While many hopeful business owners put the brakes on their grand opening plans, countless brave entrepreneurs started a business during the pandemic.
If you are a small business owner who started up during the pandemic, you’re in a unique situation — and you may be missing out on some of the help out there for people just like you!
How Many Businesses Started During Covid?
An amazing number of entrepreneurs saw opportunities for startups during Covid-19 and took the leap, opening their small business while many were closing their doors.
In fact, twice as many new businesses opened during the pandemic as compared to previous years. In 2019, 3.5 million new business applications were filed. In 2020, 4.4. million entrepreneurs filled new business applications. In 2021, hopeful small business owners kept dreaming big, filing 5.4 million applications.
What to Know If You Started a Business During the Pandemic
Businesses who opened their doors during the pandemic have a unique opportunity to get additional assistance. If you started a business during the pandemic, read on for help.
Apply for Aid Opportunities Created for Entrepreneurs During Covid-19
During the pandemic, government aid was made available to small businesses affected by the economic hardships. If you started a business, this aid may be available for you as well.
The American Rescue Plan Act set aside federal dollars to offer grants to a variety of small businesses that were affected by the pandemic. Additionally, states like New Jersey, New York, and others created additional funding for grants available to businesses operating within their state lines.
Get Help Finding Tax Credits for Your Small Business
Small businesses that were operational during the Covid-19 pandemic can also apply for tax credits meant to provide additional assistance to entrepreneurs. Two examples of tax credits you can apply for are the R&D Tax Credit, earmarked for businesses who have engaged in specific research and development tasks, and the ERC, which is more broadly available across industries for startup companies who have W2 employees.
If you’re looking for opportunities for startups during Covid-19, the team at ClaimYourAid can provide a free consultation to get you started on taking advantage of tax credits that are a good fit for your small business.
Stay Invested in Your Business
During uncertain economic times, small business owners may have to rethink how they planned to run their business. In the ideal economy, your energy would be focused on the big picture, right? Things are’t exactly ideal these days, and that may require you to invest much of your time and energy into the day-to-day of your small business.
Whenever possible, delegate tasks to employees, but don’t be afraid to pick up shifts or step into help to save on labor costs while still giving your customers the best experience possible. It will be worth it in the long run!
Stay Connected with Your Vision for Your Business
Entrepreneurship during the pandemic is sure to make for a challenging, and perhaps discouraging, start. Don’t let the trials of running a small business during economic uncertainty rob you of the vision you have for your business.
When times are tough, it is more important than ever to keep reminding yourself of why you started your business in the first place. Keep your eye on the prize, making choices with your long term goals in mind. This will help you prioritize what is most important until things turn around for the better.
Find Money to Start a Business During the Pandemic
Wait a second — didn’t you already start the business? Well, yes, but if you’re still in start-up mode, you’ll need to look around for cash and there may be investors out there willing to help.
Small businesses getting their start during the pandemic may need to secure funding to cover their expenses. There are many ways to find capital for your small business, beginning with small business loans and private investors.
Before you start hunting for investors, make sure your small business is worthy of attention. Iron out all the details in a comprehensive business plan that will impress anyone looking to support a small business during the pandemic.
Click here to schedule your free consultation with a member of the ClaimYourAid team to find out if your business started during the pandemic qualifies for government grants, credits, or refunds.