While many aspiring entrepreneurs have been in double thoughts as to whether 2021 is a good year to kickstart the thing that they’ve been dreaming of for a while now, remember, there’s no ‘right’ time to start a business. 2020 has been one ride of a year, as many say, but that’s life, isn’t it?
We do have a few points that we believe would be helpful in embarking on a new venture.
Do thorough market research. Change is inevitable and fads come in and go out before you even realise. Social media is exploding out there, make the most of it!
Back in college, my thesis was on coffee culture in Ireland and one of my interviewees was a coffee shop owner. His words ‘no matter what you do, write a business plan’ still rings in my ears. While some find putting down on paper monotonous, it is indeed a good idea of chalking things out. This is where the research comes handy. 2020 has been a year of lessons and thankfulness, make sure you model your business accordingly where, in an event akin to the pandemic, won’t leave you crippled.
Set yourself deadlines, with realistic expectations. Being idealistic and pumped up after the rush of adrenaline is great, but failing to fulfil the tasks leads to a heavy backlog and dissatisfaction. Surely you wouldn’t want to be demotivated, would you?
The next thing that you have to bear in mind is revenue. Honestly, even if you manage making a breakeven in the initial run would matter. Don’t get disheartened if your business yields just enough to avoid from going into losses. See if you can reduce costs by cutting down on the resources. Bear in mind ‘what would I do if there was another pandemic that would leave everything on a standstill?’ Every step counts, plan well!
Adhere to the regulations and invest in promotions. You do not have to go all-out on promotions. Social media is great and pretty self-explanatory. Have your content tailored and focus on maintaining the image for your brand. #SupportLocal has been trending for quite some time now but has received an added impetus in the more recent days. Customers will know what you’re going through and call it empathy or sympathy would help you in word-of-mouth promotions. The cue here? Not to leave them unsatisfied.
You’re your best teacher, remember that and while there are loads of lessons on what should be done before starting an enterprise, or what shouldn’t be done, remember that only you can understand what your business needs. Ask yourself when you are ready.