Some might say that starting a business in these troubling times is not a good idea, while others know that fortune favors the brave and if you have a great business idea and would like to turn it into reality, any time is a good time. While the pandemic has wreaked havoc in many business sectors, it has also created new markets and there has been a noticeable surge in online shopping. If you are creating your business plan in preparation for a start-up, here are a few Tips for the 2021 Entrepreneur.
- Office Space – If you shop at Buy Direct Online, you can find office furniture and equipment at trade prices, which would save you at least 15% on recommended retail prices. Shared offices are a great idea and by working alongside other entrepreneurs, you can exchange ideas and concepts.
- Cloud Solutions – Rather than storing all your critical business data on your laptop, create a secure cloud network that can be accessed from any location. You can give your accountant a password to access your financial data, allowing him or her to do your quarterly tax returns; which means they do not have to travel to your office. If you have salespeople in the field, they can access (and update) data in real time, plus you can use the cloud for all business communication
- Digital Marketing – Regardless of your chosen sector, you will need to engage the services of a leading digital marketing agency, who can put together an aggressive online marketing campaign that will deliver results. Social media is a very powerful platform and by calling in the experts, you can generate a large social media following, which should result in orders. Here are a few mistakes to avoid when engaging digital marketing services.
- Outsource When Possible – If you are running a shopping cart website, for example, you should outsource your IT needs to a third-party provider, who can manage your website and upload new product information and generally check that your platform is secure from hackers. Logistics should be given to a local 3PL company who has the resources to pick, pack and deliver to your customers. Outsourcing keeps costs down and ensures professional results, which is essential for any business and be selective in who you choose.
- Carry Out Market Research – You must be sure that your products or services are in adequate demand and develop a plan on how you will reach your target audience. If you don’t have a digital marketing budget, things will be very challenging, which is why most e-commerce platforms invest in SEO services to achieve a high Google ranking when consumers search for products or services.
While the process of setting up your new business is complex, you always have online solutions, which is an easy and convenient way to order things. Spend a lot of time on your business plan, which should cover every aspect of the business. Make sure that you have enough money to launch the business and a small fund for the first 6 months, which are the most difficult.