With millions of new startups during the pandemic, shouldn’t your new business be one of them? What kind of business would you open? Certainly, one that fits into the new economy, one with low overhead that you could start from home and take advantage of outsourcing any of the services you need to launch your new startup.
Today, you do not need a lot of capital to get your new business started and you can take advantage of all the digital and online support services to support your new endeavor.
Where are your passions? What are those things that you love to do more than anything? What are the activities, that when you do them, time just passes by? Next thing you know, hours have passed by, and it seemed like only minutes. That is when you and “in the zone,” when your passion is engaged, and this – if you could manage to find a way to get people to pay you for it – is the sweet spot of your entrepreneurial future.
Business opportunities come and go and markets shift and change over time which causes stress on any business, but if you are engaged in a business that you are extremely passionate about, you will have the wherewithal to sustain any bumps in the road for expanded survivability.
If you are going to get into the marketplace of the new emerging economy, you need to determine to the best of your ability, what would be the best investment for you to consider? Will you launch your new business based on goods or services?
Will you be selling a product that you manufacture or buy wholesale? Can you sell digital information? Can you provide services that can either be performed as labor or be delivered digitally?
Home Manufacture
Current examples include making and selling customized masks would be manufacturing.
Wholesale / Retail
If you buy something to resell, that would be buying at wholesale (low-priced or factory-direct) and selling it retail or for a higher price and you pocket the difference.
Digital Information
Could include anything from sharing your family recipes to how-to manuals in digital format, live-streaming demonstrations, or online training.
Regardless of how you decide to structure your business, try to make sure it is something that excites you, something that you are passionate about.
Your Business Name
Next, you will need a name. Your business name should be about your brand, and people should be able to figure out what you do by just hearing or reading the name of your company. If you are an individual providing a service, you could use your name, especially if you have somewhat of a following where people associate your name with what you do, like John Q. Public Accountant.
Do not decide on a name until you have been able to secure the dot-com for your business name, which you can get for less than $15.00. For example, if you want to call your business AAA Plumbing, and aaaplumbing.com is already taken, keep searching for variations of dot-com names, until you can find one that fits, and name your company that. So, if you were able to get aaasupremeplumbing.com and you felt like that would be a good brand for you, then get the dot-com, then register your business name (AAA Supreme Plumbing) with your local and state agencies.
Web Site
Hooking up a preliminary web site to your domain name would be the next thing you would want to do. The website need not be extravagant, mostly an online business card which establishes your brand, and gives your potential online clientele a way to find out about you and contact you on the world wide web. A basic web site will run about $20 a month or less.
Physical Products
If you are selling a physical product, one that you package and ship, think about this: You could have Amazon, promote, sell, package, and ship your products for you by participating in their FBA (Fulfillment By Amazon) program. You package and ship your products to one of their warehouses, and they take care of the rest.