While some people may think it’s not in your best interest to start a new business when the country is facing a health crisis and economic recession, there are a number of experts saying the opposite. Now may be the perfect time to strike out on your own.

    

Starting your own business can be extremely satisfying – putting you in control, providing a sense of autonomy and independence and allowing you to focus on what you really care about and do best. You also have the flexibility to adjust your work schedule to better accommodate your home life – something many people are struggling with right now.

   

There are a couple of reasons why now is a good time to consider starting your own business.

   

COVID has made us reassess our priorities

Work life in America has radically changed over the past few months and some of those changes may be permanent. Maybe the industry you’re in has been hit hard or you’ve been laid off. Maybe you’re now more concerned with keeping you and your family safe or you need the freedom and flexibility that come with owning your own business. Maybe you’ve found opportunity amidst crisis and have come up with a new idea, product or service that will fill consumers’ changing needs. Often adversity is a catalyst for inspiration.

  
   

More time to plan

While this isn’t true for everyone, some people have had their work hours reduced, daily commute eliminated or social outings and other activities canceled. This might give you more time to do the many things you’ll need to do to start your own business, including:

Write a business plan – This is your roadmap for success and can also be crucial to getting the funding you might need. Check out the Small Business Administration’s helpful guide for writing a business plan.

 

• Write a business plan – This is your roadmap for success and can also be crucial to getting the funding you might need. Check out the Small Business Administration’s helpful guide for writing a business plan.

 

• Look into financing options – Some small businesses require little to no start up money to get going, but others will need financing to purchase facilities, equipment, working capital, inventory, etc. You may need to enlist investors, pitch your idea on a crowd-funding site or consider SBA financing  to get you started.

 

• Choose a business structure – Talk with an attorney, accountant or advisor to help you decide what business structure makes the most sense for you. These include sole proprietorship, partnerships, LLCs, S corporations, non-profits and cooperatives. 

   

• Fill out the required paperwork – You’ll likely need to register your business name with state and local governments and obtain your tax ID/employer ID number. Registration requirements differ according to where your business is located so check out the SBA’s business registration page for an overview.

   

• Put necessary systems/processes in place – This will differ depending on your business. You may need to implement credit card processing, an e-commerce site or digital payment options. You may also need an invoicing/accounting system, a payroll provider and more. Be sure you have all the tools you need to set yourself up for success.

   

• Hire key people – Depending on the type of business you choose, you may or may not immediately need staff. Even if you aren’t planning on hiring employees from day one, it’s not a bad idea to enlist the services of an attorney, an accountant, or other professionals that may specialize in things that you don’t. It can be tempting to try to do everything yourself, but it may be better to delegate so that you can focus on growing your business. 

   

• Implement a marketing plan – To acquire customers, people have to know that you are in business and understand what sets your business apart. Marketing lets you spread the word. Check out these 10 Tips for Creating a Solid Marketing Strategy  to get you started.

   

If you’ve always wanted to open your own business, or have been recently inspired to do so, put a plan in place and take action.

    

At Valley, we understand how important your new business venture is to you and we want to do everything we can to help ensure it is a success. Look to us for any financial services your business might need, visit our Business Insight Center for more helpful resources, or contact us  to talk to a financial expert who can help you get your business off to a great start.