Independent Owner/Entrepreneur of Sylvan Learning Center of Murrieta. Ensuring the educational success in Murrieta, California.
The year 2020 came with its own share of problems. If there is one thing to learn from living through pandemics and lockdowns, it’s that a lot can change in a year. Many entrepreneurs started last January with high hopes and expectations for their businesses. However, many of those expectations went downhill as the year progressed. As with human nature, life moves on no matter what, so even though we were stuck at home for most of 2020, many businesses found ways to stay afloat.
As we move forward in this new year, entrepreneurs are looking to strategize and many are looking to start a new business. However, as always with a new business, uncertainties about the future are inevitable, but even more so with the recent events of 2020. Many are not putting too much hope into the year ahead, even with news of a vaccine’s arrival. Contrary to popular belief, 2021 could be a perfect year for starting your company. Here’s why:
Many companies that started 2020 on a good note have shut down due to the pandemic. Others that managed to stay afloat are just now restrategizing. This leaves a huge gap in the market and many opportunities for startups to thrive. Entrepreneurs tend to start businesses when the economy is buoyant and flourishing, and few will consider 2021 the year to launch a business as the world is just picking itself up after a pandemic that impacted most economies negatively. For entrepreneurs, having fewer competitors means one less thing to worry about.
Access To Consumers
More than ever before, consumers are glued to their devices and online consumption is at an all-time high. E-commerce has shot up by nearly 40% since the pandemic started in 2020. Consumers now prefer to order in whatever goods or services they can to protect themselves from exposure to the coronavirus. Many offices are closed and more people now work from home than ever before and are making more use of online tools.
Following trends in consumer behavior and purchasing habits and how they have changed will help a lot of new businesses develop this year. If your business can go online in 2021 and focus on solutions to consumer problems, it will be well-positioned to reach its target audience.
You Are Ready
If there is one thing most of us had an abundance of in 2020, it was time. As we spent more time at home, many individuals leaning toward starting a business have been able to devote time to conducting research for their new business or even develop and equip themselves for their future companies.
Starting a company is hard. A lot of time has to be put into planning and executing a launch. Last year afforded many new entrepreneurs the time to get things in order to launch in 2021. Proper planning with the right strategy is sure to make any business succeed, even if it is during a pandemic.
Your Pick Of Talent
The pandemic took a lot of people out of their jobs, whether they had to resign or were let go, as demands for safety within certain sectors and positions suddenly went downhill. This means that there are a lot of experienced individuals currently out of work. As you set out to hire for your new business, there will be a larger pool of more experienced workers who are potential employees of your new company. You can hire them to help build your business. Moreover, your competition may be low, which means you may be in a position to recruit the best talent at affordable rates.
Access To Funding
Uncertainties about the future caused a number of investors to pause or withdraw their investments from entrepreneurs early in the pandemic. Of those who kept their assets locked securely for the better part of 2020, many are ready to invest again and get returns on investment. Moreover, as there are fewer entrepreneurs willing to test the waters in 2021, this again means less competition — here, it’s for funds from angel investors. As long as you have a solid strategy in place, getting funding to back up your business may not be as hard as you think it is.
Customers Are Waiting
Prospective entrepreneurs may be hesitant to start a new business this year because they feel the customer base will be poor. Well, yes, the world is going through a pandemic that has impacted many individuals’ spending habits. Keep in mind that in any business, the first year is not usually a bed of roses, even if it doesn’t take place during a pandemic. You’d still need to put in the work regardless. However, you may find it easier in 2021 as there are already customers who need your product or services.
The most important thing is to start with brand awareness and steadily build up a strong customer base. Many customers have been displaced, either because the companies they are loyal to shut down or because they have been temporarily closed due to the lockdown. You just need to identify potential leads that need your products and services, build a relationship with them and watch those leads turn into paying customers.
In conclusion, as we enter into the year 2021, there is bound to be a lot of uncertainty after the way 2020 turned out. The ripple effects of the events of last year will still be felt for years to come, and it’s normal to feel as though the new year is not an ideal time to start a new business. However, you may already have all the resources you need for your business to succeed, and despite the pandemic, you can start a thriving company in 2021.