New business owners might just be thankful that they seized the opportunity late into 2021.
Starting a business in the fourth quarter of the year, or “Q4”, has its challenges, such as competition, inaccurate initial data, and distracted customers, but these problems can be addressed with proper planning and effort. With the holiday season approaching, along with the year-end bonus, individuals tend to spend more during this time. Given that several small-scaled businesses had to shut down due to the pandemic, there would be a high demand and less supply overall, which is something that you might want to consider taking advantage of.
Here are three reasons you may want to start your business in Q4 of 2021!
Increased spending for the holidays increases the chance for sales
The fourth quarter can be a great time to start a business with the holiday season. During this time, people have extra capital and feel extra generous when looking for gifts, experiences, and investments facing another new year. Naturally, there would be an increase in the market and sales of retail businesses. Service-based businesses also have the opportunity to increase sales by solving problems for the new year and start it right. Q4 allows businesses to offer discounts and promos for customers to take advantage of. While it may seem ironic for a new business, this could lead to an increase in the frequency of sales.
Marketing potential during the holiday season
With several occasions happening in Q4, many are actively searching for businesses to fulfill their needs. Take advantage of the increase in web activity and perform keyword research. Using keyword research tools, such as Soolve or Google Search Console, helps boost your business’ online presence. With the holidays coming up, there’s a target demographic right away: holiday shoppers. Using this demographic, along with the established customer base, build marketing efforts with words and phrases surrounding the holiday season, such as “limited time”, “deals”, “gifts”, etc. This will help boost online visibility while also gathering positive purchasing responses for those making holiday purchases.
Move into the new year with an established business
The regulatory gap is the transition to the new year where rules surrounding businesses may change. As we move to 2022, new tax laws or business policies could be implemented to make business establishment or licensure more challenging than it is today. Starting today would help get things set up ahead of adjusting to any changes making the transition much smoother. In addition, there might be new regulations coming into effect in the upcoming year, and having your business already set up by that time comes will help take full advantage of the benefits and growth.
No matter what business idea it is, there will be challenges along the way. Dive deep into market research. Ensure that proper planning is practiced when starting a company, especially in Q4. Compare your business plans to competitors, set ambitious and achievable goals if you were to start a business today, and prepare to face challenges along the way.
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