If you have an idea for a small business, the time to get started is now.
This might sound surprising. After all, economic uncertainty seems to have become the new normal. Many businesses have struggled and even closed over the last several years.
However, many new ones have also sprung up. That is just how things work in the world of business. Old things close and new things start up all the time.
Don’t let the natural state of things deter you from getting started building your dream!
So, why now? And how can you get started this year?
Let’s take a look.
Waiting For The “Perfect Time” To Start A Small Business Is A Trap
Of course, every business is different. Some see a gap in a market and create something strategically to fill it.
One great example of this is the local Philadelphia startup Vitable, which brings health insurance to hourly workers.
In this sense, if you see a gap in a market, and work to fill it quickly, then that is really the only “perfect time.”
The truth is that global events are always happening, the economy is always changing, and life moves on. If you have a business already fully thought out but are waiting on the “perfect time” to get started, you might wait for years.
You might never start at all.
If you have an idea, whatever capital you need to get started, and a plan, then the time is now.
Embrace Post-Pandemic Changes
While many businesses and industries did take a hit due to the pandemic, others have thrived. Things are rarely so black and white. Where there is struggle there is also opportunity!
For example, mobile gaming has boomed over the last few years. As well, with increased social media use globally, many small businesses were able to leverage TikTok marketing for success.
One example of this is Bruce Graybill, the founder of Sider’s Woodcrafting. His luck changed completely thanks to a viral TikTok. He told Digiday:
“We had a video go insanely viral at a time when I was thinking of closing my business down. Financially it wasn’t making sense anymore. Then we had that video go viral on TikTok and we had increased traffic to our website by 4,000%. We sold everything we had on our website in 24 hours.”
Sider’s Woodcrafting saw more than $30,000 in sales from TikTok alone.
Know Your Niche
Who wants what you are offering? Why do they want it? How can you make sure that they know about it?
And, the most important question to ask is “how has the pandemic changed their needs and wants?”
Instead of looking at the pandemic as an insurmountable obstacle, look at it as another factor to consider.
While it has harmed some businesses, it has also created new gaps in the market and new niches. It has changed some things in ways that can actually benefit a small business.
They key is taking a realistic look at the changing landscape and knowing where exactly your business falls in it, and how you can best participate and profit.
Some Important Changes To Note On The Environment When You Start A Small Business
It is an interesting time to be in business. One big shift is that a lot of public resentment has built up against corporations over the course of the pandemic.
As corporate profits soar and the general quality of life of most Americans degrades, many feel that these companies are succeeding at their expense.
Social media and internet access have made it easier than ever for people to learn about the histories of corporations as well as many of the people behind and attached to them.
Consumers are very aware of things that they weren’t before too. They know about the negative environmental impacts of fast fashion giants. The cruelty with which Amazon treats its warehouse employees is now basically common knowledge too.
In fact, Amazon burns through US employees on average in about 8 months due to mistreatment.
Some sources even reported in the past that Amazon management was starting to worry that it would run out of people to employ, as the company is so vast and turnover is so high.
Many people are looking for ways that they can invest in local enterprises and spend more ethically in some ways. For many with disposable income, shopping small and sustainably is becoming a status symbol in it’s own right.
Many People Want to Buy From Small and Local Businesses
Due to many things like this, many people have realized the importance of shopping more ethically.
People want to shop locally and buy from independent makers and entrepreneurs. They want to not only buy products and services but connect with real people and make a positive impact.
They want their money to support humans, and not just corporations that they feel exploit the earth and people. This is a large part of why things like veganism, slow fashion, and ‘green’ products have soared in popularity.
The global vegan food market alone is projected to grow from $26.16 billion in 2021 to $61.35 billion in 2028. Many vegans are motivated by ethical and environmental concerns.
People are thinking more about how they shop and where the products come from than ever before.
Strategic Social Media Use Can Change Everything For Your Small Business
Love it or hate it, probably the most powerful tool you have as an entrepreneur is social media.
Some people say things like “I run a coffee shop, what do I have to be on Instagram for?” Or “I am a painter, not a Youtuber. I hate social media. I don’t want to do it.”
If you are a hobbyist, you can throw your phone into the ocean if you want. However, if you want people to buy your art or come to your cafe, a social media presence is key.
Opting out would be like someone in the Victorian Times refusing to advertise in the newspaper because they don’t like reading it, personally.
Avoid these three big common traps to skyrocket to social media success:
- If you are starting from zero, don’t try to be on every platform at once. If you have limited time and resources, start with only one platform, but make sure it’s one where customers hang out.
- A lot of businesses will post endless content, but never interact with anyone. This is the digital equivalent of talking to yourself in the street. While you want to post regularly, spend more time interacting and less time just posting. Search out relevant hashtags and virtual networking groups and get involved.
- Don’t count on going viral. While it can happen, you are more likely to find sustainable success through building a community over time than a single viral post.
Final Thoughts on How to Start a Small Business in 2024
Ultimately, being able to look at the shifting landscape with a clear head and adapt is the key to success. This goes for all businesses. Whether we are talking about a small business or an international corporation.
If a person or organization cannot assess market changes and respond, it is unlikely that their venture will succeed.
Ultimately, the current landscape presents a lot of challenges but also some powerful opportunities. If you have a vision, believe in your business, and are ready to make connections, you can make it happen right now.
Remember, good business mostly comes down to good relationships. Even if technology and consumer desires change, this will never change.
Seek out not only virtual connections but in-person ones. In many cities and towns, there are local networking groups and events where you can make important in-person connections.
If you are truly passionate about getting your small business off the ground, you can make it happen!
Tell us what kind of venture you are starting below.
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