Starting Your Dream Business Right Now Might Be the Best Idea Ever — Seriously
What if someone told you that right now is a great time to start a new salon or other business — yes, even with a pandemic still ongoing? Would you assume they were pulling your leg, or being ridiculously optimistic? Believe it or not, for many prospective entrepreneurs, this might be the ideal time to get their dream business going.
People are starting to come out of lockdown.
As more people get their vaccines, and safely socializing again, they are also seeking out services they’ve missed out on for months. This is especially the case when it comes to hair care, spas, salons, and other hubs of the beauty industry. In fact, the beauty industry as a whole is likely to come back even stronger, in spite of the challenges of the pandemic. So if you’re thinking of opening your own spa or salon, take advantage of this opportunity to offer a much-needed service to the many people who are longing for a spa day or have their hair cared for.
New booms are expected.
Other businesses, such as construction and manufacturing, are projected to bounce back and thrive, too. Others, such as cybersecurity, food delivery, and online teaching, are taking off as never before, due to pandemic-related changes. Businesses that sell online should have a strong advantage, also, thanks to the rapid transition to e-commerce prompted by the pandemic.
Inventory and equipment are available and affordable.
If you’ve been worrying about the costs of setting up a business, especially when it comes to investing in purchases, now is the time to take a look at sales and close-outs. Businesses that shut down due to the pandemic may be eager to sell off extra inventory quickly and will be grateful to you for taking it off their hands. Offices and business spaces may also be available at a lower cost than usual and with more flexible lease terms. Look for hair salons or other businesses that are selling off their inventory to get a good jump on your business.
Take advantage of low interest rates.
The Federal Reserve has lowered the interest rates to a level they haven’t been at for over twelve years. What does this mean for you and your business prospects? Possibly good things! Low interest rates make loans more affordable, especially for small business owners. This means you can look forward to paying off business debt in a shorter time — and having a more reliable cash flow, too. It also means customers who have taken advantage of these lower rates may have more extra funds for treating themselves to some much-needed self-care.
So how to get started?
Now that you know it’s not ridiculously optimistic to start your business right now, what is your first move? Ideally, you will write up a business plan and set a budget. Having a budget and sticking to it is important if you are going to make the most of your startup funds. Make sure you are informed about any zoning regulations, licensing restrictions, or permit requirements that might affect your business. Once you have a clear vision of how to proceed, it’s time to make your vision a reality.
Making your business official.
First, the fun part: coming up with your business name. A good name should be memorable but not confusing. Try to avoid giving your company a name shared by others with a similar niche. Make sure your business name doesn’t carry any unwanted connotations and that it won’t limit you as you grow.
Next, the not-so-fun part: registering your business as a legal entity. It’s a good idea to make your company an LLC (limited liability company) for the sake of the added protection and tax savings. Luckily, you can take some