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Everyone can start a small business nowadays, but it takes a lot of other essentials to make it work successfully. In this pandemic, and with people losing their jobs, one of the great solutions is starting a small business.
If you have a unique business idea or you want to work towards financial independence, founding a small business is also a path that would take you there.
Starting a small business is not easy and will take a lot of work from your end too. According to www.thebalancesmb.com, only two-thirds of businesses with employees survive at least two years, while half of them survive for only five years.
Thus, before ditching your job and decide to become a business owner, as in taking the plunge, make sure to check out the following steps. You don’t have to rush. Think it through as you take one step at a time and if it’s all executed well, you’ll reach your goal to run a successful small business in no-time.
1. Refine your business idea before starting a small business.
Before getting yourself out there, it’s best to ask yourself why you’re doing this. Why decide to start a small business?
Whatever your reason is, it has to be so strong that it will guide you when it gets tough.
Maybe you want to change your life, or perhaps, you love the idea of your product and service. You’re too passionate about it that you can only see the rest of your life running this business.
Refining your idea includes researching about your competitors and defining your target audience.
See what your competitors have been doing well and not doing well. List down how you can improve the strategy better.
Try to narrow down your target audience. Remember that you can’t please everybody so focusing on your target audience (gender, age, location, etc), can make you design your channel and message when it comes to marketing your product.
What Will You Learn?
- Identify Your Purpose and Develop a Passion Hustle Idea
- How to Define a Brand Your Customers Will Love
- How to Manage Your Time Efficiently
- Essential Business Tools that You Should Have Right Now
- Having Accountability Partners and a Solid Community
- How to Build a System that Works and Ensuring Quality
- Finding Your First Customers and Making a Sale
- How Social Entrepreneurship Helps in Developing Solutions for Social, Cultural, or Environmental Issues
- Basics of Copywriting to Get More Sales
- Business Innovation, Ideas, Trends to Look Out For
2. Create a business plan for your small business.
How can you make your business successful? A well-researched business plan is the answer. This is your blueprint that will guide your business from the start-up phase, establishment and business growth.
Here are the parts of a business plan:
- Executive summary or the five-minute elevator pitch about your business
- Business description and structure
- Marketing research and strategies
- Who will be in your team, the management and personnel
- Financial documents that shows target sales in the first few years
3. Work on your finances.
Starting a small business will not only require efforts and skills. You will also require money.
Have you decided where you’ll get the fund for your business? Will you loan it from a bank? Will it be from investors? Will it be from your savings? What is your safety net?
You can’t run a business if you are not paying your rent. Handling money requires discipline. If you think you’re disciplined enough when it comes to your bills, then it’s a good sign that you can handle your finances well.
4. Register your business name, get licenses and permits.
Paperwork is also part of the process of starting your small business. Call your government local offices to ensure you got the legal documents. It will depend on your situation and where you’re located.
5. Hire the right people for your small business.
Your team is a huge part of your business. They can be the reason for both of your success and failure so choose the right people. Wisely!
Just because they’re your friends or family member, that they would be the perfect people for your team. Analyze their skills and potentials. Get to know the applicants better in an interview.
If you’re outsourcing, make sure that your suppliers, vendors, individual contractors can deliver the quality that your business requires.
Here’s how Passion Hustles can help your digital business!
6. Grow your small business.
In the first few months of your business, you will experience hiccups and challenges. You will also learn things that work and not work for your business.
Maybe it’s your brand, the quality of the product or the delivery of it. Is the communication with the customer smooth?
Improve your strategy by noting all of these and apply a solution that would ensure your business’ growth.
If you have questions and ideas about starting a business, write to us or comment down below.