a year, double the amount now because things are unpredictable. We don’t know if another lockdown is going to happen or not, we don’t know what new changes will come up, so it is best to plan. Think about how this will affect your clients while making the calculations.

You need to fight inertia

The thing is that if you want to achieve something, let’s say starting a business, you need to start working and start your business! You need to do something you haven’t done before, and you need to plan! Ask yourself some questions like: What have you done so far? What will you do tomorrow? Know where you are heading?

What has changed: If you think it takes courage to start a business, you are right! It takes a lot more courage and risks tolerance now being one of the entrepreneurs during Covid-19. Adjust to the way things are, and the way things will be. Some businesses were going pretty well but dropped to zero revenue due to the pandemic. The new task is to do research and to find ways to adapt.

You need to track your money

It is essential to open a separate account for your business and keep it separate from your personal. Finding invoicing software for your small business is the next step. You need to keep track of all your expenses, even if your business is not open yet so that you will have your money more organized. So keep track of your money, pay attention to how much you receive and how much you spend.  

What has changed: You need to have the right people by your side, times are constantly changing, including the laws. As entrepreneurs during Covid-19, you need to work with smart people. Network and make connections! Make sure you know a banker, accountant, insurance pro, and lawyer that can assist you with starting your accounts, taxes, lower the risks, etc.

Now, since one of your next steps would be finding invoicing software, let us share dillali.com - our financial app that has helped entrepreneurs gain control of their money. With dillali you can track your income and expenses, issue invoices, receipts, receive monthly reports, and track who owes you. You can Register for free to check it out and see what it can do for your business.

Until next week...

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