Business

What You Need to Start a Business in 2020


Starting a business in 2020 can be a daunting prospect, with many would-be entrepreneurs worried about the impact of the current coronavirus pandemic and the effect that this may have on global economics. However, there are still many opportunities for savvy entrepreneurs to make ends meet in 2020. Here are some of the top things that you will need in order to push your business to success in the next few years. 

  1. An In-Demand Niche 

The demand for different industries and products is changing all the time. It is important that you are able to develop a business plan that reflects the current global climate and the wants and needs of your consumers. You need to choose an in-demand niche that fills a gap in the market. For instance, services such as business consultants, translation agencies, digital marketing executives, and even cleaning services are becoming popular in 2020 due to the push toward digital mediums and the focus on health and safety in the workplace. You can find out what the current gaps in the market are by conducting market research. Market research can be carried out by reading industry journals, creating and distributing public surveys, and even looking at what your potential competition is offering. 

  1. Tech Knowledge and Qualifications

Technology has been vital to the majority of industries throughout the past few years, especially now that face-to-face contact has been impacted by the increased need for social distancing. However, many entrepreneurs are not as tech-savvy as they should be in order to help their company to thrive in these times. Whether you want to create a tech-based business, or simply want to upskill your company, it is important that you have the tech knowledge that you need in order to ensure that your business can keep up with the latest digital trends. In order to do this, you should consider taking a tech-based qualification. At Baylor University, they offer a Masters in Cyber Security online which can help you to incorporate tech into your business, and can even allow you to open a company that is based on the latest technological innovations.

  1. Emotional Intelligence and Other Trending Skills

Everyone knows that a professional level of both hard and soft skills are required in order to make their business a success. When you are starting up a business, you will always need skills such as communication, teamwork and problem-solving abilities. However, in 2020, there are other skills that are proving to be more and more popular with businesses’ across the globe as their focus starts to shift. These can help to make sure that your brand is able to stand on the same level as other companies in your sector, and will make sure that your business is operating at its optimum potential.

The top skills to improve for 2020 include emotional intelligence, as this can help you to connect and empathize with your employees more easily. This is of particular importance since there is now a lot more focus on mental health in the workplace than there has ever been before. Other skills that are proving to be popular in business leadership this year include resilience, research skills, and creativity, especially as more companies look for innovative ways to drive their companies forward. 

  1. Remote Working Infrastructure 

2020 has broken down everything that we know about the business world, including where we work. Instead of the majority of the workplace operating in an office or a factory on a 9-5 basis, due to necessity, many employees now work from home. However, with the current pandemic looking as if it will end no time soon, many business leaders are now considering the option of remote working in the future, even once the pandemic begins to recede. Then, in order to allow your business to continue to operate in the event of a further health emergency, and to keep up with the latest employment trends, your business will need to have the correct remote working infrastructure in order to attract top talent. This can be done by investing in the right applications, such as communication software, which can allow your team to share their work with each other from the comfort of their homes. You may also look at giving each employee a certain amount of money in order to invest in office gadgets for their home, allowing them to give their best work from any location. 

  1. A Flexible Business Plan

With the uncertainty that is currently overshadowing the business world, it is vital that you are able to create a flexible business plan in which you can adapt to any adverse circumstance that comes your way. For instance, you should include approximate figures for every eventuality and make sure that your plan includes a ‘plan B’ in case there is an issue with your original idea and forecasts. You should then make sure that you review this business plan on a regular basis to make sure that it is still in-line with the current global situation, and to adapt it to the updated needs of your business.

  1. The Right Investors

Every business needs funding, and this is more important than ever in 2020, when funding is becoming increasingly hard to get hold of. Then, you need to make sure that you are able to attract the right investors to your company. Some of the best ways to do this in the current climate are to contact potentially interested parties on networking forums or professional social media websites, such as LinkedIn.

You should also make sure that you harness your existing network of contacts. You may also consider scrapping your search for an investor, and instead working to find a partner who can bring both their funds and their business knowledge to your new brand. This can help you to grow your company much quicker than if you decided to start up your company alone. For an alternative source of funding, you could also choose to run a crowdfunding campaign, which can help you to raise funds from the general public instead.