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11 Things You Should Know About Starting A Business in 2020
Starting a business in 2020 is possibly one of the bravest things that a wannabe entrepreneur can do. Many businesses have spent the last few months trying to claw their way back from the brink due to the pandemic, but that hasn’t stopped people from wanting to follow their dreams and build a business of their own – if anything, it has made them more determined to do something about their dreams.
If this sounds like you and you have a dream that you want to pursue, read on for 11 things you should know about starting a business in 2020:
- Having An Additional Source of Income Will Ease The Burden
If you rely on just one source of income, you’re going to be pretty desperate for your business to work. Desperation could lead to silly mistakes – and what if it takes a while to become successful? Having other sources of income available can help to ease that burden and ensure you’re able to keep going without stress. Many entrepreneurs work towards financial freedom by having multiple sources of income. It can take a while to set one up, whether you look into drop shipping or another way to make money – so get started.
- Cut Down Your Expenses
Identify loopholes in your spending patterns and make sure you work hard to cut down on your expenses. Put a focus on keeping as much money as you can, without stunting your businesses growth. Having an accurate budget and spending plan is key as you’re just starting out. Know your numbers like the back of your hand and make sure you stay up to date.
- Learn A New Skill
Entrepreneurs should consistently work on building new skills. This ensures they are as effective as possible at the helm of their business, and that should anything happen, they have options to fall back on. Make sure your goal is to keep on learning and that you never get complacent with what you know.
- Network and Build Meaningful Relationships
One of the most effective things you can do in business is build meaningful relationships. Build relationships with your audience, team, and suppliers. Not only will this help you to strengthen your reputation and branding, it’ll help you to put out a higher quality of work and keep your audience happy.
Building strong relationships with suppliers is especially important when starting out. This way, you’ll get better service and could even get a better deal. Finding rare supplies, like a flanged ball valve can be tough without the right suppliers – so don’t underestimate the importance of keeping them once you’ve found them.
- Work Smart
Working hard is fine, but it’s much better to work smart. Working smarter means knowing what works for you and your team. It doesn’t mean making sure you’re busy from 9-5, because busy doesn’t mean productive. Working smarter could mean taking naps in the workplace, allowing flexible working, and so on. Make sure your business is modern in its approach.
- Be Generous
Don’t be too precious about what you know and who you share it with. Wealth tends to come more readily to those who are generous. Give discounts, provide loyalty cards, and give away freebies. This is how you keep people wanting to come back to your business and how you build a great reputation.
- Spend More Time Doing
It’s so easy to spend all of your time researching and end up giving yourself analysis paralysis because you end up too scared to do anything. The key is to spend less time researching and more time doing. Clarity will never come to you by learning more. It comes from jumping in and using your instincts. You need to put yourself out there even if you’re not 100% sure what you’re doing!
- Block Out Distractions
Distractions are always vying for our attention in 2020. Block out the distractions, including your phone, social media, and email notifications. It can be tough to stay focused when there’s so much going on, so consider setting a 25 minute timer and going hard on a task. Don’t do anything that could pull you away from the task. Get it done, and then you can take a break. Do this a couple of times a day and you will experience success!
- Become a Brilliant Marketer
You have to spend time marketing or you won’t make any money! Devoting time to becoming a brilliant marketer is key if you want to be successful. Marketing doesn’t mean being pushy – you can find a way of doing it that suits you. Just don’t kid yourself that you can get by without it!
- Figure Out Your True Why
Many entrepreneurs put off finding out what their true why is. Knowing your real why will help you to move forward on the days you’re questioning whether this is a good choice for you. Do you want to create a better future for your family? Do you want to live a life aligned with your values? Do you want freedom and fulfillment? Make sure you figure it out! The key is to go as deep as possible when asking yourself this question. Why do you want to provide value? Saying you want to provide value alone isn’t the reason! Your job here is to peel back the layers and find what is at the very core of it all. This should help you in moments where you doubt yourself. It can help you to feel more motivated in no time at all.
- You Don’t Have To Hire
In 2020, hiring isn’t the first thing people think of when they need an extra set of hands. They think of getting freelancers in or contractors. This helps them to get the work done without bringing a permanent team member on board and potentially struggling to keep them. When it is time to hire, make sure you hire people in alignment with your businesses values.
Starting a business in 2020 is possible – good luck.