This will be a significant year for small businesses, new startups and side-gigs. With the disintegration of much of life as we have known it for many generations comes extreme change and opportunity. Many long-established businesses will not survive this change. While job loss and a future shrouded in uncertainty can be traumatic and frightening, the opportunity for entrepreneurs has never been greater.
Of course, along with unlimited opportunities comes increased competition. On the face of it, this may seem like an obstacle, but if you take into account basic human nature, it doesn’t need to be. Of the multitudes of people now considering, planning and/or executing their own startup, home-based business or side gig, most will never get past the considering stage. Fewer still will make it through the planning, and many who do execute the steps to an active business will not survive the first 5 years. Simply Google ‘stats for small/home-based business success’, and the statistics are in black and white.
So, what separates the survivors from those who crash and burn or never get off the ground in the first place? That’s the good news. In the end, it comes down to choosing which path you will follow toward your dream. You don’t need a college degree, a lot of money or even experience. You need to be willing to research, learn, and take advice. Resist the all too human urge to ‘reinvent every wheel to make it my own’ and follow these tips. The odds of your success depend on making smart decisions from the get-go.
1. Don’t do it alone
A support system is crucial. Friends and family can give valuable feedback on your ideas. They are also crucial emotional support and inspiration. Negative emotions such as self-doubt and discouragement can lose you the battle before you even get started.
Finding an experienced mentor in your industry can save you from making unnecessary mistakes. They have been where you are and have survived through the start-up process. They know what works and what doesn’t. Successful entrepreneurs are willing to learn from others’ mistakes.
Write everything down. Detailed notes of everything you learn from these resources can be the start of a successful plan.
2. Be professional from the get-go
You need to think professionally from the moment you first start to contemplate becoming an entrepreneur. This mindset will convey to others that your business is a serious endeavor right from the planning stage. Quality business cards, a business phone and email address are things you must have. Consider the following: ssmith.design.inc @ email or buffy.ilovedolphins @ email. Which one would you contact to build a house for you?
Everyone you meet is a potential client or customer. First impressions are everything.
3. Clients and customers are the foundation of any business
Since your business does not exist without clients, you need to start marketing yourself from the very beginning. Finding and connecting with future customers needs to be part of your business plan. Social platforms like LinkedIn are a great way to introduce your new business and make valuable connections.
4. Address excuses
Most of us have had an entrepreneurial dream at some point, but very few of those ideas have ever been acted on. The reasons for this are many. Some are legitimate: health issues, family obligations, or we aren’t really serious about becoming an entrepreneur.
If you are serious about starting your own small business or side gig, but time is ticking away, and nothing is happening, you need to take a good look at what is holding you back. Often, we look for legitimate excuses for what is really self-doubt and fear of failing. This is where a good support system is vital.
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Let fear guide you, but don’t let it stop you in your tracks. Most importantly, do not let yourself disguise that fear as an insurmountable problem when a little self-reflection can turn it into a useful tool.
5. Be a solution
All customers have one thing in common: they are looking for a solution to a problem. Successful entrepreneurs look for problems they can solve and market accordingly. Look for a gap in a certain market or niche and build your startup to fill it.
6. Keep it simple
As a new entrepreneur, it is best to start small, with a narrow focus. Offer quality goods or services and strive to over-deliver. You will not have the resources of big, well-established businesses, so don’t try to operate on that scale. It is easier to add to your business as it grows than it is to fix the damage caused by promising more than you are ready or able to deliver.
7. Imagine yourself with zero money
Unless you have another source of income, you need to be prepared for some lean times while your business is getting off the ground. Assess exactly how much money you need to live on and what you can live without. Be prepared to go without the luxuries: take-out meals, concerts, impromptu weekend trips. You may even have to give up your own place and move in with family or friends, do without cable TV or park your car for the foreseeable future and walk or bike.
Have an escape plan in case the business doesn’t work out or go according to plan. Know that you are in this for the long game. Some sacrifice will be inevitable.
8. Speak up about your business
The most brilliant idea and well-thought-out business plan will not guarantee the success of your business if no one knows about it. You may not want to hear it, but to be a successful small business entrepreneur, you must know how to sell. If you don’t know how to sell, learn.
Selling can be one of the biggest challenges for many people, but it is also one of the simplest to overcome. There is no magic formula. If you want to succeed, you have to sell. Embrace the term ‘fake it till you make it’. If you act confidently, people will believe you. The only one who will know you can’t sell will be you, and that will end as your success grows.
9. Know the legal requirements for starting a small business
Make sure you understand the rules and regulations that govern small businesses. Not following government regulations or being unaware of them can lead to steep penalties. Register your business with the proper authority, have your accounting system set up professionally and take care of tax liabilities. If you are hiring people make sure you are following employer laws.
If none of this is your forte, hiring professionals can save you time, money and mental anguish in the long run.
10. Choose the right business for you
Finding a need and filling it is the key to your success, but you need to find one that suits your talent and abilities. It also needs to be a need from which you can build a successful business that will produce sufficient income with the potential to grow.
11. Embrace Digital Marketing
We live in a digital world, and that is not going to change. A digital presence today is the equivalent of a freshly painted sign and an endless supply of grog two centuries ago at Ye Olde Tavern. You reach your customers where they gather.
At the very least, you need a professional website and an email list. Your presence on the social media platforms where your customers hang out cannot be overstated. The Web is where potential customers will check you out before they contact you.
12. Research your competitors
You will have competitors no matter what small business or side gig you are starting. Even if your product or service is unique, the need or gap you are filling will not be. Other businesses will also be offering solutions to the problems there.
Researching your competitors is just plain common sense. What are the successful ones doing that you can emulate? What mistakes are the unsuccessful ones making that you can learn from and avoid, thereby saving yourself time and money? You can also gain new ideas and insights from others in your market or niche.
Make competitive research part of your long-term plan. The marketplace is never static. It is constantly changing, evolving and shifting in new directions. Successful entrepreneurs and small business owners learn to embrace change, evolve with ease and become master shape-shifters.
If you follow these guidelines, conquer your fears and doubts and refuse to give up, your success is guaranteed.
