Published on May 12th, 2020 | by Sunit Nandi0
5 Business Start-up Tips For 2020
Putting up a business in this fast-paced and competitive industry can get overwhelming, especially for starters. Questions like “what type of business to venture out?” and “how to accumulate capital?” may articulate in a person’s mind. Before delving your thoughts into this stuff, it is important to first develop your business plan.
In developing your business plan, you’ll be needing to analyse your market, your consumer base, as well as the potential challenges it harbours. Right then and there comes the need to determine how much money or capital you need to make this business happen. You can either find investors for your business, or you can also consider acquiring loans like NowLoan to fund your start-up business.
If you already have all the prerequisites and sufficient funds needed for your start-up business, you might as well like to consider startup terms to know and these five notable business start-up tips that may help you along the way.
#1 The Start-up Phase
For business starters, it is natural to get discouraged at first, either because of the slow economic condition or other hindering factors. However, it is important to keep in mind that now is the best time to start your business and make your business ideas come to life.
“Some people dream of success, while other people get up every morning and make it happen.” — Wayne Huizenga
One important thing you need to remember is that, regardless of the of the industry you’re in, not all methods that worked 2 or 5 years ago, may also work for your business today. With the constant rise of technology, businesses and entrepreneurs are constantly changing as well, in order to keep up with these rapid changes.
#2 Incorporating Technology To Your Advantage
For small and start-up businesses, incorporating technology in your overall marketing and operational strategy can come in really handy. You, as the business owner, can’t manage every single thing all at once, and instead of hiring more employees, the use of technology can make the job more efficient in a cost-effective way.
“Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without talking about the other.” — Bill Gates
One advisable technique that you can incorporate for your start-up business is to use an email management software, which allows you to manage a large amount of emails daily. Another advisable technique is to use a project management software that can help you with identifying and organising the process of your overall business. However, if you find that these two technique does not fit your budget, you should invest in other techniques that can support your growth, without compromising your allocated budget.
#3 Building Customer Loyalty
As time goes by, consumers are getting more and more skeptical about the marketing schemes and promotional advertisements presented to them. The prevalent reason for this is because their trust has been tattered for so many times because of unmet expectations from the products and services that they avail. So, how to we rebuild this trust?
There is no easy way or shortcut in building trust. However, if you stay consistent by acknowledging their feedback, staying transparent, and genuine about your product or service offerings, you can build a long-term and profitable customer relationship that leads to customer loyalty.
#4 Invest in Skilled Employees
While it is true that technology does a lot to a business, human resources are still equally important. Choosing the best set of employees to fill your workforce is crucial, as it determines the overall operation of your business. Employees are the ones who make sales and directly interact with your customers, which is why employees contribute a lot to the overall success of your business. Moreover, it is important that the employees that you choose to share the same value and vision with your business.
#5 Funding Your Business
Some people mistakenly think that once they start-up their business, they can start earning money right away. Technically, this thinking is wrong because it takes about 1-2 years before an average business can start earning. In the first few months of your business, you will be having to pay-off a lot of expenses until you finally meet breakeven. This is why it is important to back your business up with funding sources such as family, friends, investors, etc. You can also consider acquiring loans like NowLoan to fund your start-up business.