Unique Ways to Build a Small Business in 2020

The pandemic may have changed the way we do business, but that doesn’t mean it’s a bad time to jump into the commercial sphere. Telecommuting and ecommerce is booming, and more people are taking their skills and talents online to become their own bosses.

Building a business can be a smart venture in 2020, and here are a few unique ways to get started today.

Target New Niches

It’s no secret that honing in on a specific community is a great way to maximize marketing efforts. Current social media algorithms and SEO tracking favor organic engagement, which is translating to the digital status quo.

But, expanding your pipeline to include new demographics, communities, and sectors of the market can help your brand scale in a short amount of time. Specific niches are becoming narrower than ever before, but that doesn’t mean you can’t add more to your brand’s target consumer base.

If you’re using working with Millennials, adjusting your business model slightly and revamping your next campaign can open up your brand to Gen Z or Gen X audiences. Or, you can make some adjustments to your website’s aesthetic to attract higher-income clientele.

No matter how you’d like to grow in your respective industry, adjusting your advertising and language slightly can facilitate brand growth within entirely new markets.

Secure Alternative Financing

Not all borrowers are able to walk out of a bank with the money they need to start a new venture. If you’ve been denied by traditional lenders, alternative financing can be a great way to get a head start. 

Credit cards, HELOC, and title loans can be used for paying business expenses, securing down payments, and more. If your growing business has been negatively impacted by the pandemic, alternative financing can be helpful for unexpected expenses. 

For new business owners who need monetary help fast, simply type “what are title loans?” or “home equity loans near me” into your search bar to see what you’re eligible for.

Create a Mobile App

The vast majority of digital media on the web is consumed via smartphones. In fact, more than 96% of the world has access to some type of connected mobile device. By building an app for your new company, you’re opening a huge segment of the growing digital market.

Apps are inexpensive and quick to develop, and many can be made using plug-and-play templates or online generators. If you don’t want to hire an in-house developer, you can outsource the creation of an app for less than it would take to run one social media ad campaign. 

Mobile apps also provide business owners with useful data metrics that are helpful for developing more effective, targeted sales strategies. This method of record keeping is more secure and accessible than manual tactics, and remote companies don’t have to worry about storing information on corporate servers.

Using a mobile app to direct online traffic is an efficient tool for boosting your growing company’s ROI and brand identity.

Incorporate Interactive Elements

Using an interactive website is the most well-rounded way to secure customer engagement online. The longer users spend on your landing page, the more likely they’ll stick around to make a purchase or learn about what you have to offer. 

Interactive website features like buttons, minigames, polls, and forms are an easy way to draw the attention of prospective customers. Plus, this is also a tool for obtaining useful information that can help you improve your current branding and internal processes.

Simple tools like using a pop-up poll, survey, or game to connect with your customers will make them feel special and heard – while also giving them something to do while they browse your site. 

Certain elements require more attention than others, and can return higher conversion rates. For example, the most popular multimedia tools this year include:

  • Responsive charts/infographics
  • Dynamic maps
  • Quizzes/polls
  • Interactive videos
  • Self assessments

Using the right strategy can help you create a new business while avoiding the most common startup pitfalls. There’s no one-size-fits-all formula, but incorporating a few simple changes to your business plan can help your growing brand thrive – even during a global market downturn.