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A Guide To Starting A Small Business

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When starting a new business, there’s a lot to consider. But with a few insights and some hard work, you can see that first initial idea grow into a potentially huge success. From making your very first social media post to finding the right merchant account services, here’s a short guide to starting your own small business. 

Hone your business idea 

It doesn’t matter if it’s a tried and tested business venture or something completely new and innovative, you’ll need to be able to explain your business idea concisely to others who may be looking to invest in or purchase your future services or goods. 

Practice summarizing your business idea and why it’s unique in just one simple sentence. Give your idea a well-formed ‘elevator pitch’ style, and take it out into the world. 

Create a business plan 

You’re going to be the boss, so now it’s time to sit and formulate a business plan to help the process run smoothly. Start with something as simple as writing down your goals and priorities, then work backward from there. 

Don’t worry if you don’t have all the answers right now, as long as you’re realistic in your expectations and preparing yourself for any unforeseen issues. 

Research your competitors 

Take a deep dive into just how crowded your target market is. Pinpoint 3 of your biggest potential competitors, and 3 businesses who are everything you don’t want to be. It may sound counterintuitive, but you’ll have some successful businesses to analyze and a few cautionary tales to avoid in order to keep you on your toes. Look at what other businesses do best, and how you may be able to carve out a niche within that market to stand out from them. 

Research your target audience 

Who are you marketing your niche area of this competitive industry to? Put together a buyer persona list that states the tastes, needs, and age range of your target audience. The more you can think like your target consumer, the easier it will be to win them over in your marketing. 

Get the right branding 

Here’s where the fun starts. What names, logos, colors, and designs are you going to use to lure this target audience from curious onlookers to confirmed buyers? Think of what colors would suit your brand, and test out ideas for friends and family. Allow yourself plenty of options and try not to take any criticism personally from loved ones. 

Set your mission statement 

Ask yourself what matters most above all else in your brand. Consider the personality traits your small business would have if it was a person. Apply this to your mission statement and define your business by some of the words associated with them. 

If you can combine this personality of your brand with a backbone or a practical and sensible desire to provide a good service, you’ll be well on your way to a small business that starts with a bang. 

 

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