It’s never too late to start your own small business. In fact, contrary to what you may think, due to covid-19’s impact around the globe, starting a small business, isn’t as daunting as you may assume.
Now that the novelty of covid-19 has subsided, for now, people have come to accept this reality as the “new or temporary norm”, and have come to pivot their business models or business plans to fit and this “new norm”.
After a year of trials, errors, learning curves, and so on, 2021 is the perfect time to start a small business. Consider 2020 the ” year-long book of lessons from business owners on surviving, thriving and sometimes dying, during and post covid-19.”
But if you have any doubts, keep reading on. Here’s a brief overview of how to lay down the groundwork so your new business is primed for economic growth.
1. Market Research & Finding Your Idea
Before you do anything, it’s in your best interest to know if your idea is a need in the marketplace. So do some market research.
Seek out problems and post solutions for your target market. This is how you turn an idea, just something of value.
Also, this is a great way to learn from your competition. What are they doing and how can you do it better?
2. Develop A Business Plan
Next up is developing your business plan and later on your business model. A business plan is essentially the blueprint or foundation that will turn your idea into an actual business, a sort of roadmap for execution.
Your business plan will too serve as it means to secure funding. If you’re wanting to convince someone to invest in your company, it’s best to have a fleshed-out plan for success.
3. Secure Your Funding
Leading perfectly to our next point, secure your funding. Businesses can be self-funded, crowdfunded, funded through business loans, and business grants, as well as through investors.
After you flesh out your business plan, put together a document or spreadsheet that describes the opportunities for funding. This will allow you to know how much money you need to secure in order to successfully launch your business for at least 12 to 18 months.
When drafting this document or spreadsheet, put into consideration, the initial business cost for opening, operations, website and SEO, marketing, branding, employees, and so on.
4. Make It Offical
The process of making things official involves choosing your business entity, completing, any necessary legal documentation (i.e. business licenses or permits), trademarks, and registrations (such as your business name online domain name).
All of this is to be completed prior to opening a business.
5. Invest In Online Marketing
Finally the fun part marketing, specifically, online marketing. In a post-covid-19 society, the majority of marketing will be done online. Each online marketing campaign will differ for each business, however, it is in your best interest to have both strategy and a means for executing such a strategy; a website, SEO, local SEO, and social media presence.
That said, if you have it in your budget from securing your funding, you should definitely consider hiring a team of professionals to handle online marketing for you, specifically your SEO and (more importantly) local SEO.
There are many benefits of local SEO when starting a small business. These benefits are what will allow you to not only increase traffic to your website, but will also give you the means to better reach your consumer base, and therefore increase revenue long-term.
Starting A Small Business In 2021
So there you have it! Starting a small business in 2021 is the perfect time to do so. We hope you found this both insightful and exciting!
If you like these tips, check out our blog for topics similar to this subject and more!