In the current economic climate, dominated by the uncertainty and restrictions associated with Covid-19, many companies are facing challenges that have not been seen, or even imagined, before. In this blog we will see why starting a small business can be a good idea and we will discover what are the necessary tools to take the first steps.
Why is this the right time?
What we are experiencing may seem, at first glance, to be the least opportune time to start a business. The ongoing crisis has left many people out of work or on severance pay, a less-than-ideal situation that nevertheless also offers opportunities for exploitation: while you wait for global economies to recover, in fact, you have the opportunity to devote all the necessary time to that idea or project you’ve always wanted to bring to life. While it is true that some sectors have been deeply affected by the impact of the pandemic, others have grown. In this report by Financial Timesfor example, we see how the pharmaceutical sector, of cloud computinge-commerce and gaming have undergone a boom since the start of the global crisis and 2020 will be remembered for years to come.
Taking the first steps
To build a successful small business, start with the basics: first, try to develop a passion, then try to have a so-called “vision”, or a clear mission and some ideas on how to complete it and finally gather all the necessary information to get you started on a solid footing. Did you know that some of the biggest companies in the world were born in very difficult times? Disney, for example, was founded in 1929, a year in which the world suffered one of the strongest global financial crises, while the launch of Airbnb coincided with the real estate crisis that, in 2018, brought the United States economy to its knees.
Help at your disposal
Starting a business can seem complicated, and in many ways it is, but know this you can rely on a wide support network. In the first place, Many governments offer programs to help small business owners, and the European Union regularly grants funds for this purpose. The first step, also fundamental to claiming these benefits, is to create a business plan. Don’t know where to start? Check out our blog on how to make one business plan starting from a model.
CRM: an essential tool
In addition to an overview of the industry and the company you want to create, a market analysis and a financial and business plan, When writing your business plan it’s a good idea to include the technology tools you plan to use. Salesforce Solutions for SMBs is a great place to start. Imagine being able to organize all the information about your customers, employees and supply chain in one place, analyze data to boost profitability and revenue, integrate all social networks and more. It’s not utopia, but it’s what a CRM system can help you with. According to a recent Salesforce report, a platform of this type can increase conversion rate and sales by 30%.speed up the decision-making process by up to 38% and improve customer satisfaction by a third.
How much does it cost to start a business?
The answer to this question is not so simple. Or better, the cost of starting a business depends on many factors, such as the business sector, the geographical area and the quantity and quality of resources, both technical and coaching, that you already have. According to his research The World Economywe’re talking about an average of 4.48% of gross national income (GNI) per capita, but this value can vary greatly from country to country.
Bottom line: is it really the right time to start your business? Current restrictions don’t make it convenient to open brick-and-mortar locations like restaurants and retail outlets, but for some online businesses, this really is a time to seize.
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