If you are launching your venture during a pandemic, your friends and family may think that you are in for a world of financial hurt. While it may sound counterintuitive to pump cash into a new enterprise during these coronavirus days, an uncertain economic climate can actually be an environment that you can take advantage of. Bringing something new to the market that solves a problem for your niche and that is priced at the right point could see your business making a profit. However, during an uncertain economic time, you need to save as much money as possible to maximize your chances of success in the short term. While the world is looking grim at the moment, it will not be this way forever.
If you are looking to launch your new business in the coming weeks, you need to have the most favorable business loan available to you. To seek out the best terms, make sure that you are a responsible borrower. Make sure that your personal finance ducks are all in a row. Don’t purchase the big ticket items that you are eager to secure just yet. You don’t want to be rocking up to a pitch with a business angel in a swanky brand new sports car only for them to see and wonder why on Earth you haven’t sold it to invest the cash into your own startup. Be humble and stay in the black for at least three months before you set about applying for a loan. This way, you won’t be forced into accepting a loan with a ludicrously high interest rate and will be able to pay back your monthly payments with ease.
Check Out Necessary Equipment
If you are a street food trader or you sell at a retail premises, think about the sort of non-negotiable equipment that you need. Make a list and look for deals that will see you secure it at the cheapest price. Credit card readers, which all retailers need, are available here for free. You also might need a cash till, sector-specific furniture, display units, and a security system. Seek out offers at cash and carry style distributors. Heading straight to a supplier and purchasing at trade cost can help you forego the added premium of shop prices. Also, check out the auctions that sell off ex-display items and the equipment that previous businesses have used but no longer need. You can secure second-hand equipment at a fraction of the new list price.
Forget about hiring an office lease just yet. With the advent of coronavirus, flexible at home working has emerged as a real viable way of working. Entrepreneurs are just as productive at home as they are in an office or warehouse space. Ensure that you set up a home office and keep your work life separate from your home life. Without the overhead of a commercial lease, you can save a small fortune for your first ear of trading.
When you are launching your business, ensure that you have a business plan, with a specific section for potential savings. This can form part of your risk mitigation. Be bold and brave, and enjoy being your own boss.