Tips for Starting a New Business in 2024

In a recent video by CBS News, Mark S. Lee, CEO of The Lee Group, a Virginia-based staffing company, gave the following tips for those hoping to start a new business in 2024.

Create a Plan

Lee suggests taking whatever your ideas are about the new business and getting them all down in writing, to create a plan. According to Lee, 50% of new businesses will fail within the first 12 months, so it’s important to have clear thoughts regarding your business and the direction it will be taking. “What happens is most people get excited in the new year,” Lee said during the interview, “but they’re not exactly sure what to do.” Instead, he said, “Take a pause, take a deep breath…and make sure you write everything down.”

Expect Inflated Expenses

Inflation was a challenge for businesses in 2023, and Lee said to expect it to yet again be an issue for new businesses in 2024. “The good news is inflation is going down,” Lee told CBS News, but he added, “the cost of the product is still high.”

Embrace New Technology

“Artificial intelligence is continuing to evolve and grow,” Lee said, “and businesses are not clear on how they should handle that.” To be successful in 2024, Lee said, new businesses are going to have to learn how to embrace technology.

Find Good Talent

Finding the right people to hire was an issue last year that will continue into 2024, Leo said. Are there enough people looking for employment in a company like the one you want to create?

Understand the Recent Business Trends

Trends represent what consumers are looking for, Leo told CBS News, and as such, it’s important to have a good grasp on what those trends are. For example, he cited the popularity of online purchasing and the related need for online advertising. “You need to understand where the market’s going, what’s the target market looking for,” he said.

Don’t Be Afraid

For those considering starting a new business this year, Leo said he tells people, “If you have a passion, don’t be nervous. You know, dip your toe in the water.”

“What happens is we talk ourselves out of starting a business,” he continued. “Make sure that you have a passion for what you want to do…. Write it down. Have a plan. Have confidence, and ultimately, have fun.”