Small businesses are an amazing addition to the corporate world. Small business owners are incredible entrepreneurs who take their creative vision and run with it – and, because of that, often open up entirely new areas in settled markets. A small business loan from your bank makes it easier than ever to start up your own small business. If you are thinking about starting a business of your own – perhaps to market to a niche that you believe is still untapped – take a look at this list of four things you must know about starting a small business.
1. LISTEN TO EVERYONE – AND NOT JUST FELLOW ENTREPRENEURS
One of the most important things you can do when starting up a small business is to listen to everyone you come across, whether it is at work, at home, or among friends. It is especially vital to seek out other small business owners and discover what worked – and did not work – for them. But don’t just take advice from those who own small businesses. Your fellow employees at your current place of work can also offer valuable tips on what could work in your business model and what might not. Even your non-work friend can point you in new directions. And your family will always be your cheering section!
2. SOLVING A PROBLEM CAN BE JUST AS IMPORTANT AS BRINGING SOMETHING NEW TO THE TABLE
Maybe you are struggling to find your niche. You know you want to strike out into new territory and start your own small business, but you just are not sure what direction to take. The possibilities are truly endless and with such a wide selection of opportunities it can be almost impossible to figure out who your business should cater to. One good idea is to look at the current businesses in the field you are interested in. What are they missing? How could your business benefit other small – or large – businesses in your chosen field? What product(s) would be the most valuable? Brainstorm and then run with those ideas. The Thinking Capital website is a useful resource if you would like to learn more information.
3. ALWAYS SIMPLIFY
So now you know what you want to do with your small business and you have even taken out a small business loan from your bank. Now it is time to create and market your product or service. One easy tip to remember as you work with what you’re offering is to constantly simplify and pare down your product/service. Give your business the keenest focus it can have, aim it at the specific market you’re working with, and make sure your business meets those exact needs – try not to complicate things with add-ons and fancy extras (at least not until you’re established as a great small business).
4. KEEP YOUR DAY JOB – FOR NOW!
Even with a small business loan, staying afloat as a small business will take money, grit, and plenty of determination. Hold onto your day job for as long as possible – the extra income can give your small business the boost it needs to get off the ground.