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 consultant and former banker, I've enjoyed a front row seat to the founding of dozens, maybe hundreds of companies, and this is some of what I've learned:
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. 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. Take the path of least resistance.
2. Side Hustle If Necessary
On average, most businesses fail, and even most of the survivors lose money for a few years. So, 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, which is crucial to business success!
3. Write Your Goals
Set goals for your business and write them down. Don't skip the 'writing them down' part. This forces you to focus on what's important and, for me at least, makes it much harder to procrastinate vs. goals I just keep in mind. Another thing, set your goals high enough that you might actually miss them. Aim high, miss high.
To Recap:
Reinvent the wheel - take the path of least resistance.
Side hustle if necessary - reduce financial stress.
Set goals and write them down - aim high, miss high.