Whether 2020 has been a good year or a rough year for your business, you should always look on the bright side. Each year presents new challenges, and your company must be ready to face them head-on if you plan on being successful. Organizations that don’t do this end up failing.
However, it’s not all doom and gloom. According to Fundera, around 80% of startups make it through the first year, with 50% still around in their second year. The key is to learn from the positives, yours and your competitors.
Get the Setup Right
As an entrepreneur, you have to understand the risks involved. The main one is that you might go out of business, which can leave your finances in a tough spot. This is especially true if you are liable for corporate debt via your personal assets. 2020 highlighted the need to create a business buffer more than ever as the SBA reported that firms in financial trouble are 24% more likely to be denied a loan.
Adding an extra layer of protection is not only sensible, but it’s more straightforward than bosses believe. For example, business owners can quickly modify their setup from a sole proprietorship to an LLC with a name, a registered agent, a certificate of formation, and an operating agreement.
Innovate to Accumulate
Companies that focused on innovation were some of the most successful of 2020, and online casinos are prime examples. The growth of digital wagering establishments has been happening for a while, yet it skyrocketed last year when estimations calculated its value in the US to reach $92,860 million by 2023. Ibis World rates the compound annual growth rate of 17.6% as the biggest revenue growth of the year, making online gambling the fastest-growing industry.
Part of the market’s success was the willingness of providers to invest in technology that improved the customer experience, from 5G mobile networks to applications and virtual and augmented reality headsets.
As a result, two things happened – production variation was encouraged, and different types of games and platforms were developed. The offerings on Fruit Kings, for example, highlight the success of the strategy as games such as Starburst, Knockout Diamonds, and Monopoly are just some of the popular slot titles available, while they also have table games and live casino options along with jackpot offerings and traditional games you would expect to find in a land-based casino.
Social Is More Than Discovery
Social media used to be discovery only, which is why influencers flourished. Instagram is helping celebrity influencers to remain relevant, yet the world of social media is changing faster than you might imagine. And, it’s down to the ability to make purchases without leaving an app or website.
Facebook Marketplace is the ultimate indicator of where the sector is heading, with CNBC claiming it has overtaken popular marketplace platforms due to its 800 million monthly users. Although the result is no surprise – you need to leverage social media more – the reason why is different. Without a presence on the new social media selling platforms, like Marketplace, you could lose a step to your rivals.
Many businesses succeeded in 2020 by using social for sales, tweaking their setup, and innovating, and you can do the same in 2021 by following their lead.