Launching A Startup In 2021? Here’s What To Do First

If 2020 has taught us anything, it's that some things are out of our control. The world is changing and at a fast pace, which is obligating us to adapt to a new lifestyle and look for new opportunities. If you're contemplating launching a startup this year, do these four things first.

• Plan​

Writing a business plan is a crucial part of starting a business. It helps to ascertain the viability and feasibility of a company before too much time and money is invested. Saying you're going to start a business isn't enough; it's always easier said than done. What you have to do is sit down and write out a pan. What type of business do you want to mount? How much capital do you want to invest in it? Is your business going to thrive amidst the pandemic? Make plans for unforeseen changes too. A business plan not only provides strategies on how to start your business, but it also gives an insight into what approaches to take, what resources you'll need to start the business, among others. Failing to plan is planning to fail. 
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• Determine the type of business 

What business do you want to venture into? If you're confused about the kind of business to start, you could write out a list of things you're passionate about whether it is the manufacturing, beauty, or construction industry. But above all, your business should aim to tackle problems or solve the consumer's needs. To determine the type of business, conduct a market study. This will reveal if there's a ready and potential market for your business and your existing competitors on the market. In the US alone, small businesses make up 99.7% of businesses, according to the US Small Business Administration Office of Advocacy. Conducting a market study could help you find a competitive advantage for your business.

•  Assess your finances

Planning a business and determining the type of business are just ideas, which are worthless unless paired with execution. Nobody would care about your business as much as you would. So, how much do you consider your startup business to be worth? How much do you intend to invest as capital?  How do you intend to acquire the stipulated capital; by yourself or by borrowing from a bank? You don't need huge sums to begin a business. You could start with something small. Remember, Rome wasn't built in a day. From your plan, you should have a fair idea of how much you'll need as a startup cost. It's a good idea to overestimate your startup cost, perform a break-even analysis, and consider available funding options just in case.

• Create and design an easy to use website

The E-commerce rate has risen over more than 30% in the wake of COVID-19, we live in times where consumers prefer to purchase by clicking. 2021 is the best year to start an online business like freelance writing, coaching, graphic design, delivery business, and the list goes on. You want to create an easy to navigate website which makes buying easy. Consider making your site mobile friendly as well. Nobody has time to grab a laptop just to assess your site. Think of convenience to the consumer when creating your website. Online content consumption is higher than ever; take advantage of it!

There are clearly more steps that need to be done but getting these first crucial items covered will get you well on your way to having that new business idea turned into a reality.