We thank Chelsea Lamb in our partners Business POP in the US for this guest article. Chelsea’s findings and recommendations apply in a similar way to Europe.
Note please: You will find this article is written in American English, whereas on our website you will normally see content in British English. –
More than 160,000 businesses have closed in the United States since March 1, 2020, according to a recent report. While this number is alarming for many would-be business owners, it also represents an opportunity for new businesses to emerge as the pandemic subsides. If you’ve been thinking about opening a business, these five tips can help you succeed.
Embrace Remote Work
Many people who had never worked from home before found themselves learning how to navigate a world centered around Zoom meetings when the pandemic hit. While some people are eager to get back to the office, many Americans have embraced the flexibility that remote work provides. Entrepreneurs in the post-pandemic era will have a larger workforce to draw on by embracing remote work from the start. This is also a good way to reduce startup costs by eliminating the need to lease or purchase a physical location.
Prepare Yourself for Globalization
Increased globalization was already a trend before the pandemic. Now, with more consumers than ever turning to online shopping and workers working from locations across the country or the world for their employers, global competition and collaboration are likely to increase.
To stay competitive in this environment, you need a compelling and welcoming website and social media accounts. Your online presence should be packed with unique and professional content that draws in visitors. Improve your global reach by speaking to potential customers in their own language as well as English. Professional language services such as London-based AVALON Linguistic are always available to help you write attractive text, as well as to translate and localize your content for a worldwide audience.
Keep Your Business and Your Personal Assets Separate
One of the most common mistakes new entrepreneurs make is mixing their business and personal assets. Avoid this by setting up your business as a limited liability company. LLCs exist as separate entities from their owners. This protects the owner’s personal assets and has some tax advantages over a traditional corporate structure. The laws that govern forming an LLC vary by state. A formation service can help you navigate your state’s laws without the expensive legal fees charged by an attorney.
Don’t Try To Wear Too Many Hats
The old-school model of entrepreneurship was to attempt to do everything yourself to save money. In the post-pandemic world, entrepreneurs are recognizing that they don’t need to personally take on every possible business role; they just need to know who to turn to when they need outside assistance and fast access to professional expertise. Give yourself permission to focus your efforts on the core of your business and outsource the rest.
Lead with Empathy
Millennials now represent the largest generation in the American workforce. This generation already had a reputation for expecting more compassionate leadership than previous generations before the pandemic. Now, with the world in recovery from a global crisis, empathy will be more important than ever when it comes to building a successful team. The post-pandemic business world is expected to make human capital a top priority and shed old attitudes that workers were expected to sacrifice their home life for their careers.
The post-pandemic world is likely to be a turbulent one for years to come. However, it is also a time of opportunity to shed outdated approaches and seize new opportunities for entrepreneurs with the right mindset. If you want your business to be successful in this brave new world, then embracing things like remote work is a solid step in the right direction.