The year 2020 was a rollercoaster for businesses big and small, but especially for startups. Startups are always synonymous with uncertainty, and a company that’s doing great one second can be shuffling all of its employees out the door the next second.
But with even more unpredictability layered on top, it’s been quite the year for startups. So, what if you’re looking to start a new business in 2021? Startup guru and seasoned business executive Ryan Hoggan thinks it could actually be the perfect time.
With nearly 20 years of experience in everything ranging from e-commerce to venture capital, Hoggan weighed in on why this year could be the opportune time to start a new business, the industries that look the most promising, and some strategy basics you should keep in mind.
Ryan, what’s your experience in the world of business and startups?
Basically, my entire working life has been dedicated to the world of business, and especially startups. I’ve founded and owned several businesses, and I was extremely fortunate to be able to grow them to a point where they were successfully sold.
Entrepreneurship is in my blood, and its basically my biggest passion. I’m also involved in other components of the business world, such as e-commerce, brand building, digital marketing and venture capital.
What are your thoughts on starting a new business in 2021?
I do want to preface this by saying there is still a lot of uncertainty for the direction of things in the coming months, including next year. But that being said, there are some general ideas floating around that could dramatically shift things.
For example, the widespread distribution of a coronavirus vaccine will help the business landscape normalize. But in general, I think starting a business in 2021 could be a successful idea, but it has to be in the right industry.
What do you mean?
I think that it would be unwise to enter certain industries right now, unless you’re willing to take on a lot of risk. Because it really is a double-edged sword: if there’s a vacuum in an industry, it could be a good time to break through.
But for example, entering the travel tech space right at this time may not be the safest decision, and in general we’re seeing that at least as far as venture capital goes, the travel tech industry struggled in the wake of the pandemic.
But that being said, there are certain industries which are much safer to start a new business in, such as e-commerce, health and wellness, and software.
Think about sales. Think about profit. Think about your geographical footprint. https://t.co/riAs0HVhu7— Ryan Hoggan (@RyanDeanHoggan) October 29, 2020
What are some 101 strategy tips for starting a new business in 2021?
Definitely rethink your typical playbook. The business landscape right now is very different, and it takes some different strategies to succeed.
This comes into play with everything from your branding to your digital marketing. If you had an idea you were looking to launch, and it’s not relevant now or maybe seems more difficult to execute, I would recommend you take a hard look at it, to make sure it can still be successful in the coming months.
The idea of working in a vacuum rarely works, and you need to take a look at the state of the world as a whole, to make sure your startup is going to succeed in the real world. But that being said, there are definitely ways you can adapt and reimagine it, in order to have it take off and succeed.