According to census data, in 2021, Americans applied for a record 5.4 million business ID numbers. And, with 2022 on track to be another record year, those if you want to get your blogging business up and running post-pandemic now is the time to start! I know, you might feel like you don’t know where to start, but if this is something you are passionate about –– you can definitely do it. From legal entity options to the value of a marketing insight, it is hard preparing to launch your business. Keep reading to find out 3 factors you need when creating a successful post-pandemic blog.
1. The value in a detailed business plan
While many entrepreneurs opt out of creating a formal business plan, Forbes notes that having a fully developed one that’s written out is an “absolute necessity.” For individuals looking to monetize their blog, creating a well-thought out business plan will allow you to map out your goals and plans for the business as a whole. This sets a foundation for success. Forbes also points out that in a post-pandemic world, taking into account how the market has changed is a great place to start. Customer wants have changed and it is good to be aware of that factor. This knowledge helps you determine whether there are new opportunities available.
2. Reassessing your business model
When starting a blogging business in a post-pandemic world, reassessing your business model may be necessary. For bloggers, common business models may involve selling physical/digital products or affiliate marketing. When creating a post-pandemic business model, Harvard Business Review states that there are two things one must do:
- Select your strategy carefully to target a defensible market segment
- Tailor your business model to capture and dominate your target market
You need to understand your current profit segmentation, your customers, and the current market regarding supply shifts and demands. Then you can ensure you have the ideal model for your business post-pandemic.
3. Choosing the right legal entity
Choosing the right structure for your business is essential. It affects a variety of factors involved with running your business such as liability, paperwork, and taxes. When it comes to blogging businesses, most blogging business fall under either a sole proprietorship or LLC. A sole proprietorship involves one person who is responsible for all of a company’s profits and debts. However, it’s imperative to consider forming an LLC. These protect your personal assets in a post-pandemic world. An LLC is a great choice for those who wish to protect valuable personal assets in the event the business happens to get sued.
Should you decide to form an LLC, it’s important to note that you’ll be required to get a Registered Agent. For instance, the Northwest Registered Agent review compares a variety of LLC companies and their services. It mentions that supplementing core services with additional benefits ensures that the aspects of an LLC are taken care of through one company.
While starting a business can be daunting enough already, doing so in a post-pandemic world can make it even scarier. From writing a detailed business plan to choosing the right entity and even looking over your business model, you can effectively factor in the post-pandemic business climate into your plans. After reading this post, I hope you have confidence to create your own successful post-pandemic blog.
Additional articles you might be interested in:
- Starting A Business During The Pandemic: Tips For Female Entrepreneurs
- Top Factors That Will Get You A Loan Now
- 5 Tips For Bloggers On How To Create An Impeccable Post
- 3 Steps To Help You Make A Living Off Your New Blog
Katie Ault is a blogging intern at LadyBossBlogger. She has graduated from Bridgewater State University with a BFA in English Literature and a minor in Sociology.