How to Start a New Business in 2021

There is never a perfect time to start a business, only right now. With that being said, you don’t want to go into a new venture blind. Some may have the luxury of being able to figure things out as they go along, but if you are hoping to take your business on full-time, you will want to be prepared.

Yes, you can start a business with minimal upfront costs and adapt as you go, but in these business types, you are often handling your business as a side hustle. Taking that business, or starting a new business from scratch that you intend to take on full-time, is another matter entirely.

It needs dedication, research, and planning, but if you start today, you can be ready to launch a great new business in 2021. All you need is to follow this guide to get yourself started:

Create a Business Plan

Take the time now to create a comprehensive and effective business plan. While business plans themselves are often just a few pages, those few pages are a summary of hard work and research. Before you start your business, you will need to know a few key facts that will help you separate your business from your competitors.

Know Your Niche

You must operate in a niche when you first start out, just because this is what will give you the greatest chance to build a community and stand out from competitors when you first start out. You can build yourself into a more general business in your industry later on but start with a niche. It is the best strategy for new businesses.

Build a Sustainable Business Model

Though you should work out ways to be sustainable in environmental terms, for now the biggest concern you have is to make sure your business model can sustain itself. As 2020 has proven, it is foolish to rely on just one business model or revenue stream. Diversify, so you have multiple channels to connect with customers.

Start a small boutique, for example, and your base revenue stream will be from in-store sales. Diversify this by offering online shopping, and then consider services you can offer as well. You can have a repair, upcycle, or alterations service on-site. You can work with local fashion designers and sell or rent their creations through your store.

Diversifying in this way makes you unique, and it helps you spread out and increase your revenue. You won’t be so reliant on just one means of making money, and therefore can weather future storms more readily.

Understand the Market

You must understand the market. This means the overall industry, its trends, and consumer reports. You must also understand the demographic and values of those who live and work in the area that you are hoping to open in. If you operate solely online, then demographic information and a key understanding of your customers is even more important. Online customers have to find you and shop with you, over millions of other online brands. There is no way to just set up a great store-front and attract people passing by into your store. You need to fight for attention when solely online.

Secure Financing

Once you have a smart, sound business plan, you will then need to secure the funding necessary to start building it. Commercial finance advisors are the perfect way to do this if you need a substantial startup or need help securing the best possible lease or loan financing. They work to connect you with the best rates and best options for your goals so that you won’t get caught in a bad deal. Your business deserves to start on the right foot, and that means a great financing option.

Finding Your Office or Store Location

If you are operating out of a physical location, you will want to find the perfect spot. Get in touch with local real estate agents in the neighborhood you want to open up a store in and explore all of your options if you are looking for office space. When you are just starting out, renting out office space from a co-operative office is often much cheaper, as you only rent desk space and enjoy additional benefits as part of your membership, rather than pay for the full rent.

Building an Online Presence

If you have a physical store, you will want to also use this time to dress it up and make it look picture perfect. A great looking store is part of visual merchandising, and that is how you get people off the street and in your store.

Online the process is similar. You need to craft great looking social profiles so that you can attract customers online. Aim for a soft sale approach with your website and social media, so aim to get emails and contact details so you can really work to build a repeat customer base.

Building Hype Before Your Launch

Launch events are great ways to gain attention. If you have a physical store, then have a launch party and sale, and get in touch with all local influencers and news to let them know of your event. You will be thrilled to know what kind of coverage you can get from these hyper-local options, as they are always aiming to help their followers know the best, newest things to do in the area.

Staggered Launch Dates

Don’t feel like you have to have absolutely everything up and running. You will have a base business model. Only that needs to be perfected by the time you want to launch. Not only will staggering the rest of the features you want to add to your business give you more time to perfect and set them up, but it will also keep your business relevant. Open up a small boutique, and then launch your upcycle and repair service, and then launch the designer collections for rent or sale, for example. This keeps customers interested and invested and gives you the ability to keep improving on your business, even if these additional features were always in the pipeline.