So you’ve decided to start a business in 2022? First of all congratulations on your decision. There’s a lot that goes into running a business and you will surely need as much help as possible if you want to get things right. We have some tips here, for those planning to start businesses in 2022.
Validate the idea
The first tip would be to validate the idea. While the most important validation is a customer it doesn’t stop there. 1 to 10 customers are great as a start but make sure there is a broad market. Understand that there is nothing wrong with a niche business, it’s great if that’s what you want. Just don’t go into a business overestimating the size of the market you are working with.
Identify your value proposition
Value is a keyword in business and you will come across it many times. Your value proposition is in simple terms what the customer gets from choosing you. Knowing your value proposition is key to your marketing and messaging. If you’re a low-cost option it won’t help you much with customers who believe money is no object.
Understand the customers
Speaking of value you must get clear on what exactly value is. To put in the simplest terms value is whatever the customer says it is. This means you have to get to know the customer and what matters to them. This will inform you where to focus your offering.
It is, perhaps ironic, that great success is more often achieved by intensely focusing on a few things than trying to master many. A jack of all trades is after all a master of none. Success is mastery so allow yourself to focus on key areas that make a big difference.
Online not negotiable
What happened in 2020 with the coronavirus pandemic was to say this unexpected but it shocked even places where business seemed reluctant to join the rest of the world online into finally doing it. Granted eCommerce has not had problems because of lack of popularity but rather poor support services. In 2022 being available online and selling online are just not negotiable. Build this into your business from day one.
Be prepared to pivot
When the coronavirus stopped the world initial optimistic estimates were that it would be around for 6-8 months. Pessimistic estimates were around 18 months. We are now 22 months into the pandemic being on the African continent and in an unexpected 4th wave in many countries. Sometimes you may be encouraged to change, sometimes you may be forced. Be prepared to change.
Don’t be afraid to be yourself
When it comes to picking a brand voice or tone it’s important to consider the market and the customers. While many people immediately think of being as formal as possible to the point of being stiff that may not always be the best idea. Even in markets where formality is the norm, it may be better to just be yourself and create a brand voice that matches with what people will get when dealing with you.
Never stop learning
I was in conversation with a client who has a complex product that required a lot of reading into an area we both knew little about. I remarked, “being in business is learning about a lot of things that have nothing to do with you”. Perhaps I exaggerated but business is all about learning many disciplines and bringing them together. Fortunately, it is easier to learn than it has ever been with so many options available.
Finally, we must remember that simple is effective. This is not discouraging you from presenting the most flamboyant product or business but rather reminding you that even the most complicated setups have their simple success paths. This isn’t just about product design. It’s about your processes, communication with clients and more.
It felt a bit self-serving to include this as a business tip but you should also really consider subscribing to Startupbiz as we are all about business ideas and business tips. We will be with you in 2022 and beyond.