4 Tips for Starting a Small Business in 2021
What do you need to do to start a business? There are dozens of websites (ours included) with simple checklists for you to follow to get started quickly and efficiently.
Unfortunately, you don’t succeed in business just by completing a list of tasks. It takes a ton of hard work and dedication to succeed as a small business owner.
Before starting a small business, you should know that the industry was hit hard by the global health crisis. According to the latest small business statistics, nearly one-third of small businesses in the U.S. are no longer in business. Many small business owners and managers were forced to adapt as a result of the COVID-19 pandemic. Today, investments in contactless payment have helped businesses to gain the upper hand on the virus by limiting staff-employee interactions.
If you’re starting a small business during these uncertain times, there are a few things that you can do to help situate yourself for rapid and sustained success.
4 Simple Tips for Starting a Small Business in 2021
As an industry-leading point of sale (POS) system provider, we recommend investing in a POS system right from the start. In fact, investing in an all-in-one POS system is single-handedly the most important thing that you can do for your growing business.
Beyond investing in a powerful small business retail POS system, here is a list of simple tips that you can follow to launch a successful small business this year.
1. Develop a Solid Business Plan
The biggest mistake that you can make as a new business owner is assuming that a lot of people will want to buy your product or service. Just because you know one or two people who expressed some interest in your product or service doesn’t mean that the masses will. For this reason, it’s important to develop a solid business plan.
There are several elements of an effective business plan, including:
- Business concept
- Financial features
- Financial requirements
- Business position
- Major achievements
“The business description usually begins with a short description of the industry,” recommends Entrepreneur’s Elements of a Business Plan. “When describing the industry, discuss the present outlook as well as future possibilities.”
In this way, you can accurately describe and forecast the growth trajectory of your small business. Additionally, it will help you to describe and identify your target market.
2. Research Your Competitors
There’s an old saying that goes, “keep your friends close and your enemies closer.” This is especially true when it comes to starting a small business. Before launching your business, we recommend investigating and researching your competition.
The benefits of a competitive analysis are indispensable. From identifying market gaps and trends to analyzing competitors’ marketing strategies, a routine competitive analysis will give you all the insider intelligence needed to outpace your competition.
3. Embrace Digital Marketing
It goes without saying that a digital marketing strategy is a must-have for small businesses. Today, more and more business owners and managers are doubling down on their investments in digital marketing, especially in light of the COVID-19 crisis.
To the uninitiated, creating a digital marketing program might feel like a massive undertaking. Fortunately, there are a handful of great marketing resources to help you create a powerful and results-driven marketing campaign that your customers will love.
To kickstart your next digital marketing campaign, consider the following tools:
Related: 5 Marketing Resources for New Business Owners
4. Invest in the Right POS System
The success of your small business depends on your ability to start ringing in sales. For this reason, investing in the right POS system is paramount. Before making your selection, we recommend prioritizing vendors that deliver best-in-class POS register system features, including inventory management tools, hotkey features, customer loyalty features, label and barcode printing, and advanced security features.
POS Nation’s powerful small business retail POS system comes with all the features you need in a POS system and nothing that you don’t. In this way, you can get started quickly without having to page through supporting documentation. It only takes a few minutes to get started – it’s that easy!
Get Started With POS Nation
Are you ready to get started? Today, thousands of small businesses are powered by POS Nation. In fact, Lebanon Wine & Spirits leverages POS Nation’s powerful liquor store POS system to manage inventory and create customized sales promotions.
“When I opened the beer store, I was looking for a system that was easy to learn and implement, but would also grow with us as the business grew,” said Owner Mike Ryan. “After a lot of research, I came across POS Nation. The more we got into the system, the more we realized what a great investment it was.”
To find out if POS Nation is right for your business, we recommend completing our simple system builder below. In minutes, you’ll have everything you need to make an informed decision for your business!