6 Things Your Startup Absolutely Needs to Succeed in 2020
by Mashum Mollah Startups 24 August 2020
2020 has brought some difficult times for the business environment. The ongoing global pandemic, followed by the lockdown restrictions and the reluctance of customers to go out shopping, has messed with the finances of many companies around the world. In fact, according to Business Insider, it seems that the Coronavirus pandemic has triggered the possibility of a “startup depression,” which refers to the phenomenon when new companies don’t enter the job market due to the pandemic.
So, right now, the business environment may not be the most favorable. Yet, whether or not you succeed also depends on how well you prepare for launching your startup.
Now, you may have the greatest business idea ever that would sell even in a not-so-friendly business environment. Yet, if you lack a few things that make your startup to be adjusted to today’s customers’ needs and requirements, your startup may be doomed to fail.
Here are six things that your startup should ABSOLUTELY have to succeed in 2020:
1. A great location
Even without an ongoing pandemic happening, having a great business location is vital to attract customers. Yet, in 2020, a good location is twice more important to cater to customers’ changing needs.
But what does a good location mean in 2020? Well, it pretty much means the same thing it did before the pandemic: a location that has exposure and is easily accessible.
These days, as authorities warn us that the virus spreads really quickly in crowded places, customers avoid going shopping in big places that can get crowded quickly. Yet, they also avoid traveling too far for shopping and instead prefer buying the things they need from shops that are in their surroundings.
So, in the current context, an excellent location means a place with good exposure and is located in an area with high traffic.
2. Great employees
It’s no secret that offering an outstanding customer experience is imperative these days. With so many brand and product choices out there, customers no longer stick to a business they had a bad customer experience because they obviously can find similar products at many other brands.
Now, one of the most essential elements in offering great customer experience is a team of great employees. Your employees will be the intermediaries between your customers and your business. So, you may want to attract the best talent out there to work in your startup.
Building a well-organized team of skilled and dedicated employees is critical for the life of your startup. It helps you get your business closer to its key objectives and also ensures that you have happy customers at the end of the day.
3. Technology
Technology is no longer just for big corporations. It’s also for startups.
The power of technology in helping startups in their development isn’t a secret anymore. Technology can help soothe every business process, including customer service, marketing, accounting, supply, and even HR. So, integrating technology into your startup is absolutely imperative.
Now, as a startup, you may not need the most innovative software or AI, but you and your employees will need devices such as smartphones, laptops, or tablets. Yet, you may also not have the budget to invest that much in it when you’re just starting out.
The good news is that you can get, say smartphones for your employees, with lease cell phone no credit check options. Same with laptops and tablets. And, once your startup starts making solid revenue, you’ll be able to afford to invest in more, and it will also make more sense to do it.
4. A solid online presence
These days, if you Google business and you can’t find anything about it online, does it even exist? Data shows that 81% of customers research a company or a product online before making a purchase. So, if you’re not anywhere to be found online, you won’t sell that much.
Moreover, having a solid online presence is twice more important than it was before the pandemic. As brick-and-mortar shops have been closed and customers avoid going outside their homes to avoid getting the virus, online sales grew by nearly 50% at the pandemic’s peak.
Now, whether or not this change from offline to online shopping is bad highly depends on your business. If you don’t offer customers the opportunity to find your products or services online, you won’t be happy with this change. Yet, if you have a solid online presence and customers can see your brand’s name anywhere they spend their time online, your sales will surge in no time.
What do you need to have a strong online presence? A robust online marketing strategy that includes all types of tactics, such as social media marketing, paid ads, SEO, influencer marketing, and blog posts.
5. A clean budget
The ongoing global pandemic has messed the finances of all businesses worldwide in a way or another. So, the business environment is more fragile than ever before. Now, this isn’t something that should scare you and stop you from joining the game but rather a great lesson that you should learn right from the beginning.
Not paying attention to the budget is a lesson that most new business owners make. But in today’s uncertain financial times, you simply can’t afford this because even the smallest mistake can doom your business’s success.
So, have a super detailed budget even before you spend a single penny. And, most importantly, don’t forget to save some of your profit for “bad days” as most businesses are experiencing due to the COVID-19 pandemic.
6. Flexibility
In times when everything is changing, from customer preferences and needs to the way people shop, and the ways businesses promote their products or services, your startup needs to be flexible. And, by being flexible, we mean having the ability to adjust to any market change or trend.
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