Times have been difficult economically since the start of the COVID-19 pandemic. However, difficult times can be the best time to launch your own business because one of the things successful companies have in common is that they solve a problem. Indeed, not everyone who starts a business will become a billionaire, but you can still build a lucrative enterprise.

As an entrepreneur, you have to wear multiple hats within your startup company. You have to develop a business plan, finance your venture, put together a marketing strategy, and find the right people to help your small business grow into something spectacular. Continue reading to get some tips to help you develop a successful startup.

Write out a business plan.

The planning phase is the most critical phase of launching a company. Even if you’re starting as a small business, you need to put together a business model and a plan to grow your business.

Developing a business model means deciding what type of business you’re going to launch. In other words, this is the step where you determine what kinds of products and services you’ll offer. You also have to come up with a plan for how you plan to deliver your products and services, your pricing structure, and your company’s core values and goals.

For instance, if you’re thinking about starting an essential oil company, you have to decide what sector of the essential oil industry your company will focus on. Will you be an essential oil distribution company that supplies oils to wellness stores across the United States? Will you launch a local store and offer essential oils as your main product?

A great way to decide which segment of an industry in which you should direct your efforts is to perform market research. With market research, you learn what the size of a particular market is, who your competition is, and what their market shares are.

Writing a business plan is all about making your strategy concrete. You want your business plan to detail your business model, market research, your plans to finance your company, and future projections for your company.

Develop your marketing strategy.

One of the things that entrepreneurs tend to underestimate is the importance of having a marketing strategy. Launching your business is one thing, but you have to be proactive about getting out the word about your company. You can’t rely on the famous phrase from a field of dreams, “If you build it, they will come.” Rather, you should tell yourself, “If I give them a reason to come, they will come.”

Social media is one of the most powerful marketing tools for small business owners. Recent years have seen huge spikes in social media users—nearly everyone is on at least one of the major platforms like Facebook and Instagram. Building a following on social media is a great way to grow your customer base.

You can also employ telemarketing tools like ringless voicemail drops from robocalls. With ringless voicemails, you can leave voice messages with customers to alert them to your latest deals and promotions. You can also use these tools to send thousands of text messages a day with the press of a button.

Use data to grow and improve your business.

These days, companies are driven by data, and if you want to build a successful startup, you have to utilize data analytics too. John Arnold is an investor as well as a philanthropist, and he’s made a fortune by knowing how to utilize data to highlight investment opportunities.

Embracing big data is all about finding better ways to develop and deliver products and services, provide a better customer experience, and fine-tune your branding strategy. Implementing big data is necessary to building a startup with the potential for success.