Starting a Small Business for Dummies

Starting a small business for dummies …. a re-tell of a conversation I had with some business friends.  (see below for a very useful Tip about Marketing skills).

>> Many people, especially employees, have a vision to be the boss of their own company or business someday. And of course, they can’t start with something big right away. They should think of the best business to start first. That is the key to a strong business foundation.

So, to help you with your dream of becoming an entrepreneur, here is a guide called “Starting a small business for dummies.” It can be your first time planning and starting a small store or an internet business, so this is an easy to understand step by step instruction on how to do that.

Before anything else, it is important for you to know the meaning of the word “entrepreneur” and his responsibilities. He is the one who operates, manages, and controls a business with the goal of earning a profit. Starting a small business for dummies will also help you prepare for the tough job of handling your own business.

And to be an effective and successful entrepreneur, you should possess traits such as perseverance, passion, discipline, optimism, and risk-taking. Passion is the strength that will push you to continue even if you are facing obstacles. Perseverance will teach you to never give up. Optimism will keep your eyes on the goal, mission, and vision. Discipline will give you the capability to cope up with the stress and pressure of the business. And lastly, risk-taking will help you face your fears and achieve better results.

>> Another important element of a business is the business idea.

Starting a small business for dummies should have a purpose or aim to improve the society. Think of a product or service that will be beneficial to you and your target market. This should be something you enjoy doing and at the same time, it provides solution to the problems of the society. Do not just hope for a successful business, aim to solve a problem too. For example, you have the talent and love for craft-making. You can use old clothes, scratch papers and used bottles to come up with new products. Recycling is one of the solutions to garbage problems. In your own little way, you made a personal contribution in saving the environment. And you are earning from it too!

>> Here is a step by step guide:

1. Write a business plan

The business plan is the most important element of your business because this will identify if your business is S.M.A.R.T. It means specific, measurable, attainable, realistic, and time-bound. Planning will help you obtain a successful business in the future. This includes the small business’ description, mission, vision, goals, products or services, target market, strategic marketing, and financial aspect.

2. Identify your resources

Small businesses or internet business ideas start with a little amount of capital, but it is shouldered mostly by the sole owner. You should know your budget and other assets that you are willing to allocate as the capital of your business. Make sure that it is enough for the business idea you created.

3. Gain more knowledge and skills

Many entrepreneurs did not study business in school. There are even dropouts among them, but it didn’t hinder them from becoming successful in that field. Organizations for entrepreneurs provide seminars and workshops to provide more knowledge and skills for people who want to start their own small business someday. Attend these events to learn meet business coaches that can give you advice.

4. Identify your location

Your small business should also start in a strategic location. It can be at your home or you can make use of the internet. It is a trend nowadays and many people prefer shopping online.

5. Learn lots about MARKETING.

Often marketing training is the “add-on” to the entrepreneurial business idea, whereas, I believe it`s one of the first things that needs to be mastered!  I searches around, rather blundered around trying to get on top of the marketing riddle. My recommendation is to have a good look at the “Marketing Mastery Kit”. A colleague, mentor and friend Vince Reed has developed a highly comprehensive course.

Check out the video and more here for a breakdown of the content to see if it`s a good match for you?

6.. Launch your business

Wherever you are placing your business, make sure that it can attract your target market. Invest in the design, style, and decorations because first impressions matter.

Starting a small business for dummies can be scary at first …. because you are doing it alone or with only a few friends, but you can succeed by having the right entrepreneurial qualities.

Just be patient and wait for the time when you can finally move on to a bigger business!

NB:  Coming articles are about “Coaching”  and “Marketing on FB”.