If you are thinking of starting a small business, then you probably realize that there is a lot that you need to get done. Most people, when they consider a small business, start with an idea. That idea might be a new product, or a service that doesn’t seem to be offered elsewhere, or a new way of doing something. There is so much that is appealing about owning a small business, and it is very much worth it. However it’s also a lot of work. It’s not as simple as having an idea and starting to sell. You need to do the groundwork to start your business off right. Here are some ways that you can take care of the tasks before starting a small business.
Market Research
Just because you have a great idea that you think has never been done before, it does not mean that’s actually the case. Do some research to see what is already out there that might be similar to what you want to do. You may find that there is already a saturation and maybe no spot for you. However, you may also find that while there are similar products, they aren’t the same as yours. Or, they aren’t being marketed to the same demographics that you want to market to. Doing a bit of research will help you figure out what your market is and where you can find opportunities.
Insurance
Insurance is something that too many businesses overlook when they make their plans. You need to account for having the right insurance for your business. It is the law in most states to have certain kinds of insurance, and it’s just good sense to have it otherwise. Make sure that wherever you get is appropriate for the type of business you want to run. If you are opening a restaurant, then get restaurant insurance. If you are going to be a handyman, then you can get handyman insurance. Your insurance costs will vary depending on what type of business you have, but it’s well worth it to be protected.
Staffing Needs
You may be a very talented individual. You might be able to design a website, market any product, network with the best, and handle all of the bookkeeping. However there are only so many hours in a day, and handling everything is not a sustainable option. Before you get going, you will need to decide on what your staffing needs will be. Think about what you are best at, and what you think your typical day will look like. Then you can decide where to invest for staffing and what you can handle yourself.
Location
You should put a lot of thought into your location. Do not just choose the first place that comes along, thinking that you can move eventually if it’s not ideal. You may not get the chance to grow and move if you have a poor location to start. Think about your target market, and where you will be best able to reach them. If you have a home business, then you might want to think about off-site storage, or even a rented office space. If you do not have a separate space in your home where you can effectively work, then this might be your best option. No matter what, don’t start until you have a great location lined up.
Materials
If you are going to be selling products, then you need to make sure that you have the right materials. You will need to find vendors that will balance out quality with your budget. Do not go cheap on your materials, because if they are subpar you could sink your business. Word will get around that your products are not reliable, and nobody will buy from you more than once. Do your research, and test out everything before buying. No matter how great your product is, if the materials aren’t up to snuff, you will be fighting an uphill battle.
Take Time to Network
No matter what type of business you are going to run, you can always find value in networking. This part is hard for many people, but in-person meetings to share the word about your new venture provide many benefits. You can get a leg up on finding customers, potentially get new vendors, and make connections that you can leverage to grow your business in the future. Go to events, such as with the chamber of commerce, and make yourself visible at fun runs, barbecues, and anywhere else where there are lots of people. You can start locally with the goal to expand down the road.
There is a lot to do and a lot to consider when you are starting a new small business. Don’t forget these important things as well. With a great idea, and the right steps, you can find the success you are looking for.
***
Bio: Mia Tyler grew up in Phoenix, AZ but attended very small private schools. Growing in small communities, she developed a yearning to surround herself with diversity and culture. She matured into a creative and versatile freelance artist, who's not afraid to take on any task. She is a writer, graphic designer, entrepreneur, and craft enthusiast. She is a curious and worldly young professional who loves to share her interests with others. Mia now lives in New York with her adopted pup Lily and soaks up all the culture and knowledge she can.
