Thinking about starting a new business this year? It may seem like a strange time to launch a startup amid a pandemic, but many businesses that have launched have gone on to find success during this time and it is thought that small businesses will be a major driver in the economic recovery. Of course, the key is to have a business idea that will be profitable during this time and in the future, but there are also a few tips to keep in mind when starting a business this year, which will hopefully help you to hit the ground running and find some early success.
Research to See If There Is a Market
Many people make the mistake of assuming that their business idea will be popular and that there will be a market for it, only to find that people are not as enthusiastic as they had hoped. This is why market research is such a critical stage, especially in a time like this where consumer wants and needs are changing. This research will help you to determine whether or not the idea is viable, who your target customer is and who your competitors are.
Create a Detailed Business Plan
As with starting a business at any other time, a detailed business plan is critical. This will not only help you to outline your vision for the company and how you will find success, but it will also be helpful for attracting stakeholders and getting others to buy into your vision. One of the most uses of your business plan will be to secure funding for your startup, which you could take to banks, angel investors, venture capitalists, friends and family or share on crowdfunding platforms to raise the capital required to get set up and running.
Take Advantage of the WFH Trend
WFH has been on the rise for a number of years but has become the norm since the pandemic. This is helpful for a startup because it means that you do not have to spend a fortune on renting/purchasing an expensive business location and instead you can operate remotely. This also means that you can hire or outsource (which is more cost-effective) specialists regardless of location, which could help you to cast a much wider net and find the best talent.
Use a Web Design Agency
You will want to make a good first impression with your target customer and it is often the website that they will encounter first. This means that you will need to have a high-quality, easy-to-use, modern and attractive website which is an accurate reflection of your brand. For the best results, you should be using a company like ALTAgency – web design agency with plenty of experience in helping startups to hit the ground running. Many agencies like this can also assist with digital marketing, which will help to increase your visibility online and allow you to start attracting customers to your business from the start.
Protect Your Business
Entrepreneurs can learn many lessons from the pandemic and one is that the unexpected can happen. This means that you should think about ways in which you can protect your startup, which might include:
- Physical security
- Copyrights, patents and trademarks
- Business line of credit open
- Cash reserves
Be Easy to Contact
It is always important to make sure that you are easy to contact so that you can provide customer service and build relationships with your target customer, but particularly as the pandemic continues. This is because people are more likely to have questions and concerns in these uncertain times, so being easy to reach and making customer service a priority is key. Additionally, keep in mind that younger generations tend to prefer forms of digital communication over the phone so features like live chat can be useful.
Find Effective Ways to Promote Your Business
Obviously, promoting the business will be critical for funding success and you should start as early as possible. As previously mentioned, digital marketing is important, but this is just one way to raise awareness and advertise your business. You should also look into traditional forms of marketing, using social media and getting involved with the local community to raise your profile.
2021 could be a good year to start a business as the world is a different place that will present new opportunities, but you must also be thoughtful, intelligent and careful and hopefully these tips will help you to do this and find success.