How long have you been itching to start a small business? What’s holding you back?
So many people put off starting a small business because they think they need a healthy injection of capital to do it.
That’s simply not true.
So, how to start a small business?
1. Start with You
If you’re wondering, What would be a good small business to start? You might want to take a closer look at what you have to offer.
- What are your skills?
- What are you most experienced in?
- What knowledge or insight could you share that someone would pay good money for?
- Who needs your help?
There is no right or wrong small business, just like there’s no guarantee that some will succeed more than others. I’ve watched startups with incredible products fail because they didn’t know how to market themselves.
I’ve also seen pretty average products do exceptionally well simply because the founders knew how to connect with their prospects and deliver a one-of-a-kind experience.
Dmytro Okunyev, founder of Chanty, said,
“The best way to start a small business with a small budget is to start with a problem that somebody else is having and solve it, rather than coming up with something new. That way, you already have your target audience right in front of you, and you can make your first sale immediately instead of spending a fortune on marketing
Conversations lead to conversions. They allow you to get inside your prospects’ heads, to discover what they’re struggling with, and to devise a solution tailored to their needs.
So often, as business owners, we think we know our target market. We think we know what they want, where they consume media, what message would drive them to buy your product or service, and we couldn’t be more wrong.
I’ve met many entrepreneurs and small business owners who’ve invested thousands of dollars into getting their company off the ground, only to realize six months down the line that it’s all wrong. The business name, their offerings, pricing—all that money and time wasted, simply because they didn’t do their homework.
By talking to people, you build relationships and you get valuable feedback. Listen to what they’re saying and how they’re saying it; they’re gift wrapping your content strategy. You already know what they’re googling so you can create a video or article that talks directly to them.
This on-the-ground market research will also show you:
- Whom you enjoy dealing with.
- Where they’re based.
- What their daily routines look like.
- What their pain points are.
- If they have an appetite for what you’re selling.
- What they’re prepared to pay for it.
Then you need to figure out:
- Who your competitors are.
- What they’re doing that you can do better.
- How you’re going to differentiate yourself.
The experience you deliver is your unique differentiator. Do it right, and not only will you win your first customer, but you’ll give them an experience that will keep them coming back for a lifetime.