What makes 2021 the “Year of New Beginnings”?

The COVID-19 pandemic has accelerated digitalization across the globe.  It has become more comfortable and more accessible to start online businesses.  The consumption of online content is also higher than ever, with people either remaining at home and working remotely or both. Due to the coronavirus world-wide behavioral changes, internet growth is up 70 percent from 2019.

Here are three 2020 truths that will continue through 2021:

First, remote work will continue long after the pandemic is over. If you are holding onto a storefront, you may be able to shore it up by adding an e-commerce feature as part of your service delivery mechanism. Working in the cloud will be the new normal for years to come.

Social media will continue to become a primary way to reach customers in all demographic categories. Successful businesses will leverage these tools more on platforms like Instagram, Facebook, LinkedIn, and Twitter.

Freelancing is expanding. Traditional work models are falling by the wayside, as more entrepreneurial-minded workers choose to take their careers into their own hands by using the gig economy.

What are the ingredients for your success?

 

It would be best to have at least three ingredients to avoid failure, but these are not guarantees: a good idea, enough funding, and a way to find customers.

  1. Are you solving a problem?
    Great ideas usually either solve a real, significant problem or make life considerably more manageable. People need these products/services and are willing to pay. The year 2021 will produce a whole range of issues that will translate into entrepreneurial opportunities.
    Problems create opportunities, and 2021 will not be lacking in situations. It is no coincidence that companies like Uber or Airbnb were founded and thrived after the last financial crisis. They solved real problems at the right time.
  2. Will you be able to find funding?
    Venture capitalists and angel investors are still here and still having money to invest. It will undoubtedly become harder to raise funds in 2021 compared to 2019. The 2021 funding environment will favor outstanding founders.
    Many entrepreneurs use “bootstrapping,” which means financing your company by scraping together any personal funds you can find. “Bootstrapping” typically includes your savings account, credit cards, and any home equity lines you may have.
    We recommend using the money you have instead of borrowing or raising it as a great approach.  This approach can be beneficial because it means you will not have extensive loans and monthly payments that bog you down, especially if you run into snags along the way.
  3. Do you stand out from the crowd?
    How can you help your business stand out from the crowd? Does your company target a different audience than the competition, or do you offer outstanding customer service? Whatever it is, you need to build a compelling brand narrative that demonstrates what you have to offer.
    One of the best ways to help your startup stand out from the competition is by targeting underserved markets. You need to understand who your audience is before you take another step in the product development process.
  4. Are you providing value to your customers?
    Focus your business strategy for 2021 on your customers and customer-facing actions, such as adding to the value you deliver to them and how those actions assist with your revenue objectives.
    By offering more options for financial assistance, you could help your customers make their purchases. Examples include layaway, structured payment plan services, and other payment options that address smaller cash flows and decreased consumer confidence.
    You also have considerable time and opportunity to plan content and detail what your startup specializes into your customers and prospects. These tactics might not deliver immediate revenue, but it can effectively engage prospects now, so they are ready to buy later.

Conclusion

 

Startups beginning in 2021 will have the advantage of being built for a post-pandemic world from day one. The pandemic has accelerated technological adoption.

Your objective is to estimate the viability and feasibility of your idea, given your goals and resources. You may quickly realize that you may need to change execution strategy, market, or vision. Better know this sooner than later.

Plan! Adapt! Manage! Succeed!

AccuComp Enterprises has a track record of supporting and nurturing growth, in addition to keeping an eye on cash flow – the lifeblood of business.

Contact us at m.parces@accucompenterprises.com.

We are all in this together!

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