In 2021, 75.5 million people quit their jobs in what's become known as the Great Resignation, says Forbes. Some people left work due to health concerns around COVID-19, others fled their bad managers, but a record number of Americans decided to start their own small business. According to a study from the Economic Innovation Group, 2021 saw over 1.4 million applications filed to start new businesses.
While the past two years have brought about great uncertainty, and 2022 will undoubtedly bring unforeseen challenges, the U.S. Chamber of Commerce says, "business owners have more growth and development to look forward to in the new year." However, businesses require a solid foundation to succeed, so here are five steps to bring your startup success in the new year.
1. Finding your niche
Over the last two years, nearly every industry has undergone radical shifts to stay afloat. These changes have widened existing gaps in the market while opening new opportunities, leaving plenty of room for new ventures to prosper. Think of the ways in which your business idea can fill these underserved niches to create value where larger companies fall short.
2. Funding your venture
While filling a niche is critical, it's just as essential that your idea generates money. It's therefore imperative that you create an actual strategy on how your business plans to succeed in the future. This will also help you secure funding, as most startups require an initial investment. Whether you borrow money through bank loans, private backers or crowd funding, investors will need to see your plan of action in order to make a decision.
3. Assembling your team
Your business dream revolves around your visionary innovations but implementing those ideas requires a group effort. That's why building a motivated, capable team is by far one of the most important challenges every startup entrepreneur faces. Many business ventures begin with a small group of friends, but eventually, every company must hire new candidates as they scale. No matter the previous relationship, it's vital that your colleagues get along with one another to form a healthy company culture.
4. Assessing your resources
Once you have your basic team assembled, you must assess your current resources and prioritize tasks based on the capabilities of your employees. In other words, allocate time to the things your team does well and invest in the business aspects that fall out of your wheelhouse. This can include spending on new equipment to streamline operations or outsourcing tasks or processes to third parties.
5. Investing in your future
As your startup begins to mature, you'll want to shift focus to its future growth and expansion. You'll need to prepare your business and team members to scale up operations, which often requires additional help. At this stage, you should consider hiring professional business leaders to guide your company in the right direction. That's where YES Partners comes in.
At YES Partners, we've helped countless businesses find the best C-suite candidates to fill vital leadership roles. Click here to see some of the positions we have already successfully placed.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.