4 Easy Suggestions for Starting a Small Business
Wednesday May. 8th, 2019
Starting a small business is not an easy task. There is lots of planning, discussion, critical thinking, and even more planning. The most difficult part about all of it is in the end, it may not work. You might have to start over from zero multiple times before you can ever feel like you’re truly taking off.
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Switching to a more positive tone, there are so many benefits to running your own business. For starters, it’s your business. You can be in control of everything from the name to who you hire. You get to be a part of the community. Above all, you can get that amazing sense of accomplishment that your business started from nothing and became something great.
There is no perfect blueprint for starting your own business, but there are certainly lots of different tips and suggestions to get you started.
Concentrate on What Your Business Will Do
“Well...of course,” you might be thinking. Your business has to be doing something, and chances are you already have a good idea of what exactly you want to be doing.
But when you’re providing any service or selling any product, it might be better to think about what your products or services will solve instead of what you will sell.
If you’re opening up an antique store, think about what you’re providing people the opportunity to have a beautiful home, garden or expand their antique toy collection. Don’t just think of yourself as selling items. Try and find a need and service that your town needs and how you will provide for that need.
Have you ever tried to find a business or restaurant by Googling them, only to find out they’re not online or don’t have their hours posted? That’s an easy way for this other place to quickly lose your business and for you to move on.
That’s why you need to get online now. You’ll want to go about making sure people can find you just as easily as they could with any other business. Even if you’re not open yet, make your website and make sure people know when you’re open. Head out to social media and advertise yourself through Facebook, Instagram and Twitter. That is free marketing after all.
If you don’t consider yourself a tech person, it might be time to learn. Ask around or see what free courses or classes you could take as well. In this technological age, it hurts to be behind the curve.
Nail Down the Finances
Starting a business is a big risk, not only for your personal life, but also financially. In a recent survey, only 80% of small businesses make it to the second year and about 50% make it five years.
Many small businesses struggle to turn a profit over the first few years and others, plain and simple, just run out of money.
From Day 1, you need to make sure you’re on top of your finances and are prepared for anything that could happen. Plan out every business expense in meticulous detail and review everything until you know it perfectly. If you need help, reach out to a financial expert who can help you plan out your next steps, especially if you’ve taken a loan from the bank.
Become an Active Community Member
As a small business, you are what your name states you are, small. You’re not Walmart, Target or Best Buy. You’re going to be the friendly neighborhood small business.
Part of being that friendly neighborhood small business is becoming involved in your community. How can you do this? Here are some ideas:
• Partner with a local non-profit
• Sponsor a local sports team
• Offer discounts for special events around town
• Talk to everyone who comes into your store
The last one is the most important, as it will help you take the heartbeat of your town. You can find out what other services you could be offering or how you can fill other needs. Not only that, but it can help build connections and friendships that will only bring more and more people to your business. A smile can go a long way!