The business environment has been hit hard in the year 2020. But problems create opportunities so with the passing of a few months, we see a spike in the business world as new businesses are emerging on a daily basis. Stating your own business could be risky and uncertain so if you want to start a business read through all list of things NOT to do:
Don’t Start Without Researching Current Market Trends
Market research has always been a vital initial step in setting up and running a business. Market research involves the analysis of audience/potential customers, the demand for the product/service and even knowing the competitors.
The market research gives entrepreneurs the ability to understand the target customer’s behavior and adapt to their needs in order to convert them into regular customers and brand advocates.
An up to scratch market research will ensure a superior start for your business.
Don’t Start a Business Just off Frustration
You may be frustrated with going to the office or working from home for 44hrs a week. Such consequences make you wonder to start your own business but starting a business is not trouble-free. You require some additional skills to be an entrepreneur or a business owner. Some basic skills which an entrepreneur ought to strengthen are web development, marketing especially online marketing, and communication.
Let’s face it every business small scale or large scale needs a website because a business website is the center of all the marketing and conversion strategies. Building a website doesn’t necessarily involve complex coding, a basic website can be created with the help of web development tools like Template Stash, Bubble, WordPress, etc. WordPress is the most common tool used all around the world. Surely these tools don’t involve coding but you need to invest at least a month or two to understand the process of designing a website.
Entrepreneurs or business owners should know the rudiment of marketing strategies. The trace of traditional marketing is fading away steadily, so owners majorly need to focus on online marketing methods also known as Digital Marketing(DM).
DM is not a hard skill to master or grasp, even numerous free online DM courses are available all over the internet. Online marketing in 2020 is adapted by almost every business in the world so it’s important to wrap your head around it!
An Entrepreneur could never disregard good communication skills. Adequate communication skills will assist a business owner to host a meeting/online-meeting, be an interviewer, allot work to employees, host seminars, and will even help to interact with clients.
Beware of Flawed Investors
Strangely in the 2020 crisis, there are numerous investors searching for opportunities to earn a return for the funding they provide to new startups or businesses. In order to get funded, pitching an idea to investors is an important part of a founder’s journal.
Entrepreneurs should be aware that investors or venture capitalists will just not lend funding but will also expect an ownership share in the business. In short, they have some active role in your business. As these investors will be part of major decision making, partnering with the wrong investor might lead to the loss or failure of your business.
Nothing Wrong With Asking For Help
It’s an entirely wrong assumption that being a business owner you have to do everything yourself. Starting a business is not a one-person task, you might need someone’s help.
A common issue in the initial stage of starting a business is not getting sufficient funding or a loan. Unfamiliarly one of the known ways of getting funded is through asking your close friends or relatives for the capital. Of course, the circumstance of borrowing money from friends or family comes when you run out of the option of self-funding.
Another phase where entrepreneurs might struggle is boosting brand awareness in the beginning. Every large scale businesses have started from scratch just like you and probably also have struggled with similar issues. Well, a simple way of spreading awareness at the beginning of the business among potential customers is through posting on personal social media platforms. Placing a link in the story/status or post will bring in some traffic to the website. Additionally, if you ask for a favor from your friends, family, or pay social media influencers to post on their social media handle the brand’s awareness will surely rise.
Everyone has their own strength and weakness, owners will get stuck in some phase of the business and there is nothing wrong with asking for help.
Don’t Be Impatient
As a business owner, you need to make some major decisions like hiring a team member. Entrepreneurs should hire according to the specification of the role, often small business in the start requires part-time workers rather than full time. But if you figure out that the void cannot be filled with part-timers consider hiring a specialized expert for the role. In 2020 due to the business crisis, thousands of qualified employees have lost their jobs or are being let go by their firms. You should grab the opportunity of hiring these valuable employees as they will be thrilled to work for a new emerging business or startup.
Another mistake a business owner might commit is launching the business/startup before it’s completely ready to be in the market! Imagine once you have launched and start getting clients, but the users find your website full of bugs or not user-friendly which will surely result in no-conversion and the bounce rates will keep on increasing. Therefore, make certain that there are no cracks in the website and only launch when all the business strategies indicate a green signal.
Starting your own business is a risky turn hence you should also be prepared for failure or setbacks. With proper planning, innovative/revolutionary ideas, appropriate investors, and adequate business strategies the chances of failure are minimal but nearly all businesses around the world have to deal with minor or major setbacks.
Some of the known common setbacks of new businesses are
- Lack of funding
- Brand awareness is not up to the mark
- Bad conversion rates
- The growth of a business is slow and many more
The biggest mistake entrepreneurs can make is to be afraid of these setbacks. Learning from the mistake is the key to success. A new business might take some time to gain traction in the competitive 2020 marketplace.
No matter the circumstances the longer you wait for, the less probable you’ll be to ever make it happen. We may conclude that there’s no better time than now to start your own business.
Mark Burke is a blogger and a business consultant in Alcor, a global investment bank. Mark is passionate about researching on the latest small business and marketing trends. He loves writing informative blog posts to help small business owners and startup founders in their entrepreneurial journey. Connect with me on LinkedIn.