How to Start a Small Business: An Entrepreneur’s Guide

Man w Laptop

 

Have you always been itching to become an entrepreneur?  And did you just decide to take the leap from salaried worker to businessman?  Isn’t it a great feeling?  Take a moment to just feel good about your decision and to visualize the possibilities.  Then, you’d better get to work.

Believe it or not, Starting a Small Business is no mean feat.  There are many things that you need to consider before you branch out on your own.  Where exactly do you plan to set up your Small Business?  Do you have an extra room at home or an unused garage?  Or will you need to rent a place?  How many people are you planning to employ?  Do you have any investors who are willing to put up money?  Or will you need to get a loan?  Do you have any clients already?  Or do you need to find them?

These are all valid questions that need to get asked when you learn How to Start a Small Business.  You may have asked yourself many of them already.  But in the interests of further strategizing, here are a few things that you need to consider:

Competitive AnalysisAnalysis Magnifier

It’s unlikely that your business or product is the only one of its kind on the market.  Most Small Businesses have at least a few competitors that produce a similar product.  It’s a good idea to do a competitive analysis which will enable you to figure out who they are.

How BIG are your competitors?  Do they have a monopoly on the market?  How good is their product in comparison with yours?  How many people do they employ?  And how much money do they put into marketing?

Knowing all this and more about your competitors is really important because it gives you an idea of exactly where you stand.  Will your competitors’ Small Businesses challenge you without drowning you?  Or are you going to be an underdog in your field?  Knowing all this in advance will at least give you a degree of mental preparation going in.

Market Analysis

This is probably the most important type of analysis to do on the How to Start a Small Business list.  Because, let’s face it, there isn’t going to be a business, unless there’s a market for your product or service.  So you need to find out, via surveys, Social Media, or any other type of research, whether people are interested in your product.

Does the consumer have a pain point that you’re addressing?  Have people been looking for just the type of features that you’re planning to introduce with your product?  Or does your Market Analysis show that you need to mix things up somehow, because there really isn’t much interest out there in what you’re trying to sell?

Business Plan WheelBusiness Plan

A Business Plan covers all the aspects of setting up your Small Business, such as location, labor force, finances etc.  These are the things that you need to consider immediately, before you Start your Small Business.  Money is probably the most important issue at hand because most businesses find that they end up spending more than they had initially calculated in the process of setting up.

But if you want to be a successful entrepreneur, you also need to have a long-term plan, for the next 5-10 years.  Do you plan to remain a Small Business over this period of time or are you planning to grow?  Some people are perfectly happy keeping their business small, while others might be looking forward to future developments.  If you’re planning to grow, then you will eventually have to move out of your garage, hire more people and/or outsource certain functions, like accounting or HR.

 

Ideas Bulb

 

For information and tools to Start a Small Business, feel free to visit us, OmniTech Enterprises, LLC., today at our Blog site http://OnlineMarketingHomeBusiness.com for plenty of useful Small Business and Online Marketing inspiration, education and powerful Online Business Systems.  Not only do we teach Digital Entrepreneurs how to start and grow a profitable Small Business, we also support Small Businesses worldwide who need the funding to manage or grow their company.  We look forward to inspiring you and assisting you in becoming a successful entrepreneur.

 

Marv Wells

Marv Wells & Logos

 

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