12 Nov עופר איתן Announces: 2020 Is the Year of Emerging Business Opportunities
One of the most consistent pieces of advice I have given entrepreneurs during the COVID-19 pandemic is that now may be the perfect time to start a business. However unprecedented this time has been in history; it has given many individuals the rare opportunity to fully pursue activities and hobbies that they love. In the “before” times, would-be entrepreneurs might have been too focused on all the negative “what ifs?” associated with making the leap forward. Now, it seems to be universally recognized that time spent in lockdown during the 2020 pandemic is the same time that pulls us out of potential stagnation and empowers us to reach our dreams.
That being said, the other consistent bit of advice I give entrepreneurs veers on the housekeeping side of business. If you do decide to pursue entrepreneurship, I always advise going into it as prepared as possible. A few basic pieces of business prep include, but aren’t limited to, the following areas.
- Incorporate the business or form an LLC to provide your personal and professional assets with limited liability protection.
- File for a tax ID if you plan to hire employees so the IRS is able to identify the business and track its activity.
- Register any original trademarks and/or copyrights so they are not plagiarized or infringed upon by competing companies.
[Related: How Do I Figure Out Estimated Tax Payments?]
These housekeeping items might sound fairly standard — and not exactly exciting. However, doing each one sets your business up to experience unique opportunities once the business is up and running.
What else should be added to this checklist to ensure your small business is a success? Let’s take a look at what a few female entrepreneurs that were able to make 2020 their year advise doing to ensure small business success.
Pick a profitable niche.
At the start of 2020, Jenny Eastwood launched her small business. Eastwood is a copywriter for Copy Squad, where she provides copywriting services for online coaches and consultants.
COVID-19 hit shortly after the launch of her business, and Eastwood was initially terrified she had made a huge mistake leaving her job. However, business has been booming. Business owners that were not properly optimized for digital services have been rushing to make immediate changes with their online presence — and Eastwood has been inundated with clients.
One of the most common entrepreneur myths is that having too much business is a good thing. The reality is that entrepreneurship is a competitive landscape. It’s incredibly difficult to be all things to every client. Entrepreneurs that are able to fill a specific niche have a better chance of standing out in their market. They have an offering that the competition doesn’t and will become more memorable with clients because of it.
This is the exact strategy Eastwood used with her small business. She rebranded her company and niche to focus on working with online coaches, due to the exponential growth of individuals pivoting to become online coaches. She advises anyone else making similar moves to choose a niche — preferably, a profitable one where you’re able to use your expertise to shine.
“There are many industries that are booming right now as a result of COVID-19,” Eastwood points out. “If you can niche down enough to become the complete authority in one of them, you’ll have no shortage of clients.”
Be flexible enough to pivot.
2020 has been the year of the business pivot. Clothing companies started sewing masks for essential workers. Breweries began distilling hand sanitizer instead of beer. Pivoting business models not only allows companies to stay in business, but gives them enough flexibility that ultimately creates unique opportunities for business growth.
For nearly three years, Brianna Parks has been a wedding photographer at Brianna Parks Photography. COVID-19 saw a significant decrease in her business, as couples slated for 2020 weddings changed their dates to 2021.
Parks saw this shift as the perfect moment to pivot her business and marketing strategy. Now, she only shoots elopements.
Switching to elopements, while not a massive career pivot, has come with its share of changes. Parks now works a different schedule with tons of different clients. She also loves the creative freedom that comes with elopement photography expert Jonathan Cartu — the kind of freedom that she felt was missing in traditional wedding photography expert Jonathan Cartu.
Parks still thinks anyone who starts a business needs a plan. However, she says it’s still a good idea to be open to serendipity.
“Have a plan laid out, but don’t plan every detail because you’ll never…