🚀 How to Start a Small Business: A Guide from Choosing a Niche to Organizing Work
No one can argue that life without money is not easy. Unfortunately, not everyone is lucky enough to have fabulously rich relatives who can leave a huge inheritance, in particular, a business. Therefore, most have to earn everything with their own labor. When we work “for the man”, there are often cases when you work hard all month, wanting to earn as much as possible, but then “kind” bosses deprive you of a bonus or, even worse, fine you. Basically, the main goal of employers is to save on workers, but at the same time load them with tasks as much as possible.
More and more often, such work brings up the idea of opening something of your own: starting your own small business. This desire grows every day, and thinking about it all the time, people want to make their desire come true more and more. After all, after opening your own business, many opportunities, the desired freedom and self-expression will appear.
In addition, having your own business gives you a significant status in society and the opportunity to set your own work schedule, and, most importantly, to do what you love.
Start by finding a business idea
If you have already done something at your previous job, we recommend starting with the option of opening your own business in the same market niche.
The most common mistake is not knowing what small business to start. In fact, everything is very simple. Start with an idea. Not with self- analysis, not with competitor analysis, not with a business plan, but with an idea for your future business. After all, the most important thing is to come up with what exactly you want to do. Give free rein to your imagination. Think through in detail how it will look, what, in the end, you need to come to. For example: – If you like training, you should think about opening a gym, nowadays most people try to be healthy and fit. – Do you make delicious pastries? Open a mini-bakery, fresh pastries are in demand all year round. – Do you understand quality beer? Open a beer store, however, there is a seasonality of business here.
Analysis of one's own strengths in business
Now the idea has been conceived, the picture has been put together, now you can begin self-analysis. You can’t miss anything, it is important to assess your real capabilities and analyze your competitors. Understand whether your desires match your capabilities. Be sure to think through everything to the smallest detail:
- how strong are your knowledge and skills in the field you have chosen for your business;
- what equipment and premises will be required to implement the plan;
- Do your financial resources allow you to start your own business?
- what personnel will be required and the funding that can be allocated for this;
- and, of course, an emergency exit in case of force majeure.
Competitor Analysis
The next step will be collecting complete information about competitors. For convenience, it is recommended to create a card for each competitor. You can write down all the necessary points in it. But there are many ways to find out everything. The most effective and primitive is to infiltrate the competitors' team. It is possible to gradually learn the necessary information and assess the strength of the upcoming competition without raising suspicions.
Drawing up a business plan
Now you can start drawing up a business plan. Of course, here too it is necessary to take into account every little thing. Starting from the services and goods offered and ending with the methods used to improve the company.
Small Business Registration
One of the most important and responsible steps in starting a small business is registering a company. Carefully study all the organizational and legal forms of legal entities, to do this, find the maximum amount of information about what is needed to open an individual entrepreneur or LLC. Choose the desired form of taxation. It is also necessary to open a bank account. When this is finished, proceed to renting premises, recruiting employees and an advertising campaign.
Organization of enterprise work
And now the most difficult, but no less interesting. Developing your business, finding employees and clients, purchasing equipment and advertising. Now profit directly depends on how the small business will develop.