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Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

9 Tips For Starting A Small Business

Feb 07, 2022
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Starting a small business is a difficult path, the complexity of which does not depend on the number of funds invested. It requires knowledge, skills, and continuous learning. We do not frighten you and do not ask you to go astray, on the contrary, we sanctify the realities that you will have to face. It is enough for you to develop a plan, not be afraid of difficulties and be decisive, then your business will surely be successful. Today we'll share 9 tips for starting your own small business.

No. 1. Learn from competitors

If you are just starting out, you need support and knowledge. The best way to get them is to contact your competitors. You can study their pages on social networks, sites, find all possible information about their business and its conduct. You don't have to look for small business representatives, possibly larger companies will become more motivating for you, and the tools they use will become your new strategy.

It is also worth contacting competitors directly. Many will be happy to help you at the start because they hardly started without the help of outsiders. Invite an entrepreneur to an online/offline meeting, prepare questions and ask for insider tips for building a business. Remember, not every direct competitor will want to share their experience, so try looking for it in related niches. You may also be able to help him and become partners later.

No. 2. Don't be afraid to ask for help

During the creation of a small business and in the early stages of work, you will be haunted by mistakes, misunderstandings and problems. Many are afraid to admit it to themselves and give up. It's best to ask for help, even if you have to pay for it. Today you can hire an expert on an outsourced basis for just an hour. Describe the problems correctly and help will not be long in coming.

Here you can also reach out to competitors and ask them for help. Don't assume that no one is willing to help with free advice. Go to forums or business communities and find your savior.

No. 3. Learn Anything That Can Be Helpful

To start a small business, you need a baggage of knowledge not only in the field of management. You must have an understanding of marketing, IT, sales, accounting, taxes, content, and more. You don't have to get a special education or study a whole library of books for this. Today, all knowledge is completed on separate services. For example, Studocu has a variety of materials to help you learn quickly and productively.

No. 4. Study your target audience

Before launching your product on the market, you must understand to whom it can be useful. If you promote it for everyone at once, you will lose budget, time and will not achieve positive results. Unfortunately, this is the most common mistake small business entrepreneurs make.

Finding your audience is easy:

  • identify the needs that your product meets;

  • find pain points that your target audience should have;

  • consider who will make your product a must-buy.

All the results should be written down, you will need them throughout the entire life of your business. 

No. 5. Start pre-sale

Before starting a business, make a presale within a strategically important group of people. Don't be afraid to give away the product at cost and ask for help in creating buzz around it. 

No. 6. Assess your capabilities

Before hiring employees, assess your professional qualities. Perhaps, at the start, you will be able to solve many tasks on your own, which will save your budget and allow you to establish all the processes. After the assessment, create a plan and assess which professionals you need to hire. 

No. 7. Use social media 

Submit your business project on social media. To do this, create your free business account and set up inexpensive ads. You can create an entire promotion strategy, distribute and sell a product right through it. 

No. 8. Build interest

Through social networks, forums and communities, you can generate the interest of the target audience. Communicate product information to those who need it. It is not necessary to advertise, it is enough to be useful. People will definitely hear about you and become your first customers.

No. 9. Hire professionals

Unfortunately, 56% of small business respondents, say finding employees with leadership qualities is a challenge. The same picture is true for 55% of respondents who need workers with critical thinking and 51%, for whom problem-solving skills are important. But it is possible, the main thing is to search correctly.

The team must be composed exclusively of professionals. In the long term, this will reduce the budget, training time, and the risks of problems with various state and federal services. Do not spare the budget for them, it will definitely pay off.

Conclusion

Today, small businesses represent about 90% of the entire market and provide more than 50% of jobs worldwide. Moreover, everyone can create an enterprise at any time. We've covered 9 tips for starting a small business to help you build the right start. Don't be afraid to make mistakes, learn constantly, contact your competitors and professional experts. The way to create an enterprise is not easy, but very interesting, the main thing is not to lose motivation.
The opinions expressed in our published works are those of the author(s) and do not necessarily reflect the opinions of the National Association for the Self-Employed or its members.

Courtesy of NASE.org
https://www.nase.org/business-help/self-made-nase-blog/self-made/2022/02/07/9-tips-for-starting-a-small-business