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The COVID-19 pandemic affected a lot of workers and entrepreneurs. However, it was women entrepreneurs that may have suffered the most. The COVID-19 pandemic affected women-owned small businesses of all types. In a report released by the Female Founders Alliance, they cited that in September of 2020 865,000 women left the workforce – four times more than the equivalent number of men. The report goes on to say, “venture funding for women-founded companies has historically been abysmal, at less than 3% of all venture capital invested. Last quarter, it dropped to a three year low. To cap this grim picture, new insights from our community suggest that the pandemic is also affecting women’s likelihood to start new companies this year.” Even though the small business world may have taken a hit during the pandemic, the following tips can help you recover or kickstart a strong foundational company.
Plan Your Business First
Every small business owner needs to start with a business plan. Beginning with a solid structure can help you both in the start-up stage and in future growth phases.
Payroll is one of the most important things that you can prepare for as an entrepreneur. Set up a payroll system for your startup before you hire your first employee. The components of a good payroll service include:
Pay schedules
W-4s
Tax reporting
Decide on how you want to organize your payroll system and how you plan to manage your records when it comes to tax reporting. Comprehensive support to help you avoid costly tax and reporting penalties is also compelling.
In addition, remember to network. Joining a local chamber of commerce can help you network with other business owners.
Be Social to Generate Leads
As a businesswoman, you need to utilize every marketing platform available to engage your clients and generate leads. If you do not have a social media presence, you need to establish one as soon as possible. There are about 2.7 billion active users on Facebook alone. Social media provides you with a unique opportunity to find and focus on your market.
For example, if you have a specific target demographic, you can research which social media platforms they use the most. This is the place you should concentrate your advertising. In order to succeed at social media marketing, you have to engage with your clients through thoughtful and compelling marketing campaigns. Make them feel a part of your brand.
Learn to Destress
When you undergo a lot of stress, a chemical and physical change occurs in your brain. In high periods of stress, you may experience high blood pressure, rapid heart rate, and a weakened immune system. Worse, over time, stress can cause your health to deteriorate.
You may feel like a superwoman, but remember that you cannot do it all. If you find it hard to destress, try new techniques. Many people learn to lower their stress through meditation. Meditation teaches you how to breathe properly and how to focus your thoughts inward. Other ways to destress may include exercise. When you work out, your body produces feel-good chemicals.
Remember to take regular breaks. Try to balance your personal and business life without a lot of overlap. Too little recreational time can make it hard to focus on your work duties and make you prone to burnout. Help yourself avoid this by setting clear priorities, delegating when you can, and not overworking yourself.
When it comes to your business prospects, the more you think ahead, the more you can prepare for. As the world emerges from the COVID-19 pandemic, you can focus on your entrepreneurial goals again. Your previous venture may have fallen victim to the global economic strain, but these tips can help you identify lessons learned and be a success.
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses. She created WomenLed.org to make an avenue for her vision to help women advance in the workplace and spotlight achievements.