It might not look like the most ideal time to start a business with the economic slump and the sudden shift towards remote work,, however, there is no perfect time to start a business. In fact, some of the biggest companies these days have grown because of and despite global crises. Tech giants such as Google and Amazon are a result of the dot-com bubble in the 1990s, and social media companies Facebook and Twitter weathered the economic crisis of 2008. Cases like these remind us why it’s important to reframe what we perceive as challenges into business opportunities. So, we will examine the possibilities of starting a successful business in a pandemic by presenting key steps aspiring entrepreneurs can take home.
Financing Your Idea
California is a hotspot for venture capitalist fundraising and angel investors. Beyond that, the California Rebuilding Fund is being rolled out to support the state’s small businesses by offering capital to community-based lenders. Aspiring entrepreneurs need to know that deals are still happening in the investment world that you can apply for.
However, investors are looking for entrepreneurs who can present a clear plan to navigate the current environment. To find investors for your idea, you will need to develop a strategic plan that shows how you will grow and make revenue during the pandemic. Financing will be available to entrepreneurs who have business ideas that show how they will adapt to the needs and opportunities brought about by the Coronavirus pandemic.
Mail-In Business Registration
Once you have a solid business plan and have secured financing for it, you will need to legitimize your idea by filing for a business structure. Doing administrative tasks such as this can be efficient even during the pandemic. Business structures that apply to the state government, such as limited liability companies, are easily done remotely. ZenBusiness outlines that filing an LLC in California is a simple process that can be done by mail. Fast Company suggests that many businesses never really considered a future where everyone is forced to work remotely. However, some processes have been made more efficient for entrepreneurs because of the shift away from physical workplaces.
Remote Hiring and Employee Verification
Because of the economic recession, large companies and heavily funded startups have been laying off employees. These layoffs mean that there are a lot of very talented people out looking for work. Business Insider discusses how this is an excellent opportunity for entrepreneurs with a business idea to find co-founders and other teammates to build their business. Hiring remotely, which may be seen as a challenge, has been evolving as well. As more businesses move to remote workforces, onboarding new team members have also moved online. For remote businesses to comply with onboarding documents and employee verification, the Department of Homeland Security has implemented changes to E-Verify and relaxed some requirements which allow organizations to move forward with hiring in the face of the pandemic. Additionally, with the right solution, you can use a remote Form I-9 application to ensure compliance with your new hires.
Guest Post by Andrea Avery