Starting a small business is a multifaceted process that comes with great challenges and amazing rewards. However, if you want to be successful, it’s important to learn from those who have walked the road before you.
Here are Ten quick tips for starting a small business that you probably haven’t heard.
1. Bootstrap First
Bootstrapping means building your business from scratch and finding creative ways to finance it. It does not mean going to investors right away.
When you bring in investors, you’re giving over control of your vision to someone else. It’s better to take your time and establish yourself with your own resources before reaching out to others.
2. Outline Your Brand
Many people focus on starting the business first and addressing the branding later. Your brand shapes how people will recognize you, how you interact with customers, and how you sell your product or service. Start thinking about your brand voice and look before you launch your business.
3. Learn the Legalities
You don’t want to learn that you’re non-compliant with regulations after you’re up and running. Take some time and seek counsel to clarify what permits you need, which insurance you should have, and what your tax obligations are before you choose a business structure.
4. Compare and Contrast
Don’t just buy tools or supplies based on someone’s recommendation. Take some time to compare and contrast to determine what options are available.
This exercise could highlight options you hadn’t considered before, like New Ponoko Offerings that you can use for your branding materials. It could also help you find a better deal or a tool that suits your needs better. Take your time, and know when to save and when to invest.
5. Scale Slowly
Don’t over-invest when you get started. You don’t need all the bells and whistles now. Instead, invest in the bare minimum to get your business up and running, then slowly scale your growth as you make money.
6. Set Boundaries
Learn to say no to people from the get-go. Just because you don’t have clients yet doesn’t mean you aren’t busy. You aren’t obligated to watch your sister’s kids or answer emails after 10 pm. Set strong boundaries and advocate for yourself from the early days onward.
7. Do it Scared
You might never truly feel ready to launch your business or try a new type of marketing. Remember, perfection is an illusion. Don’t wait until you feel fully ready— do it scared.
8. Start Selling Now
Start telling people about your business before you have everything sorted out. You might not have clear packages outlined yet, but you can still start networking and telling people what you do.
9. Capture Data from Day One
Start collecting data about your target audience and ideal customer from day one. Don’t let someone leave your website without the option to share an email address. Capture your leads in a central document. The more data you collect, the better decisions you’ll make when you’re ready.
10. Outsource
Finally, don’t try to juggle everything by yourself. Find the funds to outsource repetitive tasks so that you can focus on revenue-generating activities. Things like the creation of social media graphics, setting up your website, and sourcing leads can all be handled by a contractor or virtual assistant.
Keep these ten unique tips in mind when starting your small business, and you’ll set yourself up for success.
