Starting a Business in 2020 – Is it possible?
The answer is yes! Moore is not only a business coach, but the author and creator of Side Hustle Made Simple. Moore advises that now is the best time to get your business started, despite the economy experiencing an inevitable downfall.
‘The Side Hustle’ is otherwise known as being about doing it on your own terms and getting paid for it. Using Moore’s simple model, here are the three simple steps you should take before you kickstart your business idea:
- Create a business plan
- Carry out a competitor analysis
- Add a virtual or digital component
And most importantly, don’t forget to tell your family and friends! Making sure that all of your contacts and social media outlets are updated and aware of your new business venture is vital in order to reach and grow your target audience.
Why start a business?
According to previous research, it was found that those who are self employed tend to experience higher levels of satisfaction and wellbeing. You are your own boss, which means you get to choose your own hours and holidays. What’s more is you can get stuck into something that you are passionate about.
Starting a business during a worldwide pandemic
Although it may seem daunting or farfetched to think about successfully starting your own business venture right now. On the contrary, it’s actually quite the opposite!
Moore, an expert at doing it on her own terms, has identified that it couldn’t be an easier time to make the move, as she says “this pause that our universe is having at the moment is making us consider what we really want in the future. Most of us want independence and the freedom and perks that come with owning a business.”
Since the COVID-19 outbreak, we no longer can use the typical excuse of “I don’t have time”. Whether you are working from home or spending time with your family on furlough, some of us have some extra time to start that “side hustle” you’ve been thinking about.
How do I get started?
Firstly, you need to ask yourself some important questions:
- What skills or knowledge do I already have?
- Is there a market for this?
- Are other people selling it? And where?
- Are people spending money on it?
There is nothing wrong with some healthy competition. It actually means that customers are already willing to spend money on the concept. Moore says “You don’t want to create something brand new where you need to educate a whole marketplace. You want to release something that people already understand and something they’re already spending money on.”
Next Move: It’s time to create your business plan. This must be detailed with considerations to financing, business structure, industry research and a marketing plan.
It is important to also conduct an in-depth competitor analysis. This highlights the current state of the industry you will be operating in and determines any opportunities for future growth. Is there anything missing? Is there something you could do differently that would give you a competitive advantage?
Go digital. Now, more than ever, businesses need to have an online platform to reach their audience and increase business development. The closure of physical stores across the country has forced local businesses to digitally transform during lockdown. It’s a well known fact that to be successful in running a business, you need to be able to adapt to your customer’s wants and needs. Online services, ecommerce, delivery and virtual experiences have become the new normal.
Have you participated in a virtual experience over the last few months? It could be a live pilates class on Facebook, a virtual appointment with the doctors via Zoom or cooking lessons through Youtube. Furthermore, Moore says having a digital component is valuable to building relationships with your customers and you should consider selling your services or products online.
Food for Thought
Get yourself a website. To sell your product or service you will need to launch a website which showcases what you have to offer. If you think of this as your virtual storefront, you will be able to set up your offerings, payment options and business operations such as shipping, order fulfillment and customer service in one place. It is actually cheaper than purchasing a physical store! Especially if the fear of a second wave becomes a reality whereby an outdoor shopping experience will once again close.
Launching an ecommerce store enables you to connect with your audience and provide a seamless customer journey. When thinking about a website, it may be worth considering talking to a website design agency.
What’s your target audience? Moore advises that you should put your customer base at the forefront of your focus. Be confident. Make it known what you do even if you have already broadcasted it all over social media. Here are some marketing strategies you can use to grow your audience:
- Email Marketing (but avoid spamming!)
- Paid Socials
- Blogs and blog posts
- Organic SEO
- Promotions, discounts and special offers
- Recommend a Friend
- Loyalty programmes and rewards
- Competitions or giveaways
So is now the right time to take action?
Take the Leap! If you keep putting it off, it will never happen. If you are looking for some inspiration, there is a selection of global brands that have managed to succeed in starting their business off during a recession such as Burger King, FedEx and Microsoft. Here are the reasons why:
- Motivation comes from necessity
- Loans are more available
- There is a gap in the market for talent
- Less competition
- You have the power to negotiate
Take it from Moore, as her most influential piece of advice is that “the people with the best ideas, even if they’re the most talented, if they don’t act, they never get the results that they want,” she says. “Nothing replaces action.”