5 Tips to Start a Successful Business in 2022

Written by Executive Workspace
Over the last year, Americans have been quitting their jobs and starting new businesses like never before. A record 4.5 million people exited the workforce in November 2021, according to the Bureau of Labor Statistics, and new business applications hit a record 5.4 million in 2021, according to the U.S. Census Bureau.

Whether you're starting a new business or hoping to pivot an existing one, here are a few tips to keep in mind
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Tip 1: Know your customer

You need to have a deep understanding, deep empathy for the people you are serving or that are buying from you. Understand who your customers are, what they do, how did they hear about you, and what is the most important why they choose you over your competitors. Try with a simple question to any of your customers – “What do you love most about my business?”

Tip 2: Find Your Niche

The pandemic affected everyone and there are many new gaps appearing in the market. That gives space for new small businesses to prosper. A new small business can create value in niche markets that larger companies don’t serve, create a steady stream of revenue, and establish a more loyal audience. At the end of the day, you’ll be more focused on doing what you love, and a small niche allows you to do that.

Tip 3: Become an expert

Over the last few years, consumers have made a shift in their buying behavior, showing that they want to buy from companies that are specialized and who are passionate about their products. So you can charge more because of your expertise. There are many sites and blogs that provide educational content for free so it’s a good opportunity for you to gain your skills first and then promote your expertise.

Tip 4: Network, Network, Network

You should use a combo of traditional and online networking. In-person meetings and events are still important but you should give more attention to online networking. Start with creating business accounts in social media platforms, including LinkedIn, Twitter, and Facebook.

Tip 5: Seize the right moment

If you want to get a small business loan, interest rates have remained low and the fed doesn’t plan to increase them in the next few years. Also, many lenders are offering refinancing options, which could help you save even more money. With more money in your pocket, this could be your opportunity to use the extra cash flow and invest in your business. The cost of failure is so low right now that if you try something and it doesn’t work, it’s OK to try something else. This is the best time to start a business, maybe ever.

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