Last year has been a rollercoaster ride for the business industry. On one hand, many enterprises struggled to the point of closure. On the other hand, those who managed to position themselves well found success, especially in online markets. With everything that’s happened, the question of whether it’s a good idea to start a business this year is one that’s floating in the minds of entrepreneurs. For one, the pandemic and the commotion surrounding it hasn’t really subsided yet.
But there is hope, maybe even more than expected. Here are a few reasons 2021 is a good year to start a business, and some tips to help the hopefuls out there.
Introspection is Underrated
At the height of the restrictions and safety measures, many people found themselves stuck in their homes with an obscene amount of time to do little else but introspect. According to Entrepreneur, the extra time gave people the luxury to focus on what they love doing, evaluate their strengths and weaknesses, and even develop potentially lucrative ideas.
Introspection has also been good for self-confidence. This is one of the most important qualities when starting a business. The fact that you believe in what you’re selling, whether it’s a product or service, will resonate with your target market and eventually spill over. According to Medium, the process of introspection builds self-confidence in a way that’s both impactful and lasting.
Rise of Online Markets
As mentioned earlier, there has been an astronomical rise in online consumption. Whether these are in the form of online content on online purchases, people are generally increasingly turning to the internet for most things. In fact, according to the United Nations Conference on Trade and Development, the pandemic has accelerated the shift to a more digital world, especially exhibited in trends in online shopping.
In the numbers presented by the UNCTAD, despite a decline in general consumer spending, there has been a rise of six to ten points across most product categories sold online.
If you’re considering starting a business this year, you’ll be missing a huge opportunity if you neglect your online market. You can even test out your business idea by focusing solely on the internet before considering a physical store.
High Quality of Available Workforce
Although this 2013 article from Forbes may seem outdated, the points mentioned are still very much applicable today. According to the article, one of the best reasons to start a business in an economic downturn is the availability of effective talent. In times like these, even people who are good at what they do may find themselves out of work. If you’re looking to increase your headcount, you can have your pick of the most qualified people in your line of business.
You’ll also be doing your part in helping narrow the unemployment gap by giving these quality hires a chance. Everybody wins.
Tips for Starting a Business in 2021
If you’ve gotten this far, you’re probably convinced that your business idea has a decent chance of succeeding in 2021. Now, all that’s left to do is to actually start it. Here are a few tips to help you.
● Research your markets – Learn everything you can about your target demographic. You can do your own studies, invest in third-party services, research your competitors, or all of the above.
● Solidify your business plan – Although many items here will inevitably change as you continue, there is still value in having a written down plan to consult every now and then.
● Fund your business – Choose how to fund your business. Consider loans to help fund your business. A number of business owners in Singapore avail of a business loan to help ensure that their businesses stay afloat safely.
● Mind the rules – Don’t let things like taxes and licenses be the reason you can’t succeed. Follow the regulations wherever you are and avoid run-ins with the law.
● Explore online opportunities – Whether you’re selling products or services, there will always be opportunities online for you to make the most of. Find out what these are and take advantage of them.