Top Tips for Starting a New Business in 2020

If you have plans to start a business, then you may have been deterred by the pandemic. While this is understandable, you might find that 2020 could actually be a smart time to start a new business, provided you keep the pandemic and global impact in mind.

The landscape will be quite different even once the threat of the virus has passed, meaning that businesses will need to adapt if they are to succeed. Luckily being a new business, it will be easier to set your practices with the new reality in mind, rather than adapt old methods of conducting your business.  With this in mind, here are a few tips for starting a business this year which could help you to succeed. 

Cater to the Post-Pandemic Marketplace 

First, you need to think about what life will be like in the near and far future and find a business idea that will suit this marketplace. Certain industries have thrived during the pandemic, including those that provide online services, products which can help with daily life during the pandemic and those that can provide a contact-free experience for their customers. 

Reach Out to Investors

Another reason that 2020 could be a smart year to start a business is that investors are looking for different ways to invest, due to low interest rates and the stock market being acutely unpredictable. Therefore, a smart idea that is backed up by a detailed business plan outlining how you will find success in the post-pandemic world could entice an investor.

Use Product Formulation Specialists

If you are looking to sell a product to consumers, you will find it best to use new product formulation specialists. People will not waste money buying inferior quality products and can get turned off a brand quickly. A formulation specialist will be able to turn your idea into a high-quality product,  whether it is a personal care product, household item, or pharmaceutical. 

Embrace Digital 

The businesses that have managed to succeed during the pandemic, and will continue to succeed, are the ones that have embraced digital. Offering an online service, having a high-quality website and social media presence and using digital marketing to increase visibility online are all vital to success in today’s day and age so you must make sure that your business has fully embraced the digital age.

Remote Working

Leading on from this, remote working has become the new normal in 2020 and you will find that it actually brings many benefits to both the business and employees. For startups, remote working is advantageous because you could go without a central office and expand your search geographically when recruiting talent.

With so much uncertainty surrounding the coming weeks, months and even years due to COVID-19 and the lasting impact, now might not seem to be the best time to start a new business but this is not strictly true. It could actually be an intelligent time to start a business as you could lay the foundation for success in a post-pandemic marketplace.