On Starting Your Small Business

“The way to get started is to quit talking and begin doing” Walt Disney

Do you have a business idea that you are itching to try but are not sure how to start? Isn’t it time you put your idea to the test? Stop wasting time and start working on creating your own business! Now is the time to take action! Get proactive.

Business Idea

I am not saying go big or go home. Here is a warning — your small business idea may or may not be that great. The only way you will find out is to research and discover whether your idea is worth testing. Go online and get to know your business idea from the perspective of others (your competitors or potential clients). You need to understand the challenges and commitments that come with having your own business. Once you decide that your idea is worth testing, then you need to design a business plan. Here is a simple and practical path to get you started:

Product/Service

You have this brilliant idea! To get started, you need to define your product or service. What are you selling? Is it a product? It can be ice cream that you make at home or shirts of your own design. Is it a service? For example, wedding planning or home cleaning. Defining what you are selling is important for you to understand your competitors (others who are selling what you will be selling) and how you will succeed in winning customers.

Challenges and Commitments

Understanding the challenges and commitments before you get started provides you with a set of expectations that will prepare you for working for yourself. What challenges do you foresee? One of the most common challenges is uncertainty about the future. How about commitments? The usual concern is time:

• If your business is a side hustle: Will you have time and energy to balance commitment to a full-time job and a part-time business?
• If you are committing time and money to start your business: What are your other personal commitments? How will they be affected?

Business Plan

Writing a business plan is crucial to help you clarify your vision and business idea. Initially, a business plan does not have to be very detailed. In this early stage, a business plan can be 1 to 2 pages that detail the following:

• Are you working alone (making and marketing your ice cream) or do you need to hire employees (you make the ice cream and they sell it for you)?
• How much money will you need to get started? For example, if you want to start a home cleaning business, deciding whether you bring the cleaning supplies with you or you expect the homeowner to provide them, will help you calculate your cost.
• Is your business home-based or will you need a store to sell your product or service?
• How will you advertise your business and attract customers?
• Do you need certification or are there any regulations to sell your product or service?

There are many other details that you need to consider such as who will take over if you get sick or have to take care of personal matters. What you include in your business plan will depend on what you are selling.

In Short

Keep in mind that your small business idea does not have to start big. It can be a side hustle that you start on a part-time basis. You can test it out with family or friends. Their reactions and critiques will either strengthen or weaken your resolve to start your business. Owning your business is not all fun, it requires a lot of effort and it may test your patience. There will be good and bad days so you need to be persistent and resilient.

Are you ready to test your idea? Is it time to launch your business? Email me and I will send you a Mini Business Plan Form to get you started.