The COVID pandemic has affected just about everything we do, and for those who had big plans to open a business, the setback has been devastating. Fortunately, now that the pandemic is subsiding, it is a great time to move forward with those plans and build something you can be proud of since you can take advantage of low-interest interest rates and government funding to help get things started.
If you need assistance with your business plan, BizPlanPlus can get you on the right track for your financial needs, including creating pitches for investors. There’s a lot to think about, so read on for some tips on how to make the most of your business ideas.
Sort out payroll
Hiring staff is one of the most important parts of starting a business, but no matter how many employees you need, it’s essential to ensure that you have a strong payroll system in place beforehand. Some things to consider include figuring out the pay schedule, obtaining properly filled-out forms, and creating an organized system to keep all of your employees’ information secure and accessible to you. Making mistakes with taxes can have some undesirable consequences for the taxman, and it can lead to high turnover rates, as well. In fact, 24% of employees say they would look for another job after experiencing just one pay error. Fortunately, you can get help with tax filing and payroll when you’re just starting out so you never have to worry about making a costly mistake.
Stretch your dollar
Another area that can be costly for business owners is buying equipment, furniture, and supplies, but the pandemic has created interesting opportunities that can help you save money. Look online for businesses in your area that have closed and are selling supplies, search for auctions, and check out COVID-related grants and other government funding that can help you get your business off the ground. Read the guidelines carefully before applying, as some are specific to women business owners, veterans, or entrepreneurs who live in a certain area.
Consider running your business from home
Another benefit of post-pandemic life is that it has become much more acceptable — and accessible — to have a home-based business. A few years ago, the idea of working from home was just a dream for most people. Technology has come a long way, however, and since the pandemic hit, many entrepreneurs are changing their plans just enough to make a home-based business work for their needs. Some things to consider include the space you’ll be working in, how to find the right employees, and how to tackle the legalities that come with a home-based business, such as filing for a business license and making sure your tax responsibilities are taken care of.
Think about what the people want
It can be a challenge to predict what people want from a business, which is where market research comes in. However, the pandemic has changed the game in many ways, possibly forever. It’s now easy to see what will work and what won’t as we slowly move back to a normal way of life. Whether you’re creating a business plan, buying supplies, hiring employees, or setting up a storefront, it’s important to keep in mind that needs have evolved. Curbside service, delivery, fast shipping, and clean, safe handling methods for all products are essential these days.
Starting a business takes a lot of research, and it can take some time to get to the point where you feel ready to take on customers. With planning and payroll help from outside sources, you can get some peace of mind when it comes to ensuring your business is ready for success.
Have questions about the services BizPlanPlus provides? Get in touch today for a free assessment.
Guest Author:
Amy Collett is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and strengthen their personal brand.
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