If you’re looking at starting a business in 2020, you’ve probably had friends or family members tell you it’s not the best time. However, if you do your due diligence, this time of uncertainty can work in your favor. Just be sure to keep the following steps in mind as you launch your new venture.
1. Do you have a market?
To determine whether now is the best time to launch your business, you need to assess your target market. Identify who your perfect customer is, figure out how they live their lives, and know what type of things they like.
A great way to do this is to create and offer some promotional products online to get a feel for how people respond. Continue refining the process until you’re familiar with your target market.
This will help you to approach your customers in a way that’ll make your products or services appealing to them. You’re hoping to get into a long-term relationship with these people, so make it a point to get to know them.
2. Do you have a plan?
Whether or not you have a bank loan or an investor to rely on, you need to make a business plan. This is not something you can freestyle. Think of your business plan as a lamp that illuminates your path in the darkness. Putting everything down on paper will make it easy to work towards your goals sequentially. You’ll know what to expect and you’ll know if you’re on the right track.
3. Are you truly ready?
Don’t take this decision for granted. Your entire life is about change, so it’s important that you brace yourself for this momentous occasion. Is your family ready for you to have another priority? Are your finances fit enough to take on this project?
Will you be able to juggle your business with work or school or whatever you have going on? These are questions you’ll have to ask yourself if you’re serious about doing this.
4. Nurture your network
The road to starting a business can be a lonely one. Why not connect with people on the same mission who have a similar vision as you? There’s so much to benefit to be gained from networking with other people. Not only can you learn from them, but there’s a good chance that somewhere down the line you might be able to collaborate. After all, two heads are better than one, right?
5. Find a mentor
Even if you’re good at what you do, don’t make the mistake of thinking that you can’t learn from someone else. See if you can find a person that has been in your line of business for a long time. An experienced business coach or mentor will save you the trouble of making avoidable mistakes.
6. Know your greater mission
What’s driving you to start this business? Is your worldview helping or hindering you from achieving your goals? What does your brand represent? This is an interrogation you have to give yourself to get that final push.
Anyone can decide to start a business, but not every businessperson is as dedicated and insightful as you hope to be. You have to rise to every challenge you’re about to face and to do this, you’ll need to uncover those deep-seated intentions of yours.
In other words; ‘know your why.”
Believe in yourself, learn from your mentor’s mistakes, and get with the times to ensure you’re not left behind. Remember, you’re not the first to start a business and you certainly won’t be the last. Ask questions, be bold, and most importantly, have fun!