In 2020, we learned how many things are out of our control. This stunning realization has caused some entrepreneurs to halt their dreams of starting a business anytime soon. However, shouldn’t we keep in mind all of the massive companies that originated during economic crises? Hyatt Hotels, Microsoft, Apple, and MailChimp are just a few of many.
There must be a reason why the founders of these companies were able to build such a strong foundation when the times were so uncertain, right? In many ways, the COVID pandemic is similar to economic downturns in the past. There’s now more available talent than in recent years, and consumers are looking for different types of services and products, which opens the door to endless opportunities for new businesses.
If you are chomping at the bit to launch a business, then 2021 could be the perfect year for you. EKDesigns.com is here with some practical tips for how you can lay the groundwork for success:
Refine your idea.
If you are excited about starting a business, chances are you have an idea in mind. Before going too deep into the process, however, you will want to take time to refine that idea to ensure it is sustainable and can bring a profit. Conduct market research, study potential competitors, and use online surveys to gauge how you can make your idea more unique and attractive to consumers.
Write a business plan.
Once you have refined your idea, turn it into a business plan. This plan should include any information that’s relevant to your business, such as your core values, product descriptions, financial projections, marketing strategies, and more. You will use your business plan to secure funding (if necessary), and it will serve as your step-by-step guide through each stage of the growth process.
Sort out the finances.
If possible, try to bootstrap your business, meaning you pay for most of it yourself. If you need to get funding from other sources, make sure you do not commit to terms that will prove difficult to meet down the road. Crowdfunding, business loans, angel investors, venture capitalists, and incubators are popular options to consider.
You will also want to make sure you can manage your finances efficiently once your business has been launched. The last thing you want is for cash flow problems to hinder your growth or cause you to lose your business.
Take advantage of software that can help you keep up with your business finances. For instance, QuickBooks offers an online platform that comes with automatic payroll scheduling, same-day direct deposit, automatic tax filing, and many other features. And you can even use a mobile payroll app to manage everything from your phone, whether you have an iPhone or Android device.
Invest in branding.
Branding is essential for any type of business. It involves a logo, fonts, colors, web design, videos, written content, and any other visual or audible content that presents your company’s identity. Make sure you begin creating branding elements early in the process so that you can put your name out there and get people talking.
Once you have unique, professional branding in place, start promoting it online. Your website will be the central hub for all of your marketing, so make sure it is attractive, engaging, and provides an impressive visitor experience. Professionals like EKDesigns.com can be a great asset to help you get the job done! Furthermore, learn the ropes of marketing on social media and email, as these channels will prove invaluable for the growth of your business.
Now is a great time to start a business, so don’t let the uncertainties of the times keep you from pursuing your dream. Remember to spend time refining your business idea, creating a business plan, and figuring out your company finances. Finally, dedicate resources to developing strong, unique branding that you can promote online. While there is more involved in starting a thriving business, these tips will help you hit the ground running.
Would you like to read more helpful content or learn about our web development and business consulting services? Visit EKDesigns.com today!