Starting a business after the Covid-19 pandemic can be a rather daunting task. The traditional way of doing business has been replaced by a more digitized version. The business world has largely expanded into a newfound dimension of a borderless global market. Brick and Mortar businesses, without an online presence, are running a risk of going out of business. In these times, one of the primary requirements is to take your business online and reach out to a bigger audience!
Define Your Online Presence
The very first step to setting up your own business is to define its online presence. You can register and sell your products or services on various e-seller platforms or create your own website. Remember to do this step as soon as you decide on your business name. With so many people setting up online shops, it can be very tough to find a unique domain name. So, I would recommend getting a free website domain as soon as possible in order to start defining your online identity.
Once you have decided on your business and domain name, start planning your social media accounts on various platforms. You can try to reach out to your potential customers, even before you officially launch your products.
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Conduct thorough Market Research
In today’s time, as you’re reading this article, another business is getting launched. The market is more or less satiated with businesses and business ideas. To be able to start your own business, survive and thrive in the current economy, you need to build your USP, i.e., your Unique Selling Proposition. To find this, there are two questions to ask yourself before you set out to sell your product or service.
- Am I solving a problem or making a process easy?
- Is there enough demand or can I create enough demand for my product?
If your answer to both the questions is ‘Yes!’, you can simply define your demographics and start with your business setup. If you don’t feel confident in answering either of them, you need to conduct Market Research to check the viability of your business idea. It is essential to have a clear motive behind your business. The market research gives you insights into the potential of your business idea.
The most important facet of running a business is your personal risk-taking capacity. Everyone can bear different levels of risk depending on where they are financially, age-wise, career-wise. There are basically three types of people when we define their risk capacities.
- Risk-Averse: These people are guided by their fear of loss more than their optimism for success. Risk negative or risk-averse people do not have the heart to take risk. Such people, even if they start a business, will have a very cautious approach and take time to consider opportunities. They might also lose out on quick opportunities because they take time to make decisions.
- Risk Neutral: Risk neutral people do not care about success or loss. They might sometimes make harsh miscalculated decisions. Such people usually feel they don’t have much to lose and only seek sufficient returns.
- Risk Loving: Risk loving people have an attitude of walking on the edge. They like experimenting with new opportunities and take failure as another steppingstone. Risk lovers take chances and like to gamble.
It is necessary to identify your risk levels. These are not permanent, and they can change over time or for different opportunities. A person can be risk-loving at one stage of their life and risk-averse at the next. Risk levels define the opportunities you take. To start a business, it is important to be risk-neutral or risk loving to be able to successfully navigate the journey of entrepreneurship. Risk-averse people tend to give up early, and business requires patience.
Consider the best and worst of your business, economy, and market. There are various aspects in every business, tangible or intangible that pose an effect on operations and profitability. Drawing up your business plans considering singular values will result in a very fragile business model that is susceptible to easy failure. Considering contingencies allows you to not only consider extremities but also allows you to mitigate higher risks. Contingency planning cushions any blows your business may receive.
When considering your small business, also look for the scope of scalability. Whilst it is good to have a business model that delivers consistent returns, it is also important to think about growth. Scaling your business may not be your short-term goal, but to ensure that there is no upper cap to your business, it is necessary to consider this aspect for the long term. A scalable business is one that only needs the initial push and can then grow through innovation and technology.
Running a small business is a matter of confidence and investment potential. Considering the above factors, you can plan your small business better!