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Small Business Boom During the Pandemic: How to Launch Your First Business

March 18th, 2022

In economic terms. the pandemic wasn’t easy for anyone. Hundreds of thousands of businesses were impacted. Millions lost their jobs. Tens of millions were forced out of their offices.

However, a strange happened – people started creating their own businesses.

Just look at the US census data:

  • More than 5.4 million applications to start companies were filed last year in the United States
  • A third of these applications were classified as “high-propensity” meaning they will likely create new jobs
  • With more than 430,000 applications of January 2022, entrepreneurs aren’t slowing down

Why is this happening?

Why is the Pandemic Creating New Entrepreneurs?

There are a few reasons.

First, starting a business is a way to take control of your life. You’re not waiting for someone to give you a job – you’re creating one.

Second, people are looking for ways to make money and this is a time when there are opportunities. With so many businesses being forced to close their doors, there are gaps in the market that you can fill.

Third, people are looking for ways to connect with others. Starting your own business is a way to do this.

Finally, many people see starting a business as a challenge and they want to rise to it.

So, should YOU start a business during this time?

Should You Start a Business in 2022?

There is no easy answer to this question. It depends on your skills, your resources, and the market.

It also depends on the type of business you want to start.

Some businesses are more successful during a recession than others. For example, businesses that provide services or products that people need – like groceries, healthcare, or utilities – tend to do better.

On the other hand, businesses that sell luxury items or that are dependent on tourism are likely to have a harder time.

If you’re thinking of starting a business, it’s important to do your research and to understand the risks involved.

How to Launch Your First Business

So, you’ve decided to start a business. What’s the next step?

There are a few things you need to do in order to get started:

1. Get Familiar With the Rules and Regulations

There are a lot of rules and regulations when it comes to starting a business. You need to familiarize yourself with them and make sure you are in compliance.

You may need to get licenses or permits, register your company with the government, or file taxes.

It’s important to have a clear understanding of the requirements so that you don’t run into any problems down the road.

2. Stay Up-To-Date With Government Changes

The rules and regulations for businesses are constantly changing. Make sure you stay up-to-date with the latest changes so that you can comply with them.

During the pandemic, we’ve seen a lot of changes in the government – especially with regards to small businesses. Make sure you are aware of these changes so that you can take advantage of them.

How can you do this? Well, there are a few ways:

  • Subscribe to newsletters or mailing lists from government agencies
  • Follow them on social media
  • Attend online events and webinars

3. Use This Time to Start Networking

Networking is important for any business, but it’s especially important when you’re just starting out.

According to a recently conducted survey by LinkedIn, 8 out of 10 professionals believe that networking is essential for career advancement. Luckily for you, now’s a great time for networking.

People are spending more time in front of their screens than ever before. That makes this an ideal chance to get in touch with and build a deep connection with some of the more important figures in your industry.

4. Gather the Right Tools

Starting a business requires some tools – and these tools can vary depending on the type of business you want to start. Let’s say you’re starting a restaurant, you’ll need a kitchen and some cooking equipment, right?

But you’re probably starting a home-based business, so you can start with some basic tools.

For example, if you’re starting a bookkeeping business you need to get the latest accounting software as well as a tool like Draftable that will allow you to spot any changes easily.

No matter what business you’re starting, make sure you have the tools you need to be successful.

5. Build an Online Presence

In this day and age, having an online presence is essential for any business. During the pandemic, it’s essential – especially if you’re a new business – to make use of all the online tools that are available to you.

Building a website has been a must for the last two decades. However, you can’t build it and sit around, hoping they will come. You need to use the right tactics to attract consumers.

Social media accounts are a must for any business. They’re a great way to connect with customers and to share news and updates about your business.

Make sure to create accounts on all the major social media platforms – Facebook, Twitter, Instagram, LinkedIn, etc. – and use them to promote your business.

The Bottom Line

So, is it a good time to start a business?

There is no easy answer to this question. It depends on your skills, your resources, and the market.

It also depends on the type of business you want to start.

Some businesses are more successful during a recession than others. For example, businesses that provide services or products that people need – like groceries, healthcare, or utilities – tend to do better.

On the other hand, businesses that sell luxury items or that are dependent on tourism are likely to have a harder time.

There are a lot of things to consider before taking the plunge. But if you have the right skills and resources, this could be the perfect time to start your own business.