They say there is nothing the market hates more than uncertainty; take it away, and commodities, stocks, futures, crypto, and everything else go brrr.
Despite all our big hopes for 2022, the great resignation, slow pandemic recovery, supply chain issues, and the escalating war in Ukraine, 2022 is already getting choked with uncertainty.
And anyone looking to pursue their dreams of starting a solid business this year needs to understand that the key to success lies in adapting to the times at hand.
So today, we’d be showing you some powerful tips that are often ignored but can help you start a successful business in 2022.
Starting Business in 2022
1. Plan Ahead, Plan for the Future
It isn’t enough to just come up with a tremendous money-making plan and just run with it. No ‘battle plan’ survives the first few minutes of a real battle.
Your business’s success lies in knowing when and how to adapt and refine your ideas to your current reality.
And to do that, you’d need to do your best and deconstruct your big ideas into smaller, realistic, and workable chunks.
Yes, you’ll make mistakes, and some of your smaller plans will fail. But don’t let that bother you. Instead, learn from your mistakes and failed projects because that’s the best way to improve your subsequent attempts.
Overall, don’t stifle your business’s growth by limiting yourself. Even if you intend to start a small business, your exceptional service may provide you with the opportunity to reach a global audience.
2. Know What Help is Available
Funding your startup isn’t going to be easy. If not handled well, it can cripple your business long before it’s introduced to the market.
Every potential founder must understand that it’s crucial to find out if any government or institution, whether local or international, can help support your business during these trying times.
In the U.S., the Chamber of Commerce Foundation runs the Save Small Business Funds dedicated to assisting small businesses and awarding grants to struggling startups.
But they aren’t the only ones. They’re several institutions with similar goals of helping small businesses; all you have to do is find them. For example in the Gambia, you Gambia Chamber of Commerce & Industry, Youth Empowerment Project and of course, you learn more about business on the Business in Gambia blog too.
3. Get a Mentor
Getting a mentor is super important. Leveraging the experience of others who have gone ahead of you is an excellent way to avoid making costly mistakes that can ruin your business. Their guidance and advice can help you resolve difficult situations with ease.
But here’s the challenge. Successful people are usually very busy people, and it’s hard—if not impossible—to have them sit with you for a ‘mentorship’ session.
Thankfully, with the rise of podcast platforms, interviews, paid courses, and books, it’s easier to get business advice from your favourite mentors, even if they’re a world away.
4. Network! Network! Network!
Meeting other entrepreneurs trying to build their businesses is a great way to get inspired, share experiences, and build connections. Your network can be local or online.
Social media platforms like Twitter, Clubhouse, LinkedIn, Facebook, and Slack provide this opportunity for you to build your network on a global level.
The relationships you build from your network can be priceless. Not to mention that networking with your audience and customers can provide the much-needed feedback your project needs to get to the next level.
5. Don’t Underestimate the Power of Your Business Name
Here’s a fact. Your brand’s image is essential. Customers will not remember your business for what it did for them, but for how it made them feel. Your business’s products and services should evoke a unique favourable taste in the minds of your customers. Never underestimate the power of your brand because it can make or mar your business.
And when it comes to building a powerful brand that can do your business, getting your brand a powerful name is the single most significant way to influence how customers see your business.
A well-thought-out brand name will improve your marketing advantages and give your brand a sense of unique purpose and memorable identity. Every entrepreneur must devote time to discovering the best brand name ideas for their businesses.
Do Your Research
When it comes to business, getting more knowledge is always an advantage. Your focus should be on understanding your customers, competitors, and the critical elements in your industry that can directly or indirectly influence your success.
About the author
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients such as Nestle, Dell, Nuskin, and AutoNation.