Nothing could have prepared businesses for the effects of the COVID-19 pandemic. With the world still reeling from this once-in-a-lifetime event, many wonder if starting a business these days is even worth it.

If you feel the entrepreneurial pull in these unprecedented times but are unsure if now is the right time to start a new business, consider the following advice.

Why start a business now?

While it may seem that businesses are struggling to survive everywhere you turn, the truth is that a pandemic presents a unique opportunity for entrepreneurs who are willing to seize it.

With over 200 thousand businesses forced into permanent closure since the pandemic started, now may be the best time to corner the market with much less competition.

What to Consider when Starting a Business During the Pandemic

Like any other business venture, starting a successful business during the pandemic will require both pre-COVID business principles with post-COVID savvy.

Choosing the right product or service, having an effective marketing strategy, and putting in the work necessary to ensure success, means that there is no reason your business cannot be one of the many that become successful during this difficult time.

Follow these helpful tips to ensure that your time, money, and energy go into building a successful business during the pandemic.

Research & find your niche

Many businesses that once thrived are now long gone, with nothing to replace them. This means that countless customers are looking for a new entity to fulfil the needs that are no longer met by those who have failed.

By researching businesses that have failed but still maintain a loyal customer base in need of a new place to spend their money, you can ensure that you aren't just building a business - you're filling a niche.

Network, network, network

The power of networking is one of the few constants left in this post-pandemic world. And the only way you're going to meet the people who can help your business succeed people is through making yourself known by:

• participating in webinars
• updating LinkedIn profile
• creating an email marketing campaign
• interacting with related social media profiles
• attending trade shows as they begin to start up again
• engaging investors at virtual and in-person conferences (as they begin again)

While you may be in charge of your business's success, you won't reach it without the help of these effective networking opportunities.

Be innovative

You don't need to reinvent the wheel, but you should consider innovative business practices that enhance your business and satisfy your clients or customers' needs. Innovative ways to ensure your businesses success can include:

• Turning your business into a remote working hub
• Lowering operation costs by utilizing finance and cloud-based technologies
• Offering a livable wage and health benefits to attract and retain top talent
• Seeking out the advice of reputable business consultants such as BizOp

Innovation is the biggest catalyst for success, so don't be afraid to try new things in order to realize your business goals.

The Bottom Line

Just because there is a pandemic doesn't mean you can't find business success. It only means that you need to be smarter about the way you apply your business principles so that you can reach and exceed your operational goals - regardless of how long the pandemic lasts.