The past few years have presented a roller coaster of challenges for new and even well-established businesses. Remnants of these ongoing issues will likely be dragged into 2023, in addition to emerging and worsening situations like the climate crisis.
Here are a few points to consider when launching a new business in 2023.
Inflation
Though the Federal Reserve is actively wielding its one and only tool to cool down the economy, inflation means higher costs and potentially higher wages for employees. When calculating start-up and day-to-day expenses, allow for wiggle room to absorb possible short-term price increases.
Supply chain slowdowns
The fracturing global supply chain continues to impact businesses in nearly every industry. Starting a new business gives you the unique opportunity to map out your supply chain with as few weaknesses as possible.
Circumventing supply chain issues by resolving to only use locally sourced supplies becomes complicated when you consider where your vendors or getting their supplies. Your locally sourced products may be assembled with machinery or components from five different countries. Do your best to track these many once- and twice-removed supply chain arms to minimize your exposure to potentially ruinous interruptions.
Green and sustainable practices
A new business gives you the opportunity to build your operations around current and emerging green and sustainable practices.
Educate yourself about current laws and laws that are likely coming down the pike. Not only will this save you the headache and cost of changing course to comply with new laws down the road, but sustainability is always a good feather to have in your PR cap.
With the world’s volatile fuel supply and prices, environmentally friendly solutions could potentially save your business considerable money.
Embrace technology
The current generation of prospective business owners and entrepreneurs don’t need to be lectured about the benefits of technology. But it bears repeating that blistering advancements in technology mean new opportunities to improve your business practices.
Just because you’ve found a system that you like, doesn’t mean that a better system isn’t out there somewhere. Research current tech trends and consider if and how they might be incorporated into your business.
If you’re starting a new business, consider consulting an attorney to intercept common problems before they appear.