As we enter the recovery period for the COVID-19 pandemic, you might be rethinking your career choices. If you’ve ever dreamed of becoming an entrepreneur, you can seize this opportunity to change your career trajectory and launch your own business. And you can even dive into networking by getting involved with a sustainable live-work community like SOMO Living! Here are a few steps for getting your brand new business up and running during the pandemic recovery.
Design a Value-Based Strategy
Naturally, working out a general business plan is your first task. But don’t just think in terms of revenue: you want to design your strategy around your new company’s core values. Maybe you value sustainability, community involvement, artistic integrity, or creating a top-notch customer experience. Think about how you can prioritize your deeply held values as you get your business off the ground.
Find Like-Minded Talent
To officially launch your business, you’ll probably need a few more sets of hands on deck. It’s time to hire people who share the values you want to exemplify through your company! During the hiring process, ask about their previous experience, their motivations for applying, and how they would solve common problems in your industry. In terms of logistics, Dominion Systems states that you’ll need to register with your state’s new hire reporting program and obtain worker’s compensation experience.
Establish Your Payroll System
Once you’ve onboarded your very first employees, you’ll need to set up an organized payroll system to ensure they are always paid on time. With an online payroll system that gives employees the option for same-day direct deposit, you can enter your employees’ hours, their paid time off, and requisite deductions. Enter the payroll information by 7 a.m., and they’re guaranteed to receive their dues within the day. By investing in a payroll system, including direct deposit, you can provide timely payments for employees without a need for paper checks. You can even accommodate adjustments on the fly without issue.
From networking online to attending or hosting industry events, you’ll need to spend the early days of your business focused on building a community and getting to know people who can refer clients to you in the future. Prosperity Place recommends asking lots of questions at these events — you never know what you might learn! You might also want to explore the possibility of joining a live-work community.
You can also easily start networking digitally. This might involve setting up profiles for your business on various social media platforms. Joining online groups for entrepreneurs in your industry is a great way to get tips and advice from people with more experience.
You might want to meet with your new clients in person, or you might be opening a brick-and-mortar retail store. But even if you hope to handle most of your transactions in person with the pandemic recovery in full swing, you’ll also want to offer digital products. Some people still aren’t quite comfortable shopping or meeting in person yet, so creating digital offerings will establish additional income streams for you. Plus, your customers who are still vulnerable to the virus won’t have to miss out on your products or services! Just make sure that you have a designated ecommerce section for your website.
The pandemic has changed the workforce, and many people who previously worked at traditional 9-to-5 jobs have become curious about entrepreneurship. It’s entirely possible, especially if you connect with a supportive network. With the right strategy, you can become a small business owner!
Looking to connect with a community of entrepreneurs and artists who share your values? Consider moving to the live-work community SOMO Village! Reach out to learn more.
Photo via Pexels
Written by Chelsea Lamb.