I was listening to the radio today while driving my daughter to school and heading for a walk with our dog, and the DJ said that most of the top New Year’s resolutions this year involve money – get a new job, ask for a raise, start a business, be more productive at work, etc. So I decided to do a search to see what I came up with.
I found that according to Statistica.com, these are the top New Year’s resolutions in America this year, so they may or may not be the same in Canada, or other countries worldwide, but I would expect that most would make the list, perhaps with different percentages.
So for those wanting to start a new business, or who already are in business, it would make sense to take note of these resolutions and provide products and/or services that meet the demands of most people’s desires and needs. In that case, I would look seriously at spending time developing a business that helps people achieve better health and wellness, that teaches people how to develop new skills, improve their social skills, helps them be more eco-friendly, and earn and save more money since that will meet the majority of people’s goals.
The other aspects that I believe are vitally important to look at as well, is the business’s scalability and having a continuity business plan.
What I mean by scalability is this. The majority of people starting a new business do not have the funds at their disposal to quit their job, invest a lot of time and money in a business, and still be able to pay their mortgage, rent or other living expenses. They need to find something that can be worked part-time as a side-hustle until income is high enough, at least 3 times their current income, before going full-time into their business.
And having a continuity business plan is vital to overcome the challenges beyond your control. You need to have products and/or services that people will continue to need, want and buy day after day, year after year, no matter what is going on. Something that will withstand bad politicians, poor government, a recession, and even war.
Having been an entrepreneur, business consultant and have been in traditional business, and the work from home industry for almost 20 years, I have seen the good, the bad and the ugly. First, there are the new, glitzy businesses that tell you that you are starting on a ground floor opportunity because no one has heard about the product, service or company yet. The problem is most businesses fail in their first three years.
I used to think that if you got involved with a company that has made it past the 4-5 year mark, you have the best of both worlds, but that is not the case either. You really need to look at the stability of the company, the integrity and experience of those leading the company, and the products/services being offered.
What is the unique selling proposition? What do you have that customers want that they can not get from someone else? Is your product unique? Is your quality better? Is your price better? Is your service better? People will pay more for higher quality and better service, but only so much more, especially if the economy is poor, and if you can actually provide higher quality AND save them money, then you are really onto something!
And something to note on uniqueness, if the product or service is so unique that they don’t understand why or how they will use it, and it is not something that people really need and use every day, chances of them continuing to buy the product or service for long duration is not likely. You need to have something that really solves a problem, that they see benefits them, and is consumable. That is what really provides the stable, monthly residual income.
And finally, for those in business, what are some good New Year Resolutions for Entrepreneurs?
I welcome your thoughts and feedback in the comments, and love to hear your goals and plans for 2020!