Frank De-Levi Explores the Issues Surrounding Starting a Business During COVID-19 — Healthcare Business Today

Statistics to Know

While the business environment is strained, there has been a renaissance in the number of new businesses that are being created. New filings for employer identification numbers are up from 2.7 million in 2019 to 3.2 million in 2020.

Find Your Niche

The first thing you should do when planning a new business in the time of COVID is deciding which specific niche you want to fill. You may examine your local business climate and notice that there is a significant need for a product or service that is not being met.

Consider Investments

Today, it is difficult to get investment funds for a new business. Banks are less likely to lend to unproven companies. Your first source of funding is likely to be your friends and family, as well as any personal savings you have accumulated. Your friends and family may be short on cash like you, but you should cultivate relationships with those who may be able to help you start your business.

Setting Up a Recession-Proof Business

There are many types of businesses that are known as “recession-proof.” While none of these ideas are guaranteed to succeed, they can provide a good road map toward choosing your field of focus.

The Ongoing Effects of COVID-19

As the disease slowly runs its course thanks to vaccines, the effect of COVID on the economy will lessen. When you start your business under extreme conditions, you will be seasoned and find that you can do a better job under regular conditions. While there is a high failure rate for new businesses right now, believe in yourself and in your idea and you may achieve success.

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Frank De-Levi

Frank De-Levi

Co-Founder of HomeAssist Home Health Services | Pacifica, CA | www. frankdelevi.com