2020 Business Review

The year 2020 taught me many things, such as adaptability, flexibility, and patience. All these things are required for business owners to grow in these uncertain times. I compiled five of the major components the past year taught me, which might help you start a side business.

“It takes uncertain times to grow and learn how to pivot”

— Nina Villalvazo

1. Digital

   It is essential to have an online presence. Last year taught me that if you are not online, you lost already. Too many business owners relied on foot traffic and in-store visits rather than online availability and awareness. If you run a brick and mortar store and never had a real online presence, now is the time to head in that direction. Start by building a simple website and establish an online presence and social media. No need to be on every network; choose your top two and get started.

   Having an online presence available where your-customers can buy your products will ensure you don't fall short when foot traffic dies down. Look at your website and social media as a support leg for your business.

2. Patience

   If 2020 taught me anything, it was patience. As a business owner, you have to be patient and able to adapt to new circumstances. The majority of us transitioned into working from home. Zoom meetings, waking up 5 minutes before you have to clock in, and wearing sweatpants all day pretty much describes everyone's workday. For the past 12 months, we have had to be comfortable with the uncomfortable. Mastering the art of adapting to new situations with a positive mindset can be difficult but is needed to succeed in today's era.

3. Ability to pivot

   Contactless curbside pickup, checking into a hotel room via phone, or managing an entire team via zoom are just a few examples of how the world changed. In uncertain times it's crucial to be able to pivot. You will always encounter roadblocks; the question is, are you able to change your strategy and adapt?

4. Fear

   Your comfort zone is whatever is familiar to you. Commuting to the office everyday or going to the same restaurants are just a few examples of being in your comfort zone. These are situations, routines, places, and people we are familiar with. The year 2020 forced us out of our comfort zones. Suddenly we had to adapt, work from home instead of the office, eat-in instead of dinning-out. Our pattern was interrupted, and fear kicked in. Fear limits our abilities to grow and venture out; therefore, a crisis is sometimes necessary to shake up our world and give us the courage we need to show our fears who’s boss. I've learned that you don't need to be afraid of anything; the critical factor is to adapt and create new routines.

5. Second Income Stream

   I can't stress this enough but having a second income stream is so essential. I like to use a table analogy with one leg, where the legs represent your income. If you have a table with only one leg, and this leg-breaks, your table can't stand on its own. Now, let's assume your table has two or three legs and one breaks; your table might be wonky, but it will not collapse. Having multiple income streams, especially during these unprecedented times, is vital to ensure you can continue paying your bills.