Ram Tumuluri “Business Tips for New Entrepreneurs in 2021”
CEO Ram Tumuluri “If 2020 has taught us anything, it’s that even the best-laid plans can be derailed. Every business owner and professional was confronted with new obstacles, and while we all hope for a return to normalcy in 2021, it is far from assured. With this in mind, new entrepreneurs should do everything they can to plan for the worst-case scenario. Here are a few pointers to help you keep your business running smoothly in 2021 and beyond”.
“Every fresh entrepreneur’s goal should be to introduce their services to a fast-growing or an already developed market,” says Ram Tumuluri, well-established business strategy consultant.
Start a Business that Matches Your Personality
Certain personality types are better suited to specific business types. Some entrepreneurs have a clear idea of exactly what they want to do, but not everyone focuses on a specific business. If you’re thinking about starting a business but aren’t sure what to choose, use your personality as a guide. It might help to ask yourself; how can you contribute meaningfully to the world through your business? It’s also a good idea to get feedback from people who really know you about what they think your primary traits are. At the end of the day, whatever you choose, be prepared to take the necessary steps to learn the ins and outs of getting started.
Choose the Right Niche
Whether you launch a firm in a niche industry or a saturated market, it’s vital to set yourself apart from the competition in order to win over your audience. A business niche is a specialized or targeted segment of a larger market that companies can leverage to set themselves apart from their competitors. Entrepreneurs should look for a niche in their industry with unmet needs. To find your niche, follow this technique: Choose your target market, identify an unmet or underserved need, conduct market research, develop a business plan, and market your business to your target market.
While you should certainly do your homework when choosing a profitable niche business, it’s better to get started than to wait. This way, you can try out new ideas, get into the market faster, and learn from your successes and failures.
Focus on Profit Instead of Revenue
Most entrepreneurs are obsessed with revenue. But upon digging deeper, you’ll often find that profit is much more important than revenue. You may make $900,000 in revenue, but if your profit after eight months is only $10,000, was it really worth the work? And is that even sustainable? Probably not. Make the transition from focusing on revenue to focusing on profit. The more profit you make, the more money you can put back into your business, your staff, and your own success. You are paid last as an entrepreneur. Your initial beginning costs need to be paid first.
Create a Plan A and B (and maybe C)
According to recent Yelp figures, over 60% of businesses that closed during the epidemic have permanently closed their doors. To avoid a similar fate, you must be well-prepared with different plans to keep your business functioning. It’s tempting to believe that your business will return to normal once a vaccination is given, but this isn’t always the case.
Is there a shift in your consumer base as a result of the pandemic that could affect earnings in 2021 and beyond? Consider holding a brainstorming session with your team to discuss all of the possibilities for next year – no scenario is too far-fetched. Then talk about how you can deal with issues in a healthy and profitable manner. Even if 2021 is your best-case scenario, having multiple strategies ready to launch can save you time and money.