Starting a new business during a pandemic
19.08.2020

Starting a business involves plenty of risks, and when doing so during a global crisis, the risks are exponential. Now is also a great time to start your own business. I recommend getting three things right; establish a solid safety net, setting up the business correctly, and focusing on surviving the early stages.
Safety Net
Start with creating a safety net. A safety net allows you to generate income while your new business matures. Here are a few pointers;
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Doing freelancing work
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Securing a part-time job
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starting a side hustle
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Securing consulting work
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Seek support from your partner.
Setup
Set up your business as lean as possible, without compromising on critical success factors such as marketing, etc.
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Choose a co-founder carefully.
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Invest a minimal amount in Reach & Development (R&D)
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Keep operational expenses as lean as possible.
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Tackle regulatory requirements from day
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Don't compromise on Marketing spending.
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Leverage free services and resources
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Keep budget to breaking even realistic.
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Set a clear target to achieve
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Host a launch party
Early Stage
Once you have set up your business, now is the right to focus on how you will generate revenue quickly and set the trajectory towards profitability.
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Start generating revenue from day one.
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Don't operate in isolation; join a coworking space or lab.
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Focus on quarterly goals and priorities for the first 12 months
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Don't rely on predictions and forecasting, instead use Innovation Accounting for establishing value and growth hypothesis.
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Getting to sustainable profitability is very important. Don't lose focus on this.
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Run the business like an established business.
Set up your new business at Johnson Corner and increase its chance of survival through collaboration and support from fellow entrepreneurs.