Does your business idea still work in 2021?
Did lockdown stop you launching your new business? Worried the opportunity has passed? Find out if your business idea still work in 2021.
You had the best business idea. Your business plan was drawn up, and investor meetings were set. Everything was smooth sailing, and then it happened… The first national lockdown was announced, and you had to put a hold on launching your first-ever business.
It was okay until the government announced the extension in April 2020. And then, the second lockdown was implemented. You become a bit frustrated but still keep your positive attitude in your future business venture.
The next blow hit, the third lockdown was announced. A year later from when you wanted to launch your business, and finally it looks like you can go ahead with it. But is your business idea you had a year ago still as revolutionary as you thought?
Reevaluate your business idea
Take a step back and reevaluate your business idea. Is it still feasible in the year 2021? For example, suppose your original idea involved international trade, shipping of stock across continents. In that case, it might not work in the current environment.
Don’t scrap your idea initially, but instead put it on ice until economic and social circumstances allow it to properly shine as you imagine it to. But that shouldn’t stop you from starting a business. You still have the drive in you. It’s time to go back to the drawing board and see if you can morph your original idea or develop a more lucrative idea that will profit better in 2021.
What possible potential does post lockdown hold?
Even though the lockdowns shook our ingrained idea of how businesses should be run, for example, you had to have an office space, employees working in the building clocking in from nine to five every day etc. It opened up our eyes to the possibilities that pivoting must be seamless, and work-from-home can be very effective, if not more so.
An explosion of app development emerged where team projects are easily tracked, integration can be accomplished better and more. The demand for faster, easier, and convenient is the expectation for any new idea hitting the market. If it can fulfil one of these demands, the chance of success is high.
But accomplish all three, you hit a home run. If you take a mundane idea that used to take a consumer 40 minutes to do and you can cut that time to only 5 to 10 minutes. Just the thought that they can save time (which they can use on other activities) will make your profits soar. Simple ideas like laundry. Even though there are many laundromats around, change your approach.
Create a booking app where your customers can book a time for you to come and pick up their laundry and then deliver it back to them, clean and steamed. Remember to incorporate all Covid regulations. It might not be fast, but it’s easy and very convenient.
Cyber has always been a force to be reckoned with, but after all the lockdowns, it’s a monster. The potential which you can tap in there is endless. From courier services (a lot of consumers still don’t want to venture too far from their home), online activities (teachings, videos etc.), outsource possibilities (many companies have reverted to rather keep working from home), app developments, just to name a few.
Many consumers are also looking for another two things – the latest way to cure their boredom and what can enrich their work-home sanctuary.
Keep it above board
Now that you have your new idea (or evolved idea), you might have to redo the whole process again from the start. This process includes market research, cost analysis, profit projections and scouting investors.
You might even have to register a new company name (if your old one won’t add value to your current business venture) and even make use of a registered office service if you want to continue to work from home. Do your due diligence and make sure that you don’t miss a step.
Nostalgia will be a significant factor in your reluctance to even think about reevaluating your original business idea. Your idea is something to be proud of, but don’t let that hamper you from your potential growth. Do a reevaluation of the economic and social circumstances every six months to see if the time is right to implement your original idea.
Who knows, your new idea might make such big waves that implementing your initial idea can be an organic next step in your business. You would already have built brand trust and a loyal customer base.