The best small scale businesses always start out as a random idea, but you have to mold that idea into reality. That’s where many people can start getting scared and intimidated. It’s totally okay to feel a bit uncomfortable because it’s normal and everyone goes through them, but starting up is actually much easier than you might think.
Like any daily task you may plan, if you start it breaking it down into smaller bits, you’ll be able to tackle enough work necessary to get yourself started. Here are eight ways to break up the process and making things simple to start your own small business.
1. Make a short business plan
The key to a successful small business, especially who are just starting out, is to keep things simple and costs minimum. Costs don’t just mean the money you will spend on your business, but also your time.
Many start-ups owners fall into the trap of trying to make the world’s biggest and most complicated business plan. You’re only going to need that if you’re looking for investment or sponsorships, and even if you will be seeking either of those things, later on, it’s highly recommended for start-up owners to start out with by testing their ideas in the market before investing lots of money and time.
So to get started, create your own crystal clear, a one-page business plan that contains the basic structure of your business.
Define your vision. What’s going to be the end result of your business?
Define your mission. Different from the vision, your mission should mention the reason your company exists.
Define your objectives. What are you going to do in your business — your goals — that will help you lead to the progress of your mission and the vision of your business.
Write down the basic strategies. How are you going to complete the objectives you just listed?
Write a simple action plan. Bullet mark the smaller tasks that are required to achieve the objectives.
That’s basically it. It can be longer than one page, but it will definitely be more organized and shorter than a big business plan, which could take many days to write.
2. Solo or team?
Will you be working on this alone, or will you bring in some of your friends to join you? This brings a lot of synergy to the table, as people bounce ideas off each other. Two people together can often create something that is greater than the sum of the two separate parts.
This brings a lot of different vibes to the table, as people reflect ideas off each other. Two people together can divide u up the responsibilities.
3. Set a budget
It’s highly recommended you keep your costs to the minimum, you’ll still need to decide on a budget to get started and how much you’re gonna be spending on operations. If you’re gonna be spending out of your own pocket, make sure not to spend all of your savings in one go. Your burn rate is how much cash you’re spending every month.
The burn rate is how much money you’re spending every month. It’s vital to know how long you can stay in business before you absolutely need to turn it into a profit.
You should construct your business with profitability in mind for the first 90 days. It’s possible. But keep in mind to keep some money in reserve.
4. Take care of the money
Whatever business expenditure you decide on, keep the money separate from your personal accounts. It’s really easy to set up a free business account with your local bank. All you’ll need is your standard paperwork, sole ownership license, and a starting deposit to get set up.
Don’t pay for a premium account or get any kind of credit lines right now, just get started with the basics so you can keep your money separate from your personal accounts. This should take you no more than an hour at any bank.
5. Social media presence
This can be done well before the business is ready, increasing the anticipation of your product or service. Use Facebook, Google+ and Twitter, and any other social media you participate in to build excitement and spread the word. For starters just focus on one social media handle and gradually make your way up.
You want to make a buzz in the market so that people will begin following your progress in this niche.
6. Get your website
You can purchase a domain for as low as $10.00 to get started.
After buying your domain; Hire professional designers/developers. If you do decide to get a website, make sure it looks extremely professional, remember first impression is the last impression. Designers and developers can be expensive initially, but a well presented and trustworthy site is very important. It needs to look visually stimulating and have easy navigation.
Drive traffic(the audience) to your website through simple Facebook Ads and set up simple Google Ad words integrated in to your site.
7. Launch your product or your service
When the product is finally ready, packaged, coded, online, and ready to go, or when your services are fully worked out and ready to go, hold an exclusive event to launch your business.
Send a press release to local business magazines/newspapers, announce it to the world. Tweet it, Facebook it, let the word out to the entire world.
Hold a party and invite some people who can spread the word for you. It doesn’t need to be that expensive.
8. Test your sales
If your business revolves around services, get to know your local chamber of commerce or small-business union immediately and ask what resources are available for you to advertise, present or share information about your business.
For product-based business, test the quality of your product at local start up meets, business exhibitions or other community events to test what the public really thinks of it.
*Images used under license from ShutterStock*