The start of a new year presents an opportunity to set new goals and achieve new things. Perhaps you’ve decided that 2022 is the year that you run your first marathon. Or maybe it’s the year that you go on that trip around Australia you’ve been planning for years. Or maybe, you’ve resolved to make 2022 the year that you finally start your own business.
Anyone can come up with a great business idea, but it’s setting those ideas and plans into motion that’s the tricky part. If you’ve been sitting on a great business concept throughout the pandemic, our advice is to act on it.
There’s no time like the present, so make 2022 the year that you turn your vision into reality. Here are our 5 top tips for successfully launching a business this year.
1 Identify your niche
Entrepreneurship isn’t necessarily about inventing something completely new. Some of the best examples of entrepreneurship can be found in instances where someone has identified a gap in an existing market or improved upon an existing concept.
Searching for gaps in an existing market is a great way to brainstorm new business ideas and to also assess the viability of your ideas. It’s also how you identify your niche market.
So, what is a niche market and how exactly do you identify your niche? Simply put, a niche market is a segment of a wider market that can be differentiated by its own set of needs and preferences. For example, within the market for handbags is the niche market for vegan handbags; and within the market for food products is the niche market for gluten-free food products. Finding a niche market to launch and grow your business in is a powerful way to harness an existing market for your business’ gain.
Identifying your niche is simpler than it sounds. Ask yourself, “What problem does my business seek to solve?” and “Who’s buying my product/services?”. This is where doing some market research and taking the time to write a business plan will come in handy. Not only will it force you to dig deep and get specific about exactly what your business is, it will also make you think about how you’ll position your business in the wider market.
2 Lean into the world of digital
The pandemic has expedited the digitisation of many industries. Lockdown forced us into our homes and created environments in which online spaces became the places we worked, entertained, shopped, and even socialised. For small businesses, this transformative global shift to digital domains has created countless opportunities to leverage the power of digital as a means of reaching new audiences and building new communities.
Although we’re on the path to recovery, it’s clear that some things have changed for good. Our reliance on online networks, for example, will likely be here to stay for years to come. That’s why ensuring your business is able to cater for home-based lifestyles and new digital habits is a smart move. Leaning into digital tools will mean that your business can stand up to the sweeping societal shifts that have made waves around the world.
3 Find a mentor
The truth is, starting a business is scary. Fear, uncertainty, and doubt are common emotions that many business owners experience in the early days of launching their business. That’s why finding a mentor early on in your business journey can be one of the most valuable things you can do for yourself and your business.
Having a mentor can be hugely advantageous. A mentor will be able to share with you the mistakes they’ve made and the lessons they’ve learned along the way, which can provide you with some highly valuable perspective and guidance. Of course, having a mentor won’t completely safeguard you from making your own share of mistakes (this is just an inevitable reality of owning a business!), but taking on the advice and wisdom from someone who has walked in your shoes can be a huge help in steering you in the right direction and keeping you on course.
Sir Richard Branson, the founder of Virgin Group, has long been a proponent of mentoring. Drawing on his own experiences as a young entrepreneur, Sir Branson says, “It’s always good to have a helping hand at the start. I wouldn’t have gotten anywhere in the airline industry without the mentorship of Sir Freddie Laker.”
So, if you’re starting a business in 2022, reach out to other successful business owners in your industry and ask if they’d be able to meet for a coffee sometime. You might be surprised to find out how willing many people are to lend a helping hand to those starting out in their industry.
4 Be adaptable
The ‘COVID-pivot’ is a manoeuvre that every business owner has become very familiar with over the last two years. The pandemic has forced many small business owners to adapt their operations to changing circumstances, oftentimes at a moment’s notice. Over the last 2 years, ‘pivoting’ has become a survival mechanism for businesses around the world.
Approaching your business with an open, adaptable, and optimistic mindset will allow you to rise to the occasion in times where others may give up. Staying nimble, agile, and open to change will be key drivers to your business’s ultimate success in this day and age. In addition to this, the willingness to adapt your core business operations to meet new needs and gaps is a great way to foster innovation and creativity.
5 Get your finances in order
Cash flow mismanagement continues to be one of the main reasons why small businesses fail. That’s why it’s essential for any small business owner to have a high level of financial literacy. Equipping yourself with a solid understanding of your business’s costs, expenses, and profit margins will be essential for the short-term (and long-term) success of your business.
Insufficient capital is another common reason why small businesses close. Depending on what type of business you’re looking at launching, you may need to secure some funding to get it off the ground. If your cost forecasts for year 1 end up being higher than what you can pay out of pocket, you should be looking at applying for small business finance options and loans.
Starting a new business can be scary, but it can also be incredibly exciting and rewarding. As the world begins to open up in the aftermath of COVID-19, now is the best time to share your visions with the world. If you’ve been thinking of starting your own business, but want the support of an existing national brand behind you, get in touch with us today about how you can own your very own Jim’s franchise.
We have regional franchisor opportunities and some pre-loved franchises available Australia-wide.
Select from the drop-down box what division you are interested, and one of our team will call you to discuss the options available for you.
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