Is 2020-2021 a good time to start a business for a first-time entrepreneur?
Yes! Undoubtedly a year’s time, such as 2020-2021, is a reasonable time for a beginner entrepreneur to launch a business. Since I am an active member of many offline and online entrepreneurial groups, during this pandemic period, I have gotten more questions from entrepreneurs than ever about finally getting started. Let’s get into more details on what to expect, as well as how to improve your chances of success.
It’s undeniable that COVID-19 has turned the world upside down. By stating that, I don’t intend to discourage anyone. The point here is, an entrepreneur is the type of person who experiences life usually in an inverse relationship with the general consumer economy. What I mean by that is, when everybody’s doing great, that’s usually when entrepreneur life is kind of boring, and there’s nothing new or interesting getting discovered. Whereas, in times like these, where most people are in a loss-avoiding mentality, those few entrepreneurs who look for ways to gain more and grow their business will find virtually zero competition.. There has been a sharp increase in the number of queries I have received for entrepreneurial consultations in the last few months, in almost every type of online business you could imagine, so now is a good time to jump in, before the wave starts to crash back down to normal because it inevitably will.
Moving on, I would like to share a few tips to launch a business in 2021 and have it be in black and contributing to your life financially well before the turn of 2022:
1) Clearly decide what you want to do. For instance, if it’s an online business, are you going to sell a digital product, or are you going to be dealing with inventory in some way, or maybe you want to offer services or specialty knowledge through consulting. Laser focus at first. Sell one thing and then experiment in every possible way you can to sell it better. Resist the urge to expand your product line or complicate your business before it’s actually making you money.
2) Decide your goals, both the short-term and long-term. Set simple, realistic short-term goals, and then shift your long-term goal to something bigger than the first thing you came up with. We usually need some time to figure out what our real dream life scenario is, and it takes a while to un-learn the lamer ideas that we adopted to sound more realistic. For instance, instead of “Making $1000 per month passively with my business” as your end-of-year goal, 10X that to $10,000 a month. Hey, with the right business model, it’s more than possible.
3) Accept that you are either going to have to figure out (or pay someone to figure out) certain internet marketing concepts, like blogging, affiliate marketing, eCommerce stores, etc.
Well, I have a plethora of tips and suggestions for distinct topics like that, but, I am not sure what exactly you’re looking for, so I should wrap this up.
Lastly, if you’d like a book you can read to sort of prime your thinking before the year is up and get you started on the right foot, I’d recommend the 4-Hour Work Week (4HWW) Based on your question, I think it might be helpful to you in your current position as a new entrepreneur. If you are interested, you can read its review on my website.
In conclusion, really, my ideal time to start a business is right now, regardless of the current times, with the caveat that you take it seriously and properly research the market.
Feel free to reply if you need clarification.