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Starting a Small Business in 2020? Here’s Everything You Need to Know

Starting a Small Business in 2020? Here’s Everything You Need to Know

Every new beginning is an opportunity for us to grow as people and develop some new skills, make new contacts. And as with anything else, diving into the unknown can be scary and challenging. But everything starts with an idea, and all the rewards of the process will be worth the obstacles on the way. This is especially the case if you’re planning to open your own business. Being an entrepreneur and at the same time, your own boss has many advantages, only if done properly. Conducting a thorough research of the market, writing a business plan and finding employees are just some of the things you’ll need to deal with. We’ll try to help you organize your tasks and provide guidelines for starting a business!

SWOT 

This a priority and a 101 in any kind of an investment, because you must have an objective approach. And what does the acronym mean? The answer is – Strengths, Weaknesses, Opportunities and Threats. Creating a detailed list of these will help you develop principles and methods according to your needs, and furthermore prevent any unnecessary issues. Having a great idea also implies being subjective, and you may even have to change it in order to adapt to your market. The readiness is all! 

Finding your strengths will define the type of leader you will be. When it comes to weaknesses, the list will clarify further needs for people you’ll engage in the project. Being aware of opportunities can be related to financial benefits, the newest trends or simply great a price for the office space. Having the data regarding possible threats will help you deal with problems before they even occur, or at least be prepared in case they happen. Which may save your business! The biggest factor in doing this analysis is the fact you’ll need to get brutally honest, primarily with yourself. Understand that being enthusiastic is the very reason you need to lower the ball. Especially if you’re considering investing a large amount, or all of your savings! Having a third party opinion is always helpful, so don’t be shy and ask for advice!

Let’s get real

Depending on the service or product you wish to offer, try to create a certain target group. This step is something that will later reflect on many other aspects of your company, for example, your marketing strategy. Knowing who you’re dealing with can only be an upper hand on your side. Also, it is quite important when writing a business plan. In this stage, you’ll refine your idea and start your journey. This is when things get real. Developing your mission and vision goals, finding perfect pricing and marketing strategies, it can be overwhelming for people who’ve never dealt with such heavy decisions. 

Having a concise business plan is the most important aspect of your presentation if you plan to find investors for funding! Explore the options from sole ownership, LLCs and corporation and think about the pros and cons of each. Your chosen structure will heavily impact all the later requirements, especially finance wise! If accounting isn’t one of your main strengths, immediately hire a professional in this area! You can prevent many legal issues by doing so, and have them deal with your tax depreciation report, among other necessary financial reports. Laws and regulations are updating and changing, and outsourcing these matters will leave you focused on what you’re good at!

Branding

You are starting from scratch and the options are limitless, so try creating a branding image that is unique. Registering your business name can seem a menial task, but bear in mind this is what people will know you for. Try finding a solution that can make a great logo, because your advertising will largely depend on it. People like committing to brands, so again, your only focus should be your target group. In 2020. it’s mostly all about digital marketing, so buy a domain and create a website for your business in order to promote it. Use social media for your advantage and boost your advertisements on the most popular platforms. Invest in a proper marketing agency to help you become visible on the market and reach your goal!

Conclusion

Being your own boss and having flexible working hours can reduce stress in your life. If you believe in your idea, make others believe in you by doing it one step at a time. Surround yourself with a trustworthy team, and divide responsibilities so everyone can focus on their task. Evaluate your business and yourself along the way, and you’ll be able to create economic self-sufficiency by doing something you love! 

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