Entrepreneurship in 2021
2020 has been dubbed the year of unprecedented times. Unforeseen events and unexpected circumstances. There is nothing that we can do about this year, but as entrepreneurs, we can prepare for what’s to come, even if it is…well, unprecedented. Planning on being successful entrepreneurs in 2021 may look a little different, but with creativity and structure, those plans will go from paper to action in 2021. As an entrepreneur, here are some top tips to make your planning for 2021 a success.
Review What You Learned in 2020 – First things first. Do not, we repeat, DO NOT plan for 2021 solely based on 2020. The planning for 2021 goals is to learn from this year and use it for preparation and planning for 2021. For example, what did you learn that you can incorporate in your business model? Use what you learned this year to embrace next year.
Read Books – If you need a little motivation, picking up a few books that discuss planning is a great tool. Books such as “A CEO Only Does Three Things: Finding Your Focus in the C-Suite by Trey Taylor, “”Growing People and Companies Through Change” by Stacy Henry and “Good to Great” by James C. Collins are just some excellent resources to delve into to assist with planning. Need some accountability? Start a virtual book club with other entrepreneurs and bounce ideas off of each other. It’s a great networking opportunity and perfect for planning.
Incorporate Passive Income – This one hits hard. The term passive income is used loosely, however, the definition of passive income is income that requires little or no effort according to Investopedia. The key factor when it comes to passive income is to use it as a stream of income that is already in line with your brand. If you’re an expert in a specific area, write a book. If you’re a teacher, tutor students after school. Be creative and smart about it. Passive income can be beneficial if you go about it the right way.
Get Social – As entrepreneurs in 2021 getting social is where it’s at! If you don’t have a social media presence, you’re already behind. Hahaha, but seriously, where have you been?? Let’s go beyond that. Facebook stories, IG stories and reels, YouTube and CLUBHOUSE!! Not to mention webinars, courses, etc. Finding out what your clients want and need and delivering it to them is a key for 2021. This goes for potential clients as well. Studies show that most potential clients will convert after seeing the above a minimum of 7 times, soooo get to it!!
Craft a Business Plan – For entrepreneurs in 2021 business plans are essential! Many investors, companies and organizations require a business plan if you are applying for a grant oftentimes a loan. Aside from that, having a thorough business plan will help you to map out all of the details about your company and future planning.
And there you have it! 2020 is a wrap! You’ve made it this far! Only the best is to come in 2021. Remember that planning is key, but the execution is just as important. If you get off course, take a moment, breathe and then keep moving! You’ve got this!!
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