10 Incredible Tips and Ideas for Starting Great Small Business
Do you have a small business? Or you are planning to start one? In both cases, you are probably looking for ideas and motivation. Starting a small business needs passion, patience, and motivation. But above all, it needs a brilliant idea and the perfect execution.
The following guide is compatible with an already executed idea or a developing one. You will find the step-by-step guide to make small business ideas and how to execute your ideas.
The aim of this guide is to enlighten the small business owners with the knowledge of what a small business needs to become great. You will learn the methods of finding the right idea and making it practical.
1. How to Find the Right Business Idea?
You must have read and listened about the importance of ideas. But what exactly is an idea? And how do you find out which one is right for you?
A report by Global Entrepreneurship Monitor (GEM) states that 150 million businesses are attempted to start each year. If we assume that 50 million of those get successful then it means that 137,000 startups are launched daily!
How do you find the right business idea with such high competition?
The solution is to look for the problems. Your formula for finding a business idea for start-up should be to find the solutions to the customers’ problems
Customers are always facing difficulties no matter how much startups are launched. Find the problem, work out its solution and deliver your product.
2. Passion is useless without Wisdom
The lyrics of a Persian song state,
“Dreaming is one thing and making it true is another. “
It is true that no business can get successful without patience and passion. But if that passion heads towards the wrong road then the success falls in doubt.
Remember that your business idea is for your customers and not for you.
The easy solution would be to find out at least 10 popular products in the market and choose the one that interests you the most.
3. General Research
Accept that you know little and seek for more. The world is moving at a lightning pace and you have to keep up with it by researching. Don’t just research mainly about your startup but about everything it relates to.
Commerce, Economics, and even the global trade, all of these matter for the success of your start up.
Warren Buffet, the most successful investor of our era said,
“The more you learn, the more you earn. “
4. Specific Research
Jeff Bazos, the founder of Amazon and the richest man on the planet, works on the philosophy,
“Start with the customer and work backward. “
You should make it clear to yourself that your business is for your customers and not for yourself. They will not buy what you offer but what they need. Yes, need! They may pass on their wants but they can’t skip their needs.
Your goal should be to research popular marketplaces or even social media to find out what problems people are facing. Learn more and more about such problems before you start working out a solution.
Conduct surveys, research competitions to find out what they lack, discuss with someone you trust. You can offer them the right product or service only when you know what they need.
5. Conquer Your Fears
Millions of people dream about starting their own business. Countless people stop dreaming after a while because they get afraid.
Let’s accept it, starting your own business isn’t as easy as it seems.
If the responsibilities, time, energy, and money aren’t enough to scare you then there are risks. Every three out of four start ups fail.
But why do they fail?
They fail because they weren’t patient or passionate enough.
Your only rival should be your fear as it is the only factor that will stop you from achieving your goals. If you can conquer it only then can you conquer the world.
6: Write out a Plan
The mind is a messy place. It thinks too much so it is always better to write down your plans. As soon as you feel that you have done enough research, write out a business plan outline.
Don’t worry you need not be too technical with it. You can even start by writing on a napkin.
Just make sure that you write down the following points in brief details
- The purpose of your plan
- Finances you will need
- Marketing Plan
Read this for a detailed guide: 7 Steps to A Perfectly Written Business Plan
Starting a small business doesn’t need a lot of investment but it would need some. If you wish to save money then you need to plan your finances smartly.
Write down the costs that you will suffer. When you write down the costs in the start then your mind and body will be prepared to tackle them in the long run.
The costs might also vary. There are the costs that you pay one time such as building up stock or buying the domain name for your business. Then there are costs that keep up with you such as marketing and advertising.
Make a journal and work out both of these precisely.
Here is a guide to help you out: Fund Your Business
8. Your 9-5 Job Matters!
Do not just quit your 9-5 job. This is the first thing that pops up in the excited mind of a young entrepreneur. But this is risky.
Do not forget that business is a slow and steady process. Chances are that you will hit bumpy roads as soon as you kick start your business. Your 9-5 job will help in such rainy times.
You can work on your business in your off times or even on your job if you are lucky enough to have a friendly boss.
The point is to just wait and watch. When you feel that your business is yielding enough profits to make a living, only and only then should you quit your job and focus 100% on your business.
9. Get the Best Team
A lone warrior might get good results but it is always a team that yields extraordinary results. Even a small business has various aspects such as marketing, business development, human resources etc. You just can’t master all the arts.
The key to hiring the best employees for you is to know your needs. In what sectors do you lack, the weak points of your business etc.
When you are done working out the needs of your business then look out for the persons best fit for the positions you have.
10. Find a Mentor
Last but not least is the need of a mentor. As you already know that business is risky, slow, and sometimes boring, you need a lot of patience and pieces advice in your journey.
Finding the right mentor solves all these problems. It is good to find a mentor who has experience in business but if you can’t find one then anyone from your friends and family can fit. A mentor is there to help you along in rainy times. He is there to motivate you when you are down and guide you when you are last.
My best tip for you in finding the right mentor would be to look for trust. Your mentor should be someone whom you trust the same as you trust yourself.
If you are still confused about how to find one, find out here: Looking for a Mentor? The 7 Best Places to Start