It may seem counter-intuitive, but NerdWallet’s Tim Chen claims that now may actually be the best time to start a business. This is partly because it’s actually cheaper to hire top talent during a recession.
In addition, marketing costs are dropping, making it easier than ever to advertise your business. However, there are several pitfalls that entrepreneurs need to be aware of before getting started. Tommy White previously mentioned how intellectual property is one of the things that new businesses tend to ignore, much to their regret later on. Also, there are several things that entrepreneurs should keep in mind.
1. Do your research
First of all, you should check whether your idea is viable. Entrepreneur recommends conducting both primary and secondary research to check if there’s a demand for your product or service. Primary research is information that comes straight from the source, namely your potential customers. You can collect this data via surveys, focus groups, and more. Secondary research is about consulting statistics, reports, and studies from organizations like government agencies, your local chamber of commerce, and trade associations. A particularly useful source to consult is The U.S. Census Bureau which offers inexpensive or free business information online.
2. Get your paperwork ready
To ensure that your business is legitimate, one of the first things you should do is choose its legal structure. This impacts everything from the taxes you have to pay, the liability of the owner or owners, and the paperwork you need to complete. For instance, a limited liability company (LLC) is a separate entity from its owners, so no single person is liable for business obligations or debts. The first step in setting up an LLC in Massachusetts is to do a name check on the Massachusetts Secretary of The Commonwealth Corporations Division database to check if the business name you want is available. It’s also a good idea to avoid using a hard-to-spell name.
3. Build a website
These days, even small businesses are going online to maximize their potential. Business News Daily explains how making sure that your site is accessible on both mobile and web platforms is vital, given the rising numbers of mobile users. Ease of navigation is also imperative. This means limiting your top-level navigation menu to around five clearly labeled tabs, and an easy way to navigate back to the homepage. Forbes also mentions how optimizing your website so that it can be easily found by search engines will ensure that you’ll reach your desired target market. It also needs to load quickly and be visually compelling for the best user experience.
In addition to these tips, there are numerous other aspects that a business should consider in order to grow and expand this year. Paying attention to the gaps in the market and what people need during this time, such as health and wellness goods, online exercise classes, food deliveries, and more is a great starting point to generate new ideas.