Yes, you can set up your start up and achieve success even in these turbulent times – if you start right, go in the right direction and identify the right people tools, technology and partner.
If you have confidence in your small business idea, now is the right time to leap into entrepreneurship. It’s crucial to consider the economic climate of your country as well the world when outlining your business plan. So, how do you start your business and achieve success on the heels of a global pandemic?
In 2021, around 75.5 million people quit their jobs as part of the ‘Great Resignation,’ says Forbes. Some people quit due to health concerns, others left because of their bad management, but a record number decided to start their own business. With a strategic and well-thought-out business plan, you can harness your passion, establish a business, and attain your goals during these turbulent times.
Begin with a Solid Plan
A good plan is the foundation of a good company. A new small business can create great value in niche markets that bigger companies don’t serve during the COVID era. So, find your niche and start drafting the plan strategically. Your plans should include both your short-term and long-term goals. While your short-term plan should chalk out what and how you are going to do in detail, the long-term plan should focus on growing your start up steadily and quickly.
Don’t Underestimate the Power of Networking
Professional networking is the way ahead. Start strengthening your professional connections because your network will help push your business to the next level. Word-of-mouth promotion has never been stronger and more effective. Today, around 88% of people trust online customer reviews just as they trust suggestions from family and friends. Networking also helps you attract the right talent to your team. So start building your online network for all the right reasons.
So how do you start networking?
Begin with strengthening your LinkedIn profile and joining relevant groups there. Also, try to attend dedicated networking events in-person in your industry.
Go Digital
In today’s hyper-competitive digital world, it’s nearly impossible to start and grow a business without establishing a solid online presence. Lakhs of businesses closed for good during the pandemic, but many flourished by concentrating efforts on building their robust online community. During such an online boom, startups must find and leverage the right digital tools and technologies to thrive. Take advantage of digital marketing, social media marketing and content marketing techniques to reach the right audience at the right time through the right platform. Email marketing is another reasonable yet rewarding tool to explore.
Be Trendy
To stay ahead of the curve, you need to constantly pivot and keep up with the latest trends in your industry. There are thousands of companies that go extinct just because they failed to keep up with what was trending in their field. Make sure that you’re constantly studying your competitors’ moves and keeping up with the trends. Don’t react to every change, but very strategically react to the right changes.
Invest in Your Future
As your startup begins to be matured, you’ll have to shift focus to its expansion and long-term growth. You’ll need to prepare your organization and employees to scale up operations, which often demands the help of external agencies, as you can’t set up internal teams for each and every requirement. At this stage, you should consider hiring professional service providers to meet your additional requirements and tie-up with business leaders to guide your organization in the right direction.
The key to success is ‘adapting to change,’ and the pandemic is no anomaly to this. Entrepreneurs that want to succeed have to be very adaptable to change, maintain a healthy balance, and be surrounded by the right people. Even with these effective tips in place, there are never any guarantees of success. Startup failure is extremely common, but by adopting these strategies, you can increase your chances of success.