If you’re on the fence about launching a start-up company or side hustle in the wake of the COVID-19 pandemic, you’re not alone. There are many risks involved and uncertainties about the future are inevitable—like economic shifts and companies failing.
But these reasons could be the very opportunities that makes you successful in your venture. The reason is simple — it’s anyone’s game right now. According to a study conducted by The Harris Poll, more than 24% of Americans (61.1 million people!) plan to start a side hustle in 2021.
Businesses are re-thinking the ways in which they operate, from adapting new business models and technology solutions, to working remotely and redefining what it means to stay ahead in the industry—opening up gaps in the market for you to grow and thrive.
The global pandemic has accelerated the shift towards a more digital world, impacting the way people use e-commerce. In other words, online shopping has hit an all-time high.
Now is the perfect time to scope out consumer behavior trends and create problem-solving products or services that meet your target customer’s needs.
Whether you’re in the process of turning a side hustle into a full-time job or feel like now is the right time to launch your idea, here are some first steps you can take to position your dream venture up for success.
Find your niche
Knowing what differentiates you in the industry from your competitors is key if you want to win over potential customers. But first you must identify who they are.
Find an area in the market that best suits you, look for a gap, and fill it.
To do this, you’ll need to understand your target customer’s needs, goals, and expectations. Look for any unmet or underserved needs and just go from there!
Create a business plan for your start-up
A solid business plan is crucial. It’s the practical framework that maps out the direction of your company.
Your product or service should offer a solution for the pain points your target customers’ experience.
Once you’ve defined who your customers are, you can shift gears to find out exactly what product or service you’ll provide and the need it will meet.
From there, you can determine price-models, pitch to investors, and get the funding you need to back up your venture.
It doesn’t happen that fast or easy, but you get the point!
(Read our How to write a business plan article for an easy-to-use business plan template.)
Get creative with marketing strategies
Take up space wherever you can but be intentional about it. Just as the product or service you offer is niche, your marketing strategy should be focused as well.
Say you want to launch an online sustainable toy company for babies.
To maximize your brand awareness, it’s not always enough to just post targeted ads on social media—especially if you want to keep your edge.
Try putting yourself out there where more of the people who are likely to be interested in your products will find you. Advertise your company on a well-known mom blog, or appear on podcasts dedicated to environmental sustainability.
The ball is in your court, you just have to make the right moves.
Are you ready to take the leap?
These unprecedented times have greatly shifted the meaning of work for us all. But it also created gaps in the market. These are perfect windows of opportunities for entrepreneurs like you.
If you are ready to turn your big idea into a growing, thriving business, you have our support. We believe in you!
Don’t miss our upcoming Sage Advice blog post “Top 5 benefits of launching a start-up business in 2021.”
Read more advice to help you Boss Your Business:
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