How to Level Up Your Business in 2021

2020 wasn’t the year we expected it to be - not by a long shot, and while it forced businesses to pivot, a lot of good was able to come out of the bad; community connection flourished on online platforms, businesses got creative with their offerings, and new business ideas were thrust into existence to meet new customer needs that didn’t exist prior to the pandemic. If all of this was possible during one of the most challenging years of the century, so much more can be done in 2021. As we prepare to welcome the new year, here are some ideas to consider when brainstorming ways to level up your business.

Offer Memberships

If 2020 taught us anything it's that things come and go. Consider securing clients/customers with a membership program. Not only will this give you a clearer idea of your monthly revenue thanks to the recurring client commitment, but you’ll also forge a strong community with your members. A great way to get started with a membership program is to offer a discounted rate on your product or service or to offer special perks that are exclusive to members only.  

Loyalty and Rewards

Speaking of perks, a great way to get the ball rolling and to increase customer retention is to offer a loyalty program. Loyal customers already trust your brand and therefore are more likely to want to spend more. A loyalty program also allows you to gather data on your client/customers and provide a personalized experience that has been catered to them. Furthermore, by encouraging your client/customer to fill out a profile when joining your program, you can create targeted marketing campaigns based on their data and create lookalike audiences to find similar clients/customers.

Have the Legal Framework in Place

As your business evolves, the contracts you have in place will provide you with an immense sense of security and professionalism. Each contract acts as a reference point should your client or partners have any questions and will ensure you are each being held accountable as you work together. Set the record straight from the get go and don’t leave any questions unanswered. With highly transparent contracts in place, you’ll have less to worry about and more time to focus on building your business. Consider a partnership agreement, shareholder’s agreement, or taking things one step further by incorporating your business.

Among other benefits, Incorporating your business provides liability protection and protection for your personal assets. As a sole proprietor or partnership, you are responsible for the liabilities of your business and your personal assets can be seized to pay company debt. When it comes to taxes, corporations pay different tax rates than individuals, meaning your taxes will be separated and you may find your corporation pays a lower rate. To find out if your business would benefit from incorporating, connect with AWE Legal today at info@awelegal.com.

There are so many ways you can grow your business and the new year is a great fresh start to get the ball rolling. We wish you a very happy holiday season and look forward to seeing the ways your business levels up in the new year! Shop the Contract Kits and Templates from AWE Contracts to get a quick head start on your legal set up (there’s also a great holiday promo on now for 15% off the entire site with the code AWE2021!). For any legal questions, connect with us at AWE Legal.

Stay happy, healthy and take a much-deserved rest so that we can all thrive in the new year.