5 Things to Know About Starting a Business in 2020

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Each year, millions of people take the plunge to start their own businesses. It is an especially exciting time for small business owners to join the entrepreneurial world right now. New technology and emerging trends in food, fashion, culture all reflect a growing atmosphere of inclusiveness.

The most successful business owners understand these trends. The following five strategies can ensure that new business owners are able to provide the products and service their customers are looking for.

#1. Select a Business Model

There are two basic approaches to starting a business — building a company or entrepreneurial venture from the ground up, or working with an established company. Both methods are valid. However, many new business owners appreciate having the support of an established business structure such as Amway.

Making the final determination requires prospective business owners to make an honest assessment about their resources and how they prefer to operate. Asking questions like “How much does professional photography equipment cost?” “What credentials are needed to become an English as a Second Language teacher?” “What is required to become a fast food franchisee?” or “How does Amway work?” can make it easier to decide which approach to choose for a new business.

#2. Decide between Full-Time and Part-Time

Many entrepreneurs jump into their ventures full-time, whether they are lucky enough to have abundant capital or are bootstrapping their businesses by maxing out credit cards. While this approach is exciting, it is also extremely risky. Taking a part-time approach to starting a new company while maintaining a regular job allows new business owners the luxury of time to build their business with less financial stress, which can be an important consideration if other family members are involved.

#3. Dot the I’s and Cross the T’s

Many locations require licenses for all businesses, even those that are home based. New business owners should determine if such licensing requirements apply to them. Choosing a record keeping system is also crucial. While it’s possible to get by with paper and pencil, many software programs include components that make it easier to maintain banking records, invoices and other important administrative functions. Setting up a workspace — even in a home office — is important for maintaining a sense of order. Finally, even for solo ventures, creating at least a minimal business plan is a wise strategy.

#4. Get the Word Out

No matter how good a product or service is, business success won’t happen without customers or clients. New business owners should determine who their target customers are and the best way to reach them. Developing an “avatar” of an ideal customer, including target age, gender, shopping habits, etc. can help determine which marketing strategies will be effective.

While old school marketing strategies like flyers and direct mail still exist, a lot of marketing in the 21s Century is conducted online through internet ads and social media. This is especially true for targeting younger customers.

#5. Offer a Personal Approach

Each person is unique. And while that may be a cliché, it’s important for new business owners to take advantage of their individuality in promoting their companies. They shouldn’t be afraid to share their personal stories — in an appropriate manner. It’s also important to let prospects know that they believe in the products or services they offer and use them.

Make 2020 a Year for Success!

As the start of a new decade, 2020 represents an outstanding opportunity to start a new business. Whether part-time or full-time, built from the ground up or working within an established framework, starting a new business provides an exciting opportunity to pursue a passion while making money doing it!

5 Things to Know About Starting a Business in 2020

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