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Guest article from Derek Goodman
The past year has been harrowing for many people. The COVID-19 pandemic has changed everyone in some way, and maybe you have been putting off starting your dream business because of it. There is plenty of research to suggest, however, that starting your business now could be a great idea. But what do you need to succeed? With a little luck, a lot of planning, and some assistance from professionals who know what they’re doing, you can turn that idea into a fully-fledged business. FloridaWest invites you to take a look.
Get informed: Quick rundown of the numbers
Let’s look at the facts. Despite the past year of uncertainty and pandemic stress, there has been a veritable boom in small businesses and startup companies getting their feet under them and having success. In fact, in the third quarter of 2020, the number of applications to the government for employer identification numbers was higher than it has been since the organization started tracking those numbers in 2004. And the story is the same around the globe: Entrepreneurs are taking that leap and making their mark with businesses that run the gamut of products and services.
Some of this is due to circumstances that owe their existence to the pandemic. The interest rates you’ll be interested in when you start your business (i.e., mortgages, loan rates, etc.) are lower right now than they were before the pandemic started. In addition, companies that have not survived these times of hardship are selling equipment at discounted rates. So, if your business is one that needs different tools (e.g., ovens for a bakery, wood for a construction company, or computers for a cybersecurity), now could be the perfect time to get out there and try it. In addition, if you’re thinking about doing more with technology, that kind of company could hit it big in our new, post-COVID environment.
Spend your money wisely
Once you have determined what your business produces or does, you have done your due diligence and research into the field you wish to pursue, and you’ve made the decision to keep on this path of growth and success, you will need to obtain funding. Obtaining a business loan can be easy if you know where to look. The US Small Business Administration, for instance, offers assistance to small businesses seeking loans during COVID.
Once you have that loan, though, you will need to spend it wisely so your business has the best chance for success. Investing in payroll, equipment, and technology that can support your company is always a good idea. You may also consider hiring freelancers to design your logo. These kinds of professional logo design services are easy to find through online job platforms. Just make sure to weigh reviews, delivery time, and cost, which should all be listed online. Hiring freelancers is a good use of your startup capital.
Join forces with others
Something else you may consider is getting involved with a local startup incubator and connecting with like-minded entrepreneurs. Early-stage, high-growth companies should look into working with mentors within these incubators, especially if they are looking into starting a technology-focused business. Groups of people working together to achieve their goals come at their problems together and get more done. In addition, working with these kinds of groups gives you access to a larger network of services and collaborators that could open up possibilities for you in the future — in terms of funding, resources, and professional services, among other benefits.
Get started now
By taking these small steps now to start and grow your business, you sow the seeds for success. Even during the coronavirus pandemic, you have plenty of opportunities to grow.
Are you ready to get a jump start on your company? Get in touch with the experts at the FloridaWest Economic Development Alliance to get connected with a network of individuals ready to help you thrive.
Is your company ready for affordable office space, mentorship and guided growth? CO:LAB Pensacola’s business incubator is accepting new businesses now. Find out if you’re is a fit at colabpensacola.com.