Starting Your Own Business in 2023: Essential Steps and Key Statistics

Read Time: 4 minutes

Starting a business can be very exciting. It can also be very intimidating. Many aspiring entrepreneurs never actually pursue their business goals simply because they don’t know how to get started.

That doesn’t need to happen to you. The following guide offers essential tips for starting a business in 2023. In addition, it shares relevant business statistics. Familiarizing yourself with these statistics and general business trends can help you position your business for success.

How to Start Your Own Business in 2023: What You Need to Know

Know Why You’re Starting a Small Business

More specifically, strive to identify two reasons why you want to start a business of your own. The first reason can be your personal reason for going down this path.

For example, you might want the experience of being your own boss. Defining your personal motivation for starting a business can help you remain focused and committed when you encounter challenges during the early days of growth.

You also need to determine why your particular idea for a business can offer value to customers. You must identify how your business will fulfill a need the marketplace has not yet fulfilled.

If you can’t come up with this reason for starting a business, it could indicate that your business idea isn’t strong enough to succeed. On the other hand, if you can determine why your business idea has the potential to improve the lives of customers, you may be more confident that your business can stay afloat in the long run. 

Study the Competition

It’s possible that no other business offers the exact same products and services that you plan on offering. This is a good thing. A business is typically more likely to succeed if it can differentiate itself from the competition.

Regardless, even if no other business is offering exactly what you intend to offer, it’s likely other businesses are offering similar products and services. Research those businesses to learn more about their target customers. This may help you more clearly determine who your target customers should be. Additionally, by studying the competition, you may be able to describe what makes your business unique more thoroughly.

Set a Budget

To the best of your ability, calculate how much money you will need to invest into your business during the early days when you likely won’t be bringing much money in. Consider what you will need to spend on equipment, travel, advertising, and other such Investments to arrive at a realistic budget.

Now is also a good time to set up a separate business bank account. Managing your money will be much easier if you separate your personal finances and your business finances.

Seek Investors

Odds are good that you will need outside funding to grow your business. You should thus begin researching potential business investors from the start.

Develop business pitches that will allow you to effectively demonstrate to potential investors why your idea is worth taking a financial chance on. to improve the effectiveness of a business pitch, consider incorporating video and multimedia elements. Doing so could help you pitch your business idea to investors in a more dynamic manner.

Plan Your Online Presence

A business needs an online presence to attract customers in the digital age. To ensure your business hits the ground running, start a website and create social media accounts sooner rather than later.

Generate Valuable Marketing Content

Bill Gates famously predicted that content would play a very significant role in marketing in the digital age when he penned his essay “Content is King” back in 1996. That prediction proved correct.

Surveys indicate that customers across all demographics dislike being blatantly advertised to. Luckily, you can promote your business without coming across as too salesy. Instead of running traditional ads, you can offer valuable content to your potential customers in the form of a blog, podcast, and other such content. 

Think about the types of content that would appeal to your target customer. For example, if you’re selling a line of kitchen tools, content offering cooking tips would naturally provide your customers with value.

Take the time to generate this content early as you begin growing your business. Doing so can help you attract leads from the start.

(Bonus tip: Prioritize creating video content. Research shows that potential customers engage with video content to a greater degree than other types of content, like blogs.)

Business Statistics for 2023: Key Information:

Business statistics to be aware of as you throw your hat into the entrepreneurial ring include:

  • Small businesses account for about 90% of companies worldwide. If you automatically assume a small business is at a disadvantage, keep in mind that the vast majority of businesses are small.
  • Approximately 50% of small businesses begin as home businesses. You don’t need a professional space to start a professional operation.
  • About 44% of small business owners are between the ages of 39 and 54 years. In other words, you can start a successful small business even if you assume you’re too old.
  • Most (81%) of small business owners work overtime. You’re not alone if you’re devoting a little more time than expected to starting and running your business.

It’s also critical to remember that starting a business takes time. Many of history’s most iconic entrepreneurs faced struggles when they began developing their ideas. However, they didn’t quit.

Of course, you should have a reasonable exit strategy so you’re not stuck running a business that isn’t delivering the rewards you imagined. That said, you also shouldn’t get discouraged if your growth is slow at first. If you remain focused, you could one day turn your entrepreneurial dreams into a reality.

Generate Video Content for Your Business With Powtoon

Once more, video content can help you attract and engage potential customers effectively. Luckily, with Powtoon, generating high-quality video content is easy, even if you have no video production experience and a small video production budget. Get started by signing up today!

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Hanna is Powtoon's Content Marketing Strategist. She joined Powtoon as a copywriter in 2019, after graduating from university with a specialized degree in marketing and business. She continues to inspire people to create incredible video content with blog posts, videos, guides, and more. Hanna's passions include reading, singing, and caring for animals (#proudvegan). Nothing makes her happier than waking up to her two black kitties who, contrary to popular belief, are good luck!
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