Tips for success
Is 2021 the year you take the plunge and start your own business?
Maybe you’ve had an idea for a small business that you have been toying with, or perhaps you’re beginning to think you can turn your hobby into a successful business. If you think you’d like to start a small business and want to make sure it’s a success, here are a few steps you’ll need to take.
Identify your small business idea
Ideas for small businesses are endless and can range from handyman services to dog grooming, catering, sewing, house cleaning, resume writing, gardening, tutoring, photography…the list goes on. Before you start your small business you will need to identify your skills and what product or service you can offer to customers.
Start as a side business or hobby
Starting small is always a good way to go. Many successful small businesses are built from a hobby. Perhaps you enjoy cake decorating and do this as a hobby for family and friends – consider charging them for your service and having them refer you to others. This can be the start of a business for you.
Create a business plan
This is the most important step in beginning any small business. Your business plan should cover important areas such as how you will manage your finances, securing your business name, obtaining relevant licenses, permits, and insurances, acquiring an accounting system, deciding on your business location, hiring staff, and marketing.
Decide on your software
Every business is different but almost all companies can use software to help with analytics, project management, accounting, bookkeeping, email marketing, and other basic day-to-day tasks. A website is vital, particularly one with a shopping cart facility if you are selling a product.
Set up an office
If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. If you don’t have space for an actual home office, look at setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success. If you are starting small but don’t want to work from home, consider co-working spaces that you can hire in communal offices.
Get to work
With everything in place, you’re ready to start your business. It’s important to remember that even though you are now your own boss, you still need to put in the hours – and probably more than you would if you were working for someone else. Keep up normal working routines and stay on top of orders, because the last thing you want is to lose potential customers by not being organised and professional. Keep on top of your digital marketing and ask customers for referrals and testimonials to grow your business.
Starting a small business idea is an exciting step in your working life. If you have an idea you think will work, but are not sure how to get started, perhaps completing a Business Management course might be a good idea. This will give you background knowledge on how a small business runs, and you can use this knowledge to ensure your business is a success.
Visit TrainSmart website for information on Business Management courses on offer.