After the destruction the coronavirus caused, various businesses, individuals and families had nowhere to turn. Many of these individuals quickly caught up with new consumer trends and industry standards. Consumers drastically started shopping online and finding services on Google. This meant digital marketing started making an increasingly significant difference within how most businesses operated and marketed their companies.
Starting a start-up business is not an easy task. It can be challenging to know where to begin, so we have compiled the ten best tips for new entrepreneurs that will help you get started in the right direction.
According to statistics, in 2019, the failure rate of new start-up businesses exceeded 90%, which is a significant number of companies. Of these businesses, 21% failed after a year, 30% closed during the second year, more than 50% failed before five years, and more than 70% will fail before they reach their tenth anniversary. Yelp also concluded research that showed that during 2020, the coronavirus pandemic and restrictions were the cause for 60% of business closures. These are some significant numbers and show the hardships and destruction caused by this pandemic.
In this blog post, you’ll learn about economic trends and how they might influence your start-up, how to choose digital platforms, target audiences, and more!
1. Get a Business Plan
A business plan is essential because it’s your guide, focusing on the goals and strategies of how you will operate. It acts as an outline for what needs to be done – from start-up ideas to exit strategy. Ensure that any information given in this document is achievable by you (and anyone else who might take over after initial investor funding runs out). For example, there’s no point in saying you want to be a billion-dollar company by next year, when your start-up investment is only $50. The business plan also shows that you are serious about the venture and committed time and attention to ensure it succeeds.
2. Secure Start-Up Capital
Start-up capital is an essential aspect of starting up a business in 2021. However, this can be challenging because start-ups usually don’t have a lot of money to start with and need funding in order to begin their venture. There are many different ways for you to get the necessary funds, such as going back into family investments, taking on loans from friends or family members, angel investing, crowdfunding in terms of collecting donations through online platforms, or equity financing, which means selling shares.
Although these methods may seem daunting at first glance, it’s just about knowing which one best suits your needs, given your current situation. So take some time and research each option carefully so that you make the best decision for your start-up.
3. Find Quality Office Space
A professional address is necessary because it may assist with your mail handling; it gives you a location and premises for operations and office space. It also helps keep you at a higher level of professionalism when meeting with other professionals in the industry or when you’re setting up meetings with prospective customers or big fish accounts. Starting preparations for leasing an office for your business might be a stressful step, but once you get there, there’s no looking back.
4. Implement Accounting Software
Accounting software is essential for your business because it helps you keep track of finances. It’s always a good idea to use accounting software to make financial decisions that will benefit the company and protect and streamline finances. There are many different types on the market, so finding one that best suits your needs can be challenging. From year-end reports all the way through choosing digital platforms like Xero or QuickBooks Online (QBO). Choosing an appropriate platform means having access to improved data analysis and better control over finances which is critical for any type of small business, including your start-up. Accounting software can also assist your business with year-end reports as well as financial statements. It can track detailed information about income, expenses, and profits, which provide you with better data analysis when making important decisions that will positively impact finances on both short and long-term levels. With accounting software, you have access to your business finances in real-time, no matter where you are.
5. Start your Marketing Campaigns
Marketing is vital for any business because it helps get new customers and keeps them happy once they become loyal patrons. This section will provide you with some insights into how digital platforms have changed marketing over time – which are now crucial aspects that every start-up should know about. For example, Google ads, social media marketing, and search engine optimization are at the forefront of generating leads and making sales for businesses worldwide. These are just a few examples of what’s possible when leveraging modern-day technology to market your start-up at low costs.
Google ads are one of the world’s most used digital marketing platforms; businesses bid for specific keywords in order to rank better than competitors when those keywords are searched. The highest bid gets the number one ranking, of course.
Social Media Marketing
Social media marketing is a highly effective means of targeting the correct audience to optimize your marketing goals. You can set quite specific demographics, for instance, to target only younger individuals with interest in something particular. This allows you to be far more productive from a marketing point of view.
Search Engine Optimization
Search engine optimization, SEO in short, is increasing the quality and quantity of website traffic by using organic search results from the tech giant Google. It won’t give you instant results like paid ads, but you’ll start noticing how much better your website ranks organically. This will automatically increase website traffic to your domain, leading to sales and leads for your business.
The above will give you a clear indication of what is necessary to start a profitable and sustainable business in 2021. One thing is for sure, the most critical aspects within your company will all rely on whether you’re able to market your business effectively. With no marketing, you stand a significant risk of losing your business within the first couple of years.