5 Tips to Start a Successful Business in 2020

Entering a new decade has always been considered a fresh start - be it a new first number in our age, or the world moving forward.

Along with these great opportunities up front, challenges also arise. Will the 20s be as good as the 10s? How will we perform? Is the change going to make us better, or vice versa?

This article is all about trends that have been set in the previous years, but are about to take over business in the near future.

Online presence - it’s a must

Corporations are well-known for their early adoption of new technology. They seem to have been the first ones to embrace social media, and reaped huge benefits out of it. However, it is time for local stores and service providers to step ahead and go online (if they haven’t yet). 

Building a good social profile is not going to take much time but having an experienced employee in that area might increase chances to become successful. The Internet of 2020 is all about expertise and delivery - the ones who could teach others their craft, and do it for them will get more recognized.

Business collaboration - an opportunity no one could miss out on

Age of fierce competition is long gone. Companies are now trying to combine efforts, in order to maximize their potential. Who could predict Renault will supply Mercedes with their fuel and emission-efficient diesel engine? 

Connecting with potential partners has become as crucial as ever. LinkedIn is already a place worth a regular check-in. Mutual interests have surpassed rivalry which is a good sign not only for the business environment, but for society as well.

Range of products/services - the more, the better

This is a topic that might get quite controversial. On one hand, staying in a niche is the best thing a company could do - get better, and optimize the workflow. However, today’s market is extremely dynamic. Efficiently utilizing the talent pool would enable a business organization to extend the variety of offerings, drive more revenue, and most importantly - reach an exponential growth.

That might sound easy on the surface but identifying professional capabilities will be extremely challenging. People tend to overestimate their skills, and underestimate results. If the process goes well however, a company might end up as a clear winner - employees will be rewarded for their effort, and business owners might become more profitable.

Brand power - everything comes down to customer experience

No matter the size of a company, every single entrepreneur should aim for the best long-term investment - creating a strong brand. It imposes a risk early on, as lack of recognition is a bit demoralizing. As time goes by, the brand equity will slowly but surely increase the net revenue and allow the company to go on to the next level.

Nevertheless, a brand does not solely rely on its product quality - maintaining an impeccable reputation is a hard task to achieve. Many business people find it hard to swallow their ego and offer retail abusers an opportunity to do what they excel at. But at the end of the day, sacrificing a small profit margin is nothing compared to the benefits that brand image could give in return .

Software usage

Business environment changes daily and being able to keep up with the current requirements might be a turbulent experience. Good news is that software solutions have become extremely affordable. Their application is now considered critical to operations. Measuring efficiency with advanced analytic tools has slowly become a rule in business and anyone who doesn’t stick by it has a significant chance to fall short in product (service) delivery.

Summary: 

Running a profitable business in the 20s will be a challenge. Everyone is aiming for a place in the sun. Although many core values have not changed much, online presence and brand equity have become the new evergreen trends. And as much as we all like software, the whole decade will be defined with one hashtag - #together. Time of solo rides has expired, partnerships are taking over. Let’s get it going!