2022 is full of opportunities for new businesses. The last two years have accompanied an unprecedented flood of disruptive innovations, but innovations disruptive for existing businesses are tools for new businesses.
As the world heals itself from the pandemic and we enter the post-Covid era, there’s no better time than now to start a business. Here are 3 keys to starting a successful business in 2022.
Find a Gap in the Market
Startups cannot compete with existing businesses in terms of prices. Producing products and delivering services is always cheaper for companies that deal in large numbers and make products in large bulks. The only way for startups to even find a stable position on the market is by filling a market gap.
Market gap refers to any need in a specific sector of the market that is not yet entirely met by mainstream or any niche brands. One of the most successful companies in the world today, Amazon, started this way, selling books online; which no other company was doing at the time.
Another promising company by Instagram personality and lifestyle guru Nathan Goestenkors called Flare Pre-Workout is filling a market gap of people who don’t like having to take multiple supplements before a workout. The company has a pre-workout mix with six different supplements combined into one product. He has also launched and partnered with other successful companies in the last few years.
Learn from Other Entrepreneurs
It’s absolutely essential to know what you’re doing before you invest your savings in a new business. As a startup, you don’t have the luxury of multiple chances; you can’t afford to learn from your own mistakes. You must research other recently launched startups that have been successful in order to understand what they’re doing right.
Think from the Customer’s Perspective
Thinking from a purely technological perspective is the most common mistake startups make; it’s no surprise that most startups fail. Customers don’t care how advanced your technologies are; they care about what your products can offer them. You can’t decide to adopt a specific new technology and then start thinking about what useful product you can make out of that technology.
Apple religiously follows the philosophy of thinking from the customer’s perspective. Steve Jobs famously said.
“You’ve got to start with the customer experience and work back toward the technology – not the other way around.”