Every once in a while, almost everyone has an idea that could lead to something of a small business enterprise. However, very few of us actually follow through with it and make it happen. For those of us who do, the start of the process can be terrifying. There are so many uncertainties along the way, and there is no way of knowing if it will be a success or not.
While we can’t guarantee that your little passion project will turn into an overnight sensation, with thousands of orders being placed daily, we can help you with a few top tips for starting your small business. We know – you’ve probably already received a lot of unsolicited advice, but hopefully you’ve never heard some of these before.
Become a solution
Instead of basing your business idea on what to sell, think about what it can solve. Gaining a customer base is far easier when your business involves fixing a problem or filling a hole in a certain market. Really think about why you want to start your own business. Knowing, acknowledging and understanding your motives behind it will help you build a brand and market your company even better. Have a good grasp of what your customers want and how you can help them achieve or buy it.
We know that when you start your business, you want to draw people in by offering them everything they could ever imagine. However, doing so will only make this process even harder for you. Stay on top of what you know and be careful not to let your business snowball into something beyond your control. Keep your concept as simple as possible to begin with. When the time is right, you will naturally and gradually expand the business, but for the time being, eliminate any unnecessary, over-complicated work.
Keep your day job
Most businesses only start making profit after five years. This means that you will likely be without income for a period of time and if you don’t have a little nest egg to fall back on, this could have devastating effects. If you do have a nest egg to fall back on, adding a bit more to it wouldn’t hurt. If at all possible, keep your day job. Build your business in stages, on the side and gradually transition as it starts to demand more of your time. As it takes up more time, start working fewer hours at your job, and then gradually cut back until you are in a position to walk away from that job and start being your own boss. You’ll be glad you had a fall-back position and can read more about what to do with free time if you’ve ended up making this transition successfully.
Tell people about your business
One of the biggest issues that new businessowners face is not knowing how to promote or to sell their business concepts, services or products. We understand – it can be incredibly intimidating to share your ideas with the world. Stop worrying about what people will think. If they ask you questions about the business, answer them. In conversations, mention it. Word of mouth is one of the best marketing tools around – you never know when a potential client is in the vacinity. It could be a sale just waiting to happen.