Building Your Startup Business Strategy in 2021

Building Your Startup Business Strategy in 2021

Simon Jenner

Monday, 28 December 2020

Get your start-up start-ed in this brand new year

Posted in:

Startups

After the uncertainty that the past year brought, it is understandable that many new founders are hesitant to build MVPs for their startups and fully launch at market in the coming months. From lockdowns to new restrictions being imposed on a seemingly weekly basis, creating a plan can be quite intimidating for fear of change and instability.
However, at Million Labs, we believe that there is always a way to build a strong business strategy, even as the dust from 2020 settles in 2021. These are our tips to help you achieve success.

Focus On What You Have Control Over
There are many regulations stating what you are not able to do as the Covid-19 pandemic continues to carry on. Instead of being discouraged by these restrictions, focus on what you can do and what you have control over.
As a response to physical businesses shutting down, digital innovations, no-code platforms, and e-commerce are continuing to thrive, providing you with brilliant tools for building your startup's MVP and channels to focus your entrepreneurial efforts. Further, as social media has become a pastime during lockdowns and quarantines, there is a good chance your audience is present here. This is a prime opportunity to engage with your target consumers online, helping to build your brand awareness and persona at no financial cost.
You can also take this time to perfect other aspects of your business strategy, such as revisiting your marketing strategy, researching your chosen industry further, and refining the USP that will set you apart from your competition.

Readjust Your Timeline
Based on your target audience and market, you may need to either shorten or lengthen the app development process for your startup and your official launch date as we enter into 2021. In the event that your market is developing incredibly quickly as many are at the moment, no-code development is an incredibly useful channel for you to explore in order to build your startup's MVP and get it to market quickly and for a low cost.
Contrarily, there is a very real possibility that you may face a lack of access to raw materials and manufacturer shutdowns that will lead to your timeline being lengthened. Flexibility is key here; a slight delay is no means for panic. You may benefit from plotting a couple of different timelines based on any of these potential setbacks.

Offer Your Customers Value
One of the top startup trends in 2021 is customer service and efficiency. To cater to this trend, centre your 2021 business strategy around the value you are offering customers through your startup’s product or service.
Value at this time does not always result in immediate profits for your startup. You might choose to offer free content, such as blogs or informational videos, to start providing this value to your customers during a time when they may not have the financial resources to formally purchase your product or service. However, once they have recovered, you will have built strong customer loyalty with them through the value you’ve offered throughout this challenging time.

Prepare to Pivot
With the uncertainty that you are likely feeling while launching your startup during this unprecedented time, a beneficial tactic is to prepare for any necessary pivots. Keep in mind that a pivot does not mean failure - instead, you’re creating a flexible business model for 2021 that meets the nature of the current business landscape and may help to save your startup.
The pivots your startup may need to make can be as small as adjusting a pricing strategy to creating a new iteration of your product for an entirely new target market. No-code development is also invaluable here as it allows you to make these iterations quickly, without the need for a developer’s experience or approval from an IT professional.

Very few founders are walking into 2021 with extreme confidence; the past year has proven that the entire world can change within an instant. Though, this does not mean that your startup cannot be successful - quite the opposite, actually. By following these tips to building your startup’s business plan in 2021, you will be equipped to handle anything that the current business landscape throws your way.
Of course, building a brilliant MVP for your startup can only enhance your chances of launching a successful startup. Work with us to achieve the app of your dreams through our Founders No-Code Bootcamp.

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