• Boone Caughey

How To Start a Small Business

Welcome to my new blog. I started it to help my website SEO, let's be honest here! Maybe it'll help you somehow too. That would be cool!

This first post contains some general advice on starting a small business. As a marketing comapny and in my former life as business banker, I've enjoyed a front row seat to the founding of dozens if not hundreds of companies. Here is some of what I've learned along the way:

1. Reinvent The Wheel

Many people think they need to invent a new product or service to start a business. Not true. The fact is, most successful new businesses are copycats - lawn care companies, hair salons, grocery stores, auto repair shops, insurance agencies, hotels, advertising companies, etc. - they're everywhere because they're needed everywhere. Inventing a new product or service is great but with 7+ billion people on earth it's hard to be first at anything. So if you're struggling to come up with an idea, consider starting a common, everyday business and pour your energy into executing rather than inventing. In short, take the path of least resistance.

2. Side Hustle If Necessary

On average, most businesses fail, and of those that survive, most lose money in the first couple years. Unless you have a lot of money saved up or have another source of income, you need to hold onto your day job for a while. Yes, it's harder this way. Yes, you could move faster if you quit. No, you won't get as much sleep. On the bright side, you'll be able to pay your bills and have a lot less financial stress.

3. Set Goals and Write Them Down

Set goals for your business. Write them down. This simple process will train you to manage your time, spend less time doing busy work, and get more things done. Or in other words, business management. It sounds simple but only works if you actually write the goals down, for me at least. Also, set your goals high enough that you might miss them. Aim high, miss high.

To Recap:

  1. Reinvent the wheel - take the path of least resistance.

  2. Side hustle if necessary - reduce financial stress.

  3. Set goals and write them down - aim high, miss high.