The world has become a very different place in the last couple of years. If your new year’s resolution is to finally get your business up and running in 2022, you may be wondering how to go about it. After all, it seems like a lot of conventional business wisdom has gone out the window. Here are some tips for businesses that are just starting up.
Have a great digital marketing strategy
People spent more time in their homes than ever in 2020, and even in 2021, a lot of us didn’t venture out unless completely necessary. This meant that more decisions than ever were made using online influences, and so going forward, digital marketing is going to be more important than ever to your brand.
How can you make the best possible decisions when it comes to digital marketing? The best thing to do is consult with the experts. Speak to King Kong digital marketing in the UK who can discuss what you want to achieve and help you find the best ways to do so. Digital marketing isn’t just about setting up a Facebook page or putting some keywords on your site, it needs to be an overall strategy where all parts work together. A professional digital marketing agency will help you make the most out of your budget too.
Learn more about your customer
If you’ve thought about opening a business for a while, you may have a certain customer in mind, and that idea might not have changed much over the years. But it’s important to have up to date research on customer behaviour that’s relevant in 2022. Customer spending habits have changed a lot, so the customer you may think you’re targeting might not be the one you should be chasing at this point.
You can identify your core customer base by looking at details such as:
- The demographic of people who use your products and services
- How you’ll be selling – if it’s something in-person, you are limited by who lives nearby
- Who might benefit from your services and products
- Who’ll have the spare cash to spend
Once you’ve done this research, you’ll have a much better idea of who you want to market to, which can help you with a strategy and ensuring you have the right plans in place.
Think about the post-COVID world
Realistically, none of us have an idea when COVID will end, but it is important to plan for a post-COVID world. You can prepare your business for post-COVID success by thinking about what will change about the world. This will vary a lot from industry to industry. For example, while hospitality may re-open, it’s likely that it’ll take quite a hit and that people will use these services differently. A lot of restaurants have started offering takeaways or meal boxes, so that people who’ve adapted to more of a stay-at-home lifestyle can enjoy their food.
You may also want to think of how peoples’ finances might be impacted. If you offer something that’s a little frivolous, and might be seen as unnecessary by people, then it may be something they’re cutting back on. As an example, hairdressers and beauticians have often seen their profits hit. Even though they’ve been able to reopen after lockdowns, people are spending less on themselves in general, which means fewer potential customers.
See what the competition is doing
Even if you think you have a unique business idea, you are likely to have competition. You need to know what your competitors are doing and whether it’s something that you need to do too. While you don’t want to copy them exactly, it’s important to know that you are keeping up with them and aren’t going to be left behind.
Learn more about setting up a business
Many countries have changed their requirements for setting up a business, so if your research is out of date, this is another area where you might need to refresh your knowledge. Learn more about setting up a business, and make sure you know exactly what you need for legal purposes and more. In most areas you’ll need to register to pay taxes and perhaps get a business licence before you begin trading, even if you’re just doing something as a side hustle.
Consider your options
When you do your research, you may find that you need to make changes to your plan. If there’s one thing that COVID has taught us, it’s that you need to be flexible and adaptable. Therefore, if you think something isn’t going to work, you should consider making other plans. Even if that means potentially doing something you weren’t planning on doing in the past, it’s worth it, as it gives you a better chance of success.
Have a financial safety net
Another important thing to keep in mind is that, even if your country is pretty much back to normal now, things can change in the future. It’s worth thinking about having a financial safety net that can help you during tough times. For some business owners, this is having some money stashed away. Others start their business as a side hustle, so they’ve still got a salary coming in, until they’re sure that the business can be self-sustaining. Of course, what you do is really your own choice. If you’re unsure of the best financial options, consider consulting a financial advisor who can lay out the numbers and give you advice. This is worth investing in before you make any choices.
Starting a business in 2022 is likely to be a risky venture, but of course, it always is a risk. You may be wondering, when is the perfect time to take the plunge? And the answer is, there is no perfect time. The only thing you can really do is make sure you are well-prepared and have everything planned to give you the best possible chance of success, and to seek advice wherever possible to get you where you want to be.