How to Create a Successful Small Business Brand in a World Managing the Pandemic

The pandemic has changed career plans and put goals on hold for many. If you lost your job or want to take your career in a new direction, one possibility is to start your own home-based business. This is a great way to pursue a passion and fulfill your dreams. With the right product or service, you could create a thriving venture that takes your life in a whole new direction. And it’s not too hard to get started. 

The important thing to always keep top of mind, however, is developing a small business with staying power and the ability to grow and build your brand. It’s a lot. This guide gives you an idea of what it takes.

Discover a Unique Business Idea

Before starting a new business, you need a unique idea that helps solve a common problem. Yahoo! suggests seeking an idea that can work in today’s uncertain times and well into the future.

Get Funding for Your Startup

When you are set on your idea, the next step is to figure out how to make it happen. Money is essential to starting a successful new business. There may be more funding opportunities in the form of relief for entrepreneurs struggling in the COVID world or for new business owners. There are also a variety of grants available as well as business loans. 

Choose a Structure

Next, you’ll need to decide how you want to organize your business and choose a specific type of entity for your organization. Many new entrepreneurs in Washington opt to form a limited liability company. This gives them the benefit of lower taxes, limited liability, adaptability and less paperwork to fill out. Similarly, setting up an S corp in Washington state is often a go-to choice for those who want to see lower self-employment taxes and claim their business losses as tax deductions. You can use a formation service instead of a pricey lawyer to get started with forming either of these entities. 

Create the Right Office

The proper setting for a home-based business office is crucial for productivity and focus. It’s also ideal to have a space where you can work and take calls without interruptions. An office with a door is ideal to eliminate distractions, and be sure you invest in quality furniture and have plenty of light (natural light is ideal). 

Determine whether you can repurpose a room or if you need to make home improvements to accommodate your office needs. Many people find that a basement or a space in the garage can be the perfect choice for privacy and fewer distractions, and best of all, these types of changes can positively impact your home’s value. 

Reach Out to Professionals for Services

Depending on the type of product or service you offer, you may have to reach out to professionals to get help with key tasks. A skilled web designer, knowledgeable accountant and financial manager can be beneficial to a new business.

Market Your Business to Customers

Your business idea needs a solid marketing plan and a marketing budget to help you determine how much you need to spend and in which way. This is an absolute must! When you’re first starting out, you can DIY a lot of your marketing, particularly with social media. This is an affordable way to spread the word about your business and engage with customers or clients. The trick is choosing the best platform. A clear winner lately is TikTok. Through short, unique videos, you can show off a new product or service and lure in current customers and garner new ones. You can also combine TikTok with Instagram to extend your reach. It can be a brilliant way of generating leads and growing your business. 

Make Cybersecurity a Priority

Unfortunately, small businesses are top targets for cyberattacks. While it’s become commonplace, many small business owners still fall prey to the idea that they aren’t at risk. However, everyone is at risk. Period. Stealthlabs points out that this is why it’s paramount to have an IT security plan in place. A data breach could not only compromise your business and force you to lose money, but it could seriously affect your customers and damage your reputation. Make a cybersecurity plan, work with a dedicated service, and regularly simulate attacks to ensure you remain vigilant. 

Establish Company Values 

Consumers of today want to see that businesses have strong values. Before opening, define your company’s values and look for ways to show care to your employees and your customers. Put people over profits most of all so your business doesn’t earn a negative reputation.

Be Flexible

Most importantly, business owners and operators need to be flexible with today’s challenges. Problems with the supply chain, labor market, local health regulations and political setting may also impact your company’s success. Aim to solve each problem with creative and caring ideas so your company can maintain viability.

Becoming an entrepreneur during the end phases of the pandemic can happen if you are flexible and dynamic. Focus on your business idea’s strength and core values to get your concept off the ground.

The Puyallup Sumner Chamber of Commerce will help you build relationships that can grow your business. Join us today!