Starting a business takes a certain amount of courage, along with commitment and determination. Entrepreneurs who have a great idea in mind for a business may feel reluctant to act right now due to the pandemic, but this hesitation may be unfounded. Now could be the best time to get your new business started for a variety of reasons.
With digital marketing professionals like Olive Group to assist, you are sure to draw in more clientele and meet your benchmarks for productivity in short order. Business ownership and success are far less strenuous with functional processes in place — your business can live online and operate out of your home with little to no overhead. If you have a brick-and-mortar business, it is still a smart time to make the leap, as you can access business loans and equipment at reduced rates.
It Is a Good Time for Funding
Small business loans are available any time, but applying for a loan during a time when the economy is struggling and needs entrepreneurial investment is wise. You may be able to secure a low-interest loan or qualify for grant funding to start your business. Other funding options to consider are angel investors, venture capitalists, or personal loans for business. If you have a retirement account and can spare the funds, you could opt for a Rollover for Business Startup (ROBS). Essentially, ROBS uses your own funds from retirement without the usual withdrawal penalty, and there are no loan payments due or debt accrued as a result.
Funding is often the barrier for small business ownership, but it does not need to be. With the myriad of funding options available, you can start your business sooner than you might think. You can make the most of your startup funds by investing wisely in discounted equipment and supplies for your company.
Saving Money Where You Can
Buying materials, equipment, and supplies at a discount can save you a lot of cash as you establish your business. Many businesses that are closing wish to liquidate their equipment rather than take the loss, which can mean significantly discounted items to start your business. Whether it is office supplies or professional equipment required for your particular type of business, you can score great deals from retiring business owners or those who are closing for other reasons.
You can also save money on startup costs by bartering with other companies for goods, materials, or equipment use. Sharing office space can also save money for startups and may draw in more customers for both businesses. Operating your business out of your home is a significant cost saving and utilizes existing space and utilities. It is also smart to hire freelance workers to assist with some of the areas of your business. It can free up your time and attention for tasks that are within your skillset, plus it’s cost-effective.
Hiring Freelancers to Assist Your Startup
Freelancers are often highly experienced professionals in their fields who have chosen to work for themselves for greater flexibility and other benefits. Your startup can benefit from freelance workers in many ways, including blog writing services, virtual assistance, and bookkeeping needs. There are countless freelance services available that can save you time, money, and stress as you begin your startup.
A freelance business consultant may be another practical investment for your startup funds. Sharing your business plan, funding methodology, and business structure with an objective party may help you to identify any missing links. Hiring freelancers for your startup can also save you money because you are hiring on an as-needed basis rather than having someone on your payroll who requires employee benefits and insurance.
Now is a great time to start your business. There are many smart strategies you can employ to ensure your business success and make the most of your time and money. Olive Group can help. Reach out to explore your digital marketing options and learn more about how your business can thrive. 253-785-9623