The ongoing COVID-19 pandemic has turned the world we know upside down. More than half the world is currently on some form of lockdown. That means that people, just like you and me, are stuck at home, and we suddenly have a whole lot more time on their hands.
Now, there’s still 24 hours in a day – obviously nothing has changed there. But while we’re stuck at home many people are seeing this time as a golden opportunity to start a new project, like an online business.
And it’s totally normal to have a looming thought in the back of your mind: “is this really the best time to start a business?” even if you’ve always wanted to do it.
We hear you. And that’s why we’re going to break down all the things that you should consider when deciding if it’s the right time for you to start your own online business. We’ll talk about finances, time, commitment, and more.
Ready? Let’s dive in.
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Think About Your Financial Situation
It might sound obvious, but it needs to be said; you need to consider your current financial situation when you’re thinking about starting your own online business.
That’s because you’ll need to spend some of your hard earned money to get your business off the ground.
So, think about the initial costs that you’ll likely incur when you’re getting started with your business.
You’ll need to spend money on a platform to run your business (and purchase a domain name for your website).
Then, you’ll need to find products, and a place to store them – that is, unless you’re dropshipping.
These are pretty much a given when you’re starting an online business, but there are ways to make life easier for yourself financially.
You can choose to use platforms like Shopify to run your business – which is currently offering a free 90 day trial – and Oberlo to find products that you can dropship, so you’ll take some initial costs off your plate straight away.
But, you’re still going to need to tally up the amount of money that you’ll need to dedicate to your business for other costs – like design or marketing fees – and decide if you’re willing to commit your cash.
We know that money is tighter now than it was just a few months ago for a lot of people across the globe, so it’s important that you’re honest with yourself.
Ask yourself: “am I willing to risk this money right now? Will I still have enough money to pay rent and sustain myself for the next few months if I dedicate this money to a new business?”
They’re serious questions, so take them seriously.
Oh, and if you want a bit more of a rundown for how much money you can expect to dedicate to a new business, check out this YouTube video.
Know How Much Time You Can Commit to Working on Your Business
Here’s the truth: you need time to work on your business if you really want to make your business work.
This is especially true in the beginning of your journey with a new online store.
And that’s because there’s actually a bunch of work that you need to put in before you can launch your store to eager shoppers.
So, it’s important that you take some time to sit down and map out how much time you’ll be able to spend working on your new online store every week.
Sure, in theory we all have more free time because we need to stay at home during the COVID-19 pandemic, but you know your personal situation best.
If you need to look after children, or family members, or if you have other life commitments that need to be taken care of, think about how you’re going to balance all your tasks and work on a new business.
It might seem a bit overwhelming at first, but there are a bunch of productivity apps which can help you to plan out your tasks and optimize your time.
Focus on What You Want to Sell
We mentioned earlier that people are being more careful with their money due to the current climate.
That might make you think that people will be less likely to purchase products online.
But, the statistics show that online shopping is booming right now.
And that’s because shoppers still have needs and desires. They just need to stay at home now, so they’ll be doing the vast majority of their shopping online.
They definitely won’t be afraid of discovering new brands now, either. They’ll likely be more forgiving with shipping times too, especially as platforms like Amazon are struggling to keep up with demand for certain products.
So, if you want to start a new online business, focus on the types of products that people will look to purchase online.
Clothing, fitness equipment, and even bread makers have all seen huge surges of purchases over the past couple of weeks. The trick is capitalizing on these trending products and adding them to your store to carve out a niche for yourself.
Looking for suggestions for products that you can sell during the Coronavirus economy? Check out the video below.
Choose Your Goals Wisely
It’s really important that you have clear goals and outcomes that you want from starting a new business.
Right now, becoming a digital nomad probably isn’t the best goal. That’s just because it’s not advised to travel at the moment – we all need to work together to flatten the curve.
But, on the other hand, starting a business to hit financial goals, like building a safety net for you and your family is a fantastic goal.
It’s also a great idea to start an online business as a side hustle too – you don’t need to dive in the deep end straight away.
Whatever your goal is, write it down, and ask yourself: “am I going to achieve this goal if I can start a business right now?”.
Even if your answer is no, don’t worry – maybe you just need to rethink your goals before you move forward with starting a new business.
Make Your Decision
Okay – we’ve gone through the things that you should definitely consider when you’re thinking about starting an online business during the COVID-19 pandemic.
Now it’s over to you – make the best decision for you, because you’re going to be the first employee of that brand new business.
And remember, there’s probably never going to be a “perfect” moment to start an online business.
If you’ve got any questions about starting a business during the COVID-19 pandemic, drop them in the comments section below. We read them all!