In the competitive world we live in today, a good idea for a business is not enough to become successful.
What can go wrong with a startup? Everything, if you’re complacent or lack the necessary business acumen to pull it off. This article focuses on seven action steps you can take to create a competitive business in 2021.
1. Find the Right Market to Target
Every fresh entrepreneur’s goal should be to introduce their services/ products to a fast-growing or an already developed market. In popular sectors, competition is big, which makes your job even tougher. You need to find a competitive advantage to stand out in a big crowd.
Right now, this includes three things:
- Service quality and innovation
- Right price point
- Excellent customer service
Naturally, your target audience will expect certain things from you to pick you from the crowd. You can only reach out to the right people if you research the market and learn what they want before creating your strategies. Gather all the information you can about your target audience and do your business plan based on these findings.
2. Get the Right People on Your Side
Great brands are built by teams, not individuals. Even if you are an owner and leader in a business, you need to understand that you’ll need people on your side. Whether they are employees, partners, managers, friends, or family – you need the right people on your side to build a business from the ground up.
Before you start your company, learn what you need to establish it in the industry. What experts do you need? Can you gather the information you need on your own or do you need research experts?
Can you do your business plan alone, or do you need a professional?
Consider everything from skilled workers, motivational leaders, training opportunities, salespeople and managers, accounting firms, marketing experts, and legal assistance.
You can be a true expert in the industry, but still, there will be things you will need help with. For example, do you know the difference between unilateral and bilateral contracts? These are frequently drafted by businesses, but unless you’ve practiced law, you won’t know a thing about them.
To learn more about these, you can check out this Rev’s guide to unilateral vs bilateral contracts. But, for anything else, you need to find a legal professional. As a business owner, you need to cover all legal grounds and have the necessary documentation to establish contractual obligations with different parties.
3. Create a Solution
Rather than considering what you’ll sell and how much you’ll earn, focus on what you can solve for your target market. This will make it easier for you to gain a better customer base. Putting yourself in your customers’ shoes will tell you exactly what to offer, how to offer it, and who to aim toward.
Your business should be a solution, not just a broad offer to whoever comes across it.
When people buy things, they usually do this because they need them. Call it an itch that needs scratching – most of your customers will have a problem that your company offers to solve. They are on the hunt for the solution, and if you offer it to them, they will pick your brand in an instance.
Here are the three things you should think about before you get started:
- What problems does your buyer persona need to be resolved?
- What kinds of problems can you solve and how?
- What benefits do people have from choosing your new business?
Learning about what this itch is for your target audience is your best strategy today. You can base all of your methods and advertising on providing a solution to a problem. In 2021, just make sure that your company is focused on solving something – and nothing else.
4. Take Care of Your Financing
Most fresh businesses these days are financed by the founders’ savings or bank loans. Creating a business these days is expensive, especially if you haven’t planned your expenses. If you go in this blindly, many unexpected expenses will show and stop you before you even get a chance to shine on the market.
Financing is significant when you start a business. Today, the expenses are endless. You need to pay employees, find a business place, hire marketing experts, lawyers, pay for advertising on social media, etc.
Therefore, make a particular, very detailed financial plan for your new company. Try and anticipate everything and leave room for some unaccounted expenses. Only when you are certain that you can cover your business costs until it starts making your money should you start this journey.
5. Think SEO
SEO has been trending for many years now. It’s evolving and becoming more and more important every year. If you are starting your business in 2021, this should be at the top of your list. Online presence is now crucial for most businesses and can help grow your company more than any other strategy.
SEO or Search Engine Organization is Google’s way of determining whether or not your site deserves to rank higher for queries entered into search engines. If your business has a poor online presence and low SEO, it won’t reach the target audience you created it for.
The time to research SEO strategies is today before you get started with your new business. Even when you do and things go well for you, you need to keep track of SEO’s latest trends. Algorithms and expectations change every day, so make sure to focus your strategy toward ranking higher in results.
6. Leverage the Power of Social Media
Did you know that nearly three-quarters of Americans use social media these days? Many people find the services and products they need on platforms like Facebook and Instagram, making social media a critical part of any modern business strategy.
This makes it essential for new companies to use social media to reach out and target a wider audience. This is a way to establish your brand, find new customers, turn interested parties into leads, and communicate with your buyer persona.
Some of the latest strategies for using social media for businesses include:
- Set objectives and goals specifically for social media channels
- Use social media to research your competition
- Find inspiration on different platforms
- Create a social media calendar that you’ll follow
- Schedule your presence across different channels
- Discover the right platforms/ posting time/ social media groups for your brand
7. Offer Amazing Customer Service Care
Customers have set high expectations in terms of customer care these days. Their expectations are on the rise and change constantly, which is why your support service should upgrade and follow the latest trends if you want your business to succeed.
Due to the global health crisis of 2020, customer support has become more important and valued than ever. Now business people must demonstrate that they care for customers, and provide them with the assistance they need professionally and promptly.
Compared to the past, when customer care was average at best, and people were okay with it, expectations are higher than ever. Most consumers expect companies to have a 24/7 support service. They are not willing to wait for a response if and when they have questions.
Poor customer service can kill your brand before you even get started on the market. Over 80% of customers leave a brand and share bad testimonials because they’ve experienced poor support service, even if they offered value products and services.
Even so, most companies these days don’t offer fast response and professional support care. As a new business person, you should use this as an advantage.
People who won’t get their answers and solutions fast from your competition will move on to contacting you. If you can provide them with brilliant support care, they are far more likely to choose you and spread word of mouth regarding your brand.
The Bottom Line
Starting a business from scratch today is challenging and tough. However, this should not push you away from the idea of becoming an entrepreneur.
On the opposite, it should give you more motivation and courage to beat your competition. With an excellent plan, the right people on your side, and a great idea, you can thrill in the years that follow – starting today. Good luck!