Sunday, 25 April 2021

Starting a New Business During Covid

Hello my Lovelies, how you all doing? hope you all are keeping safe and adhering to all laid down precautionary measures placed by our various health ministries.

So like I said in a previous post, once in a while we will step out of our niche which is shoe/fashion and venture into other broader topics which might be helpful to us in one way or the other and apart from that, it's also very insightful to learn from other people's perspective on that subject matter and without further ado, we will be talking about what it feels like venturing into a new business outside of blogging........ 

Well i know there would be questions like why using blogging as the compare object.... well for starters, i am first a blogger which is to say i am a blogpreneur and the truth is alot of bloggers who have been blogging for quite some number of years will tell you that their blogs have become their babies which they've gotten so comfortable with that venturing into something else seems like a long rope to pull and that might be either they are making so much dollars that they wouldn't have it any other way and asides that, they see blogging as a tedious job on it's own that adding any other job to it would literally feel like you drowning and the reality is they are not far from the truth because i know of some friends who had to leave their 9-5 jobs so as to concentrate fully on their blogs because they couldn't handle the pressures from both end and that they would rather pick the pleasurable pain which is blogging that gives them the freedom to be expressive and make money at their pace while there are still some of us who want to not only live that fancy bougie lifestyle but yet want to build a legacy for ourselves and with that venture into other arms of businesses and all we can say is it is well because starting up a new business from the scratch is one hell of budgeting that involves crossing your T's and doting your I's and I know that's one subject matter many people are battling with but don't get me wrong, i am not saying i am a master of the game of budgeting but starting my new business,has helped me understand the world of budgeting because every dollar and cents must be accounted for.

I know alot of us at one point in time have thought of leaving your 9-5 to get the freedom of being your own boss and running your own show but one thing i can tell you without mincing words is that starting a new business or going down the lane of Enterpreneurship is not all rosy because first of, you will be saddled with the load of articulating your idea because the thing is we all can come up with great business ideas but not all can be used that's why you have to articulate and put those ideas into proper perspective which is the first move you have to make before venturing out and also a little or infact a truckload of inspiration and motivation.

During the Covid-19 lockdown, businesses and life in general were on standstill, we had to stock our homes, no going to the office, market etc but rather all activities were done from home and during the course of staying at home, my small business was birthed and still on till this moment and the intriguing part is that despite the covid making lots of businesses to shut down, yet it gave room for new businesses to spring forth. According to Forbes,and i quote "National Bureau of Economic Research, the Covid-19 pandemic has placed a tremendous strain on the American economy, with more than 100,000 small businesses permanently closing their doors. Yet despite these statistics, the increase in U.S. new business applications hit a 13-year high, as highlighted in an analysis of U.S. Census Bureau data from the Wall Street Journal. Now you believe when I tell you there isn't really a perfect time for the perfect time to start any business, is NOW

Before I started my current business, i had lots of business ideas lined up that i wanted to bring to light but when I sat down and did a proper financial analysis of what it would cost me to materialize those business ideas i had, i knew with the budget i had in hand and what i had analyzed, the journey was indeed not going to be for the faint of heart and with that I had to take a bow and a time out on most of them but that still didn't deter me because i knew what i wanted to achieve and with motivation from self, i was eventually able to start my Organic Extra-Virgin Coconut Oil(Cold-pressed) which didn't need me to break a bank for startup and yes I mean this last line.

Like I said previously,after i did a proper inventory of what it would take for all the businesses I had in mind, i was able to narrow it down to the one that would not need so much capital for start up and boom i started. 
with my little years of experience in planning and budgeting most especially in building a business from the ground up, if you have the sufficient dollars, by all means my lovelies, ride on and start big but if you don't,you can start small and grow gradually like I did for Rome was not built in a day.

I knew i just had to make an intentional effort of starting and even though it was for commercial purpose and with me not having the necessary equipments to make work very easy for me as at when i started, I just started with the little I had and as they say, the rest is history. 

I would not want to bore you with so much details but some essential guidelines you need to know are
According to Bloomberg,we all know the damage covid has had on both big and small businesses and how it has also made us readjust our coping mechanism to suit the situation on ground and with that,
1.Going into the line of production is very fruitful though tasking but fulfilling.
2. Make a proper research on which area you would want to specialize on. Know the demands of that area and weigh it under the scale of "in pandemics like this, will it close down up or thrive" alot of businesses were making so much money while others were struggling to survive e.g the Food and IT sector made so much in the sense that all people could think of was food and groceries to survive, offices and organizations had to adopt working virtually.
3. I know one golden rule we've learnt in business school is packaging and PR is the ultimate but it's usually advisable to start small so as to have minimal risks.

So my lovelies,i would also want to hear your opinion on starting a business most especially during this pandemic.


Millicent said...

The pandemic has affected so many people financially. It’s great that you’re a resource for them to learn how to start their own business. And I love that you suggested blogging as a business because I don’t think people consider it as a source of income.

Elke Lopez said...

Thank you for the information and the motivation. I would love to start my own business from home, and am doing the necessary research to make that happen.

Phrasedllc said...

I would only encourage someone to start a business now if it could still stay afloat during a lock down. Things are still so up in the air, so it's important to think it through.

Joy said...

Every of your submission is right,, although I'll just add a few,, before you be venture into any bizness always put God first,, and then make enquiries around your environment,, check what your competitors are lacking and use it to your own advantage and watch how you Excel.. secondly,be consistent and committed,,very vital for business to grow..thank you