Starting a business is always a challenge, but it is perhaps tougher than ever in today’s world as a result of COVID-19. However, it isn’t all doom and gloom! In 2021, a number of start-ups have flourished during this time, one of them being yours truly, CB Digital Design.
15. ENLIST THE SUPPORT OF FAMILY
Behind the majority of new small business owner is the supportive network of friends and family and there is no need for that to change in 2021. Having family and friends can be useful to sound board ideas and provide some valuable feedback.
A supportive network is vital for new entrepreneurs!
14. RESEARCH YOUR INDUSTRY COMPETITION
The reality is, no matter how good your product or brand may be, you will always have competitors. Whether that’s a large company or another small business, it is vital for your business’ success that you do your due diligence on who else is targeted your niche market.
According to Business Know How, conducting a Competitor Analysis can be as simple as following your competitor’s social media and visiting their websites. Read more.
13. STARTING A BUSINESS IN HARD TIMES CAN WORK!
While now may seem like the worst time to start your new venture, that may not be true. The upside to starting a business now is that things can only get better as the economic climate recovers and improves.
We began our journey during the first national lockdown and just several months later, we now have a portfolio 20+ clients providing business’ their digital marketing needs. Whilst it can be challenging, starting a small business in hard times can be rewarding.
12. WRITE A GOOD BUSINESS PLAN
A good business plan is your roadmap to success in your new venture. A business plan does not need to be set in stone. Instead, it can evolve with your business as your business needs also develop. Make sure to include short-term and long-term goals and objectives to motivate you. For the short-term goals, we recommend dividing them into quarters, four quarters per year each with aims. You can then have an overarching 12 month or 5-year plan.
Click here to see Small Business’ top tips to writing the perfect business plan!
11. GET YOUR IMAGE RIGHT: BRANDING IS IMPORTANT!
Understanding your brand identity is vital to success. Branding is more than just a logo; you need to have a clear strategy behind how your business is going to look.
You also need to link that with social media engagement, email marketing campaigns, to name a few! It is important to get your brand right.
At CB Digital Design, we can help you with all of that. Check out our branding services and see how we can work together to build the brand of dreams!
10. REACH OUT FOR HELP!
Every business, big or small has needed some help and support in its early stages. Your business is no different.
There are a variety of organisations, charities and government support available to business owners that you should take advantage of if needed.
Research and contact your local council to find out what is available to you!
9. MAKE SURE YOU’VE GOT THE RIGHT PRODUCT OR SERVICE
While finding the right product is vital, it is important to remember that it doesn’t need to be new, it just needs to have a unique selling point and be right for your business. According to Shopify, there are a number of ways to plan and find the right product for your business. Click here to read more.
8. KEEP AN OPEN MIND AND LEARN FROM OTHERS
While it is important to be self-confident, it is also good to keep an open mind and engage with fellow business owners and mentors. Attending seminars, conferences and participating in training courses offered by experts is a great way to build on existing skills and gain valuable insight into others.
To make this even easier we now have CLUBHOUSE! It is a free app where you can speak to industry experts, fellow business owners and the list goes on. The free advice you gain from using clubhouse is invaluable. As a team we absolutely love it and recommend it to all of our clients.
7. SHOW PASSION AND PRIDE IN WHAT YOU DO
You will have good days and bad days, but above all it is really important to be passionate about what you do. Your new business venture will require long days, hard work and lots of energy and therefore it is vital you enjoy what you do and be passionate about what you offer as a business.
6. BE AWARE OF YOUR STRENGHTS AND WEAKNESSES
As a new business owner, you will have a range of skills and abilities that could set you in good stead for a successful career in business. However, you will not be an expert in every area and as such it is important to understand what areas you are strongest and weakest in.
According to Nationalfunding.com, undergoing this analysis allows you to better understand your business and to be able to plan for the future more effectively. Read more.
5. ALWAYS KEEP TRACK OF YOUR FINANCES
It is important to track all money coming in and out of the business and in particular, costs. You will need to track expenses such as rent, materials, marketing and more. Forbes argue that it is also worth keeping in mind that unexpected business costs can also arise. Find out more!
4. BE AN EFFECTIVE LEADER
As an entrepreneur, it is your duty to organise your business. From managing finances and staff to communicating with distributors and clients, it is vital you have a hold of your business. Motivating your employees and leading by example is an effective way of ensuring your business is set up for success!
3. REMAIN GROUNDED, START SMALL AND GROW!
Things are going well, and you’re excited about what the future holds but it is important to remain focused! Try not to get overexcited and make a rash decision. Start off small and grow elements of your business as and when required.
Constant Contact argue that if possible, self-fund the venture before looking to attract external investors and allow your business to grow naturally.
2. NEVER STOP BEING CREATIVE
In today’s ever-changing world, businesses need to be creative in order to be one step ahead of the competition. Constantly looking for ways to develop your products or services, is an effective tool in making your new business stand out from the crowd. Remaining open minded is key to getting your creative juices flowing.
1. STAY MOTIVATED AND DON’T GIVE UP
It is very easy to become de-motivated when faced with a setback. However, every mistake you make is just another opportunity to learn. Remain focused, determined and adopt a positive attitude when it comes to business. Try not to dwell on the failures but rather focus on seeing a way forward.
After a challenging year, this year promises somewhat of a fresh start for budding entrepreneurs.