Many more people are now facing job insecurity due to COVID-19. During the pandemic, industries have had to halt their operations for everyone’s safety. This includes the academic industry. Questions like, “What now?”, “What should I do?”, “How can I survive this?” have been emerging.
Many teachers who had lost their income had to look at other career paths for work so they can provide for their family. After being in an established role, it is daunting to change your career. Starting a business of your own is an even more terrifying prospect. However many have done it successfully, so why can’t you?
Here are some ways you can transition to starting your own small business:
1. Study the trend by conducting market research.
Exerting great efforts to conduct market research will let you know if there’s an opportunity to turn your idea into a successful business. This is a way to collect information about your potential target customers and current businesses operating in your area. You can use that information to look for a competitive advantage for your business to stand out.
2. Put down your business plan on paper.
When starting on something big and impactful, you must make sure to write it down as your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. Having a structured and clear business plan will convince people that doing business with you is a smart choice.
3. Finance your business.
Once you have your structured business plan, it will help you figure out how much money you need to jumpstart with your business. If you have not enough money on hand, there are ways you can do to find the capital you need.
4. Choose your business location.
One of the factors of your business’ success is its location. There are things you have to consider when choosing where you will build your business. You must consider the following:
You have to know who your potential customers would be and your community. Do the products or the services that you offer align with the people around you? When choosing your location, you must consider if the products or services would fit the needs and wants of the community you are targeting.
- Foot traffic
This is the number of people or customers who walk and enter your store. Foot traffic is important especially for retail business because it shows the presence of customers in the store. Higher foot traffic means higher sales.
- Accessibility and parking
One of the things you also have to consider is the accessibility of your chosen location for every person who will be going to your space. If you are on a busy street, are there enough parking spaces for your customers? Is the place easy to locate?
When you are starting a business, you need to consider whether there are similar businesses in the same area? If so, you need to identify your advantages over the other businesses and the disadvantages? Leverage on your advantages to stand out and work on your opportunities to improve.
During this time, many of us have had to pivot from one career to another. If you are already out there, you are already outside of your comfort zone. That alone is hard work. Starting something new requires so much energy and attention to detail. You also have to remember that it’s okay to stop or pause, breath, and think things through.
Above all the tips listed, if you are starting a new business remember to choose a business that you love. You will need to have much energy and passion to thrive, so you may as well start a business that you have always dreamt of.
If you want to get guidance on how to change careers from education to starting a busienss, contact Carrie Benedet now!