By Linda Williams
The COVID-19 pandemic has provided many aspiring entrepreneurs with ample time to hash out business plans. If you’ve been able to save some money and have a thorough understanding of the risks involved with owning a business, you could soon be one step closer to making your goal a reality. Though it can be tough to commit to starting your own business, the learning experience alone will make the pursuit worth it.
Creating a checklist is a great way to ensure you aren’t missing any steps during the business-development phase of your entrepreneurial adventure. You’ll also want to jot down possible risks to consider in addition to several requirements you’ll need to fulfill if you hope to base your business out of Los Angeles County. When putting these business-crippling hazards on your radar, note that unsustainable growth clears the top of the list of potential risks that corner budding entrepreneurs. Because Los Angeles County is an area brimming with growth potential, you’ll need to be wary of overconfidence that could sink your business.
A smart potential business owner will be sure to cover all their bases in the process of starting from scratch with a new product or service. Here are several suggestions that will help if you are working on launching your business in the era of COVID-19.
Ensure a successful commercial lease negotiation
If you’re hoping to have a brick-and-mortar location for your business, negotiating a lease is something you’ll want to put close to the top of your to-do list. Los Angeles County is a location where nailing down physical space may be difficult for those who don’t know how to navigate the market. For example, you may need to enlist a notary public like this if you are signing a commercial space lease.
To avoid any issues, study up on leases, the market, and what kind of spaces you want. Once you know what you’re looking for, you can begin the negotiations for your business space.
Identify a product that consumers want
The pandemic has shifted many individuals’ primary needs, so it would be advantageous for potential business owners to consider their consumers’ needs and how those may have evolved in these unprecedented times.
For example, you may want to consider the up-and-coming market in work-from-home-friendly clothing or home renovation tools since numerous offices in California are gravitating to permanent work-from-home schedules. Regardless of what business you are getting into, your product must fill a need for people for it to be successful.
Network as much as possible
Building relationships with other entrepreneurs and investors will be essential for starting and continuing to grow your business. It may be necessary for you to find investors if you’re struggling to collect enough capital to start your business, especially since many folks are short on cash in the wake of the pandemic.
Creating a network of fellow entrepreneurs will offer you valuable insight that can only come from those who understand the work that goes into building a business from the ground up. Surrounding yourself with those who understand the importance of boosting the economy during these times will give you a necessary morale boost to pursue your business goals.
Don’t worry about starting small
There’s no harm in starting small with your business, especially in the era of COVID-19. If you don’t have all the funds necessary to provide a full array of products right from the beginning, shift your focus to developing a prototype or samples of products you hope to deliver in the future.
For optimal success, utilize influencers and social media to your advantage when exploring marketing campaign options for your product. To ensure you fulfill your target consumer’s needs, refine your product as you continue to get feedback.