If you are someone that has been thinking of starting a business in the last year or so, you are not alone! A recent article in the Sydney Morning Herald stated that a record number of new companies were launched in 2021 due to “a boom of entrepreneurs spurred on by the coronavirus crisis”.
What is a Covid-preneur?
This huge increase in start-up companies during the pandemic has now given rise to a new group of people referred to as “Covid-preneurs”. These are individuals who have taken full advantage (during their lockdown and quarantine periods) to start up a new business and seize the opportunity of transitioning to full-time entrepreneurship or business ownership.
Why are so many individuals entering Covid-preneurship?
The short answer to that is people are grabbing hold of an OPPORTUNITY.
For many, going into entrepreneurship during Covid, was a way to prevent unemployment.
For others, it was simply because they had more time to either look for new ways to earn money or act on an idea they may have had for a long time. They were able to identify a new and changing market and seize the advantage. For example, with worldwide lockdowns and working from home becoming the new normal, there was a fast-growing need for new business services such as home delivery and any type of online business service.
With more people situated at home during the pandemic, many also wanted to take advantage of the fact that there are lower costs associated with running a business from home, due to the shift to online and remote operations.
Things a Covid-preneur will need for success
There are many things a good business requires to have in place to flourish and succeed. Fortunately, there is a plethora of information available to any brave individual wanting to set up their own small business. An abundance of advice, legal requirements and information can be found by doing simple searches on the net.
State government websites are a fantastic place to start for all the legal requirements you will need to know. This is important as doing your research and knowing the right business licences for your type of business is essential.
After your business licences are in place, the following is a compilation of the “essentials for success” for any start-up company.
1. Set up your workspace.
Many Covid-preneurs are home-based. If you are working from home, set up a home office in a separate room or enclosed area of your home – this will allow you to work free from distraction and will help you to keep your personal and business life separate.
2. Write a business plan.
A good business plan will identify your goals, opportunities, risks, and budget. It will also include the steps you’ll need to take, the resources you’ll require, and the timeline anticipated for you to achieve your business goals. Your business plan is there to help you turn your idea for a business into a reality.
3. Set up a professional email account.
An email is the most common form of communication you will have with your business contacts and potential clients. It is therefore extremely important to set up a professional email address as this creates a sense of trust. It will also help to boost your business potential to attract new clients. Remember, first impressions count so make sure it’s a good one.
4. Create your brand.
Most people think of a brand as being a business name with a logo, but a brand is much more than that. Your brand is how people will perceive you and is inclusive of your business name, logo, colours, fonts, products, tag line/slogan, voice and industry reputation.
Essentially, (after you have decided on a business name) building a brand comes down to these 5 steps –
- Researching and knowing your target audience
- Picking your personality / tone / focus
- Choosing the look of your brand – this includes colours and fonts
- Designing your brand logo
- Ensuring you apply your branding across all of your business – this includes your business cards, website, brochures, emails, social media accounts and all your business presentations.
5. Create and design an effective website.
Keep in mind that the first time a potential customer visits your website may be the first contact they have with your business. It’s therefore important that your site looks professional, is on brand and is easy to navigate. If you are not experienced in web design skills, then it is advisable to hire a web designer to create your website for you.
6. Social media accounts set up.
Of all the crucial aspects required to build a successful start-up business, marketing would play one of the most important roles in its success. Social media is a free and fantastic way to market any type of business. With proper social media account management, you can-
- Connect with your target audience
- Find new clients
- Collect reviews and feedback
- Launch new products and services
- Run promotions and ad campaigns
- Find new business contacts
The top social media platforms with the most daily users are Facebook, Instagram, LinkedIn and YouTube. Starting with all four platforms can be a bit daunting, so marketing experts advise you to pick two or three platforms and do them well. Research into how to get the most out of each platform is the key.
7. Ensure all presentations are on-brand
There will be a time that even a small or start-up business will need to create a presentation. Most entrepreneurs with start-up companies will at some time find the need to create the following presentations decks:
- Pitch decks: these are used by start-ups to showcase their ideas and visions in a way that will impress, inspire and invite the viewer to take action.
- Sales Report Presentation decks: most companies (big and small) at some point will need to show financial reports to investors (or banks). A great way to display your financials is via a presentation that incorporates eye-catching data visuals. Designed properly, they will highlight any positives you have to report in a standout and appealing way.
- Market Trend Report decks: market trend studies are an ideal way in getting to know your businesses ideal clients and how they consume your products and services. Market trend report decks are great to have if you are ever in the situation of wanting to showcase such information to either new team members or any future investors.
- Product/Service Presentation decks: theses are beneficial in that their sole purpose is to present your product or service to the world. This is your opportunity to highlight why your product or service is unique and beneficial.
The number one rule for business presentations.
It is important that all of your presentation decks are to a professional standard, remember, they are the key to creating a first good impression. The best way to do this is via the use of templates. The four major benefits of having built-in templates set up are to ensure:
- consistency throughout all your presentations
- branding compliance
- correct formatting
- time efficiency
Best of all, utilising templates will make you look professional and on top of your game.
Conclusion
For some people, starting a business during the pandemic has been a necessity (due to job loss or reduced working hours). For others, it has given them a golden opportunity to pursue a long-held passion or dream. Whatever the reason may be, starting a business takes an abundance of courage and dedication. Time will tell just how many Covid-preneurs are on the golden path to success. For those who do succeed, it will be nothing short of a dream come true… a dream that was born from a great idea and prospered from a lot of hard work.
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