Starting your own business in 2021: the new digital world
The moment is now
In today's constantly evolving world and fast-paced economy, one of the most pressing concerns is to update and comprehend technology. With each passing day, it is more important to find a way forward that is aligned with the future.
Society's digital transformation was imminent but the emergence of coronavirus pandemic in 2020 accelerated the need for it. If many companies and individuals preferred to do it all manually before, with the quarantine in place they had to turn to new technologies and adapt to the digital world.
Web and mobile apps started to take over the world, transforming the way we do business. Even those industry leaders that were coping fine without it a few years ago are now dependent on modern technology.
Companies within the digital and technology sector are not massively affected by the pandemic, but instead thanks to this new panorama these companies are expanding.
As smartphones play a major role in this digital era, social media marketing (SMM) and content production on platforms such as Instagram, Facebook and LinkedIn are some of the fastest-growing industries. SMM produce great results and bring notable success to businesses of all sizes. In addition to its opportunities, it also proposes new challenges year after year - but that's a topic for another day.
Many current social media trends are focused on achieving business acceleration. From adults over the age of 50 to young people under the age of 18, have all found space for their business to grow in the digital world.
In the case of young people, they need a source of income that will secure their future and even pay for higher education. Adults, on the other hand, are now seeking more freedom from the employment system after the job losses internationally as a result of the global pandemic.
Impact of covid-19 on job security
According to Chancellor Rishi Sunak, about 700,000 people have lost their jobs since March 2020 and the number of unemployed individuals in the United Kingdom is projected to rise to 2.6 million by mid-2021.
Recent figures released by the HMRC (in January 2020) indicate that between the launch of the job retention scheme and December 2020, about 10 million workers were furloughed.
On the contrary, despite the global pandemic, there was a record number of new businesses formed in 2020. According to Companies House figures, between April to December 2020, there were about 598,955 new incorporations in the UK, compared to 495,677 between April to December 2019. History suggests that an economic downturn is almost always followed by a rise in entrepreneurship. So, if you want to secure your future and have peace of mind now is the time to start your own business.
Benefits of having your own business
Flexibility and better work-life balance
When you launch your company for the first time, you may have to work long hours, every day of the week; but ultimately you will have more control over your working hours. You would have the opportunity to spend more time with family, on self-care, try a hobby, or even expand your company. However, it is necessary to develop an effective business structure and learn how to delegate jobs to the right people.
On the contrary, as an employee, you must adhere to your assigned working hours, and even after you have finished all of your duties for the day, you must continue working until the end of the day. When you get home from work, you have very little spare time left, which is usually spent doing housework, preparing your meal, and getting ready for the next day. So, you look forward to the weekend to have some quality time for yourself and eagerly wait for vacations.
Full control of your working hours
Working for yourself means you're in control of your hours, so you can set your start time and go home anytime you want without asking permission. You must learn the importance of time management though and know the techniques to manage time effectively such as delegation, multi-tasking and prioritising.
While employed, the core hours of a full-time job are usually determined by someone else and have little to no flexibility. This means you go to work early in the morning and finish at the same time every day.
Utilising your full potential
Working on your own business, you can maximise your potential, express your creativity, make the most of your skills and knowledge and even develop new skills at your own pace.
A job, on the other hand, requires you to learn only the skills necessary to execute your everyday tasks. You may learn new things when you first start a new job, but when you get used to your role, all duties become tedious and monotony sets in.
Greater income potential
Although it comes with risks, running your own business means financial freedom and rewards. The prospect of earning significant amounts of money depends on the effort and commitment you put into your business.
Unlike a job, where your salary is capped and decided by someone who does not recognise your true performance. Your salary is not likely going to increase a lot over the years unless you accumulate many skills and obtain several qualifications.
Additionally, owning a company allows you to take advantage of financial leverage. As a result, you can implement a strategic investment plan to raise capital for your business.
Sense of accomplishment
In your own business, you will have the satisfaction of having created something on your own, even if it does not succeed, and if it does, of having done something that you started from scratch, and of having been solely responsible for its success.
As an employee, you endeavour to create innovative solutions that benefit your employer, but their business strategies are led by the team to which you belong, not by you. All of the hard work and dedication may not be recognised as it should be.
The phenomenon of digital transformation has caused businesses to evaluate their chances of survival, and it has caused individuals to explore opportunities in fields they did not previously consider.
The goal is technological adaptation. Incorporating the uses of the internet, smartphones, and other technology into your business operation to provide new ways to respond to customer needs.
The world is in the middle of a huge transition, which is a product of positive digital transformation forced by a global pandemic. It is time to encourage yourself to start a business or even a side hustle. The global pandemic has taught us a lot, and the most important thing is not to depend solely on your day job, having multiple streams of income is always a good idea. If you have ever thought of starting your own business, now is the time.
Here is a step-by-step guide to starting your own business.
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