Starting a business in the post-pandemic world might be a tall order. It is even more challenging for youth and students who are busy with their ongoing studies and responsibilities. Still, research has found that 72% of high school students want to start their own business at some point.
If you are planning to start a business in 2020, we have good news for you. No need to spend long and sleepless hours thinking about where to start, we have it covered for you. This article is based on an in-depth review of best practices, common pitfalls, and lessons learned to sum them up in a set of recommendations. Take a look at them and get the ball rolling!
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Table of Contents
Define your niche
First things first. You need to know the area of your focus and expertise. Don’t go a mile wide and an inch deep. Instead, carve out a segment where you have a competitive advantage. An area that motivates you, one that you know well.
When you do so, you’ll be able to offer a product or service that is different from the existing ones. You might as well choose to focus on the speed of quality of something that already exists.
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Market research
This is a no-brainer, but you should make a serious effort to study the market. Look at both supply and demand sides. Get a handle on what your competitors are already doing and offering.
What’s the market size? Are there any gaps in meeting customer demand? What’s your trump card entering the market? Get as many details as possible to answer these questions clearly. Quantify them and add price tags where relevant.
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Assess your knowledge gaps
Through the process, not only will you learn new things, but you will also see how much you still don’t know. Don’t turn a blind eye to your knowledge gaps and areas for improvement. This analysis might prove to be key to success in the future.
When too busy, seek help from professionals. Identify reliable and trustworthy online writing companies and order custom essays for sale to meet your academic requirements. You’ll end up saving time and effort, which you can devote to your business.
For businesses starting in specific niches, you may not have the knowledge on tasks such as marketing campaigns. For example, businesses starting in the healthcare industry will need different tactics from businesses offering B2C. It’s for this reason why it’s vital to enlist the help of the experts on healthcare marketing and advertising solutions. They will help you navigate the path of marketing success in your niche.
Your learning curve will be steep, especially in the beginning. Make a learning plan and stick to it.
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Business planning
You cannot start a success-oriented business without a proper business plan. The scale and scope of your business will determine the depth and length of your plan. There are a few reputable online sources with templates you can use for relatively simple ones.
You might also need to write business or investment proposals to access seed money for a startup or investment for expansion. Learn from professional authors and their experience in business and creative writing to improve your writing skills.
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Develop connections and build partnerships
Every business needs a wide range of contacts to be successful. Not all data is available online. Often, you learn the most valuable information through face-to-face contacts and informal chatting. Invest in relationships that will strengthen your business in the long run.
Remember that trust is often more important than your bottom line. While you shouldn’t mistrust anyone without grounds, put stock in the people who have already proven they can walk the talk.
Bottom Line
Starting a business is a challenge. Be prepared to do a lot of research and deliberation to be able to put together a realistic, measurable, and demand-driven business plan. Keep yourself informed of all important market developments. Identify and address your knowledge gaps while playing to your strengths.
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Andrew Mazur is a successful business consultant and experienced blogger. He has been consulting student start-ups for more than a decade. Andrew has also been posting online reviews of the top business opportunities for students. Get the most out of his business acumen and unconventional business approaches.
