Seek help when starting a business
DON’T BE TOO PROUD TO SEEK HELP
Whether you’re attempting to start a business in a roaring economy or during a paralyzing pandemic, the first piece of advice is always the same: don’t try to go it alone.
You could very well offer a product or service for which demand is and will always be unwavering, or come up with a brand new concept specifically designed to capitalize on market forces created by COVID-19.
Either way, there is assistance, and you shouldn’t be too proud to take it.
“It’s definitely imperative to seek help, even if you have a background in being an entrepreneur or starting a business previously,” said Ellen Albright, director of talent and workforce development for the Greater Reading Chamber Alliance.
And help is readily available, sometimes at minimal or no cost.
“It’s almost a situation where why wouldn’t you take advantage of these resources,” said Albright.
There are circumstances specific to the coronavirus that experts agree successful operations will need to learn to navigate: maintaining a high level of visibility; building a strong digital presence; following protocols that make people feel comfortable and safe.
But if the business plan isn’t sound from the get-go, any competitive advantages may quickly fall by the wayside.
Organizations such as SCORE Berks Schuylkill provide free mentoring from experienced business professionals who will review plans and budget details.
“It gives it a different set of eyes and you get that supportive feedback and constructive criticism,” said Albright. “It’s all about enhancing what you’ve come up with, adding, working through the plan with others.
“No matter where you’re at in implementing your plans, if you don’t have a mentor, it’s always in your best interest to find that trusted source.”
Albright also listed the Kutztown University Small Business Development Center and Penn State Berks LaunchBox as resources that help entrepreneurs take their critical first steps.
Member organizations such as GRCA and the Northeast Berks Chamber of Commerce can play a variety of roles, too, from creating awareness for new businesses to sharing valuable information about available financial aid.
“The chamber is an information hub,” said NBCC executive director Lori Donofrio-Galley. “Sometimes people are confused or overwhelmed about funding. We can pass that information along and provide preliminary guidance about how to apply or what’s available.”
Donofrio-Galley cites a number of ways in which NBCC promotes its members, from leveraging social media to creating promotional content for local radio and podcasts.
“They are looking for visibility, especially when met with a crisis like this,” said Donofrio-Galley. “Just getting the word out is a huge benefit.”
One of the most valuable resources chambers can provide is facilitating business-to-business networking. When entrepreneurs are working together, it has the ability to lift both or all partners simultaneously.
Regardless of the resources you choose to utilize though, it’s essential to do your homework first.
“You really have to do your market research, maybe even test or pilot the product or service,” said Albright. “Do the research up front. Do focus groups or surveys or whatever it you may need to do to sort of test drive before you fully embark.”
Entrepreneurs that jump in without testing their audience or exploring the resources at their disposal are bound to learn the hard way.
There’s always going to be risk when starting a business, especially amid a recession and health emergency. However, not unlike with the virus, some risk can be mitigated.
“You need to know ahead of time about those resources and be comfortable reaching out and getting support,” said Albright. “If it’s full steam ahead right away then a problem arises, maybe that could’ve been addressed early on.”
Though entrepreneurs face added challenges from COVID-19, professionals agree new ventures can still flourish.
“New businesses are born of these situations,” said Donofrio-Galley. “It may not look like the business model that we’re accustomed to, but it’s possible.
“There’s a lot of creativity in Berks, a lot of savvy entrepreneurs.”