If you are considering becoming an entrepreneur as the pandemic winds down due to COVID-19-related job loss, a change in your family’s circumstances, or a desire to branch out from your usual nine-to-five work life, you likely
understand that being an entrepreneur — and maintaining healthy cash flow in the process — is going to be a lot of hard work with much competition. Follow the three tips below to gain an advantage at the beginning of your entrepreneurial journey.


1. Focus on Your Brand Identity and Story

Other entrepreneurs who are starting new businesses in the current climate will similarly focus on their online presence as well as clear, open communication with their potential customers. Set your brand apart by perfecting your unique narrative and developing a strong online presence. Your brand identity is crucial to establishing your credibility in the business world. People want to be inspired by authentic narratives, and they want to feel like they know you as a person when investing time and money in your business.

If you are opening a new restaurant, for example, tell the story of how you graduated from culinary school, met your wife and your best friend at your first restaurant gig, and were let go when your restaurant was shuttered during the first wave of the pandemic. Now, you’ve struck out on your own and are starting a place of your own with your trusted companions. Use your natural abilities, your setbacks, and your personality to let your talents shine. This narrative, and the way you present yourself in the online space, will become synonymous with your brand.


2. Offer Remote or Flexible Work Options for Your Employees

Many employees are refusing to come back to their offices after the pandemic. Though these individuals want to work, they have grown accustomed to the work-life balance the pandemic afforded them. Flexible hours, remote positions, and the ability to collaborate through video calls or project management software are important benefits to today’s workers. If you don’t include several flexible options, including the ability for those with young children and hectic schedules to work from home, you may not have happy employees.

3. Set Up Your Payroll and Automate Paychecks

You may forget to pay yourself in the turmoil of starting a new business — especially if you are handling most of the business’s early operations from your house. Ensure that your employees get paid on time when you invest in an online-based automated payroll system. Options are available for businesses of all sizes including small startups.

Factor in the need for same-day direct deposit, payroll scheduling, and the option to calculate and file taxes into the software you choose. Consider that both yourself and your employees may benefit from mobile phone payroll processing — you may want to monitor payroll, run reports, and file payroll taxes from your device, while your employees can access their paystubs on the go.

Choosing the life of an entrepreneur means that you may be temporarily giving up stability, predictability, and comfort in exchange for the ability to make a positive change in your life. Take calculated risks, secure your funds before you begin, and make the most of this time of uncertainty until you start seeing the gains you’ve been waiting for. You and your employees will be happier as a result.

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credit: Chelsea Lamb