Imagine what could have life been like for Cinderella if she had moved out of her stepmother’s house and established a small clothing business with her tiny friends. With consistency and effort, she could have been a top fashion designer in the upcoming years. What if Muriel had opened a small restaurant with Courage away from Eustace and the horrors of Nowhere Town? Being your boss can change life in a million ways. Hence, here is a guide about how to start your own small business followed by some simple small business ideas.

JOT DOWN YOUR IDEAS:

The first step to start a successful business is having an idea. As they say, “The more, the merrier” so better have more than one idea, to begin with. If you do not have any business ideas at the moment, better start thinking of one right away. Do you have a unique idea? Great! But most importantly, have an idea that is practical and realistic. Explore as many possibilities as you can and jot down all your ideas on a paper and shortlist the top 3 from the list.

KNOW THE MARKET:

Starting a business means jumping into a consumer market filled with producers. Therefore, it is an essential requirement to know the market requirements. Even the best ideas can fail if they are not in accordance with the market requirements. Select the idea that best fits the market requirements from your list and research on that particular idea. Understand your competitors. Once you have developed a complete understanding of market requirements and business competitors, it is time to move towards the next step.

CHOOSE A NAME:

Your name is your identity. Similarly, your business name is the identity of your business. Often times, it imprints a long-lasting impression in people’s minds. Choose your business name wisely keeping in mind that a big business venture always starts at a small scale. Your business name will be the first thing people will hear from you. It will be a representation of your business, the nature of your business, your business ideals and beliefs. Your business name will attract customers. It has the power to make or break your business. Therefore, a business name should be well-thought and meaningful. Play with words to come up with a unique and innovative name.

BUSINESS PLAN:

A business plan is equivalent to a roadmap for your business. It tells you where you stand and defines the way forward. You can develop a better understanding of your strengths, weaknesses, opportunities, and threats by doing a SWOT analysis. A PEST analysis can help you understand the political, economic, social, and technological aspects of your business. A financial plan allows you to analyze your financial conditions. It helps you find a solution to questions as such:

• How much money do you need as a starting investment?

• Do you need to take a loan?

• What are your expected starting expenditures?

• What are your long-term assets?

• What are your expected long-term expenditures?

• What is your expected revenue? 

• What is your expected gross margin?

A business plan not only answers many essential financial questions but is necessary to attract and convince sponsors and investors to invest in your business. A good business plan is key to a successful business. It divides your goal into different milestones so you can accomplish each milestone paving your way towards success.

You can find hundreds of free business plan templates on the web or take help from an expert. (With a little extra effort, you can make one yourself!)

 

LOCATE INVESTORS:

Usually, a new business requires investors for start-ups. If you are starting locally, find local investors. Attract them with your business proposal. Be straightforward and do not exaggerate or lie with your investors. Truth and Trust are the keys to a good business. Do not make claims that you cannot achieve. The potential in your business will help you find a good investor.

START PRODUCTION:

Once you are done with the above-mentioned steps, it’s time to get to the production. Start working on producing the products you will be offering in the market. In case you are offering a services-based business, get straight to work.

ESTABLISH YOUR IDENTITY:

 For your business to grow, it is all-important to establish your identity. People must know you first in order to become your customers. Use different marketing techniques to establish your identity. Show your presence on different online platforms. Create accounts on different social media platforms. Invest in paid advertisements on the web. You can also opt for conventional advertisements such as pamphlets, flyers, and brochures. Let people know about your business, the products, and the services you offer. Grow your audience, consequently growing your potential customers. PR packages are one of the best ways to establish your identity in the market. For example, if you have started a casual female clothing brand, send PR packages to female bloggers. Their loyal audience will eventually become your loyal customer. Once you develop a credible identity and loyal customers, your business will also spread through word of mouth.

BUILD A TEAM:

To grow your business, you need to build a team. Team-work means the workload is divided and the success rate is increased by manifolds. Build a team according to your business. Taking the previous example, for a clothing brand business, you might need the following: A designer, a tailor, a digital marketing expert, a professional photographer, a model, a stylist, a delivery boy (if you deliver online orders).

Hence, to build a business, you might need a team. Choose your team wisely and in conformity with your business type. Your teammates should be apt for the task they are given. Team building is a crucial task and it is principal to your business so make your decisions wisely!

 

Being an entrepreneur is not easy. You need to work with consistency to build what you dream. However, all the hard work is worth the reward. Start from scratch and pave your way to the top. REMEMBER: Every business conglomerate of this date was a small business in the past!