If you’re here reading this post, chances are you’ve started your own small business or, at the very least, are taking steps to make it happen.
That alone is a pretty big leap of faith, so congratulations on making it to this point in your journey!
We fully understand that starting a business, big or small, is scary enough, but when you finally get it up and running and things still aren’t going your way? That is even scarier!
But like most problems, a little logic and flexibility will get you to the exact solution you’re looking for.
With some strategic thinking and determination, you’ll be able to turn your small business into a lucrative, thriving operation in no time.
Struggling to get your small business off the ground?
3 mistakes you’re probably making and how to get around them once and for all.
Planning too little—or, too much.
Planning is an integral part of your small business’s foundation. Period.
However, how you plan is just as important as what you plan to do and how you plan to do it.
That’s where the traditional, 30-50 page business plan comes in, and the document typically includes:
- Executive Summary. Here is where you outline the who, what, when, where, and why of the company. This includes leadership, legal structure, and your overall mission.
- Products and Services. Of course you know that all businesses must offer something! Here’s where you go into detail about what your company offers and the means required (manufacturer, patents, technology) to successfully do so.
- Market Analysis. Even if your small business idea is super unique, you still belong to an industry. So this means you’ll also have some competition! Here is where you detail the research you’ve done on your competition, as well as your strengths and weaknesses in comparison.
- Marketing Strategy. How are you going to attract your customer base? Do you have a solid plan for that? Great! Now, how are you going to keep them? That’s all your marketing strategy is and it’s an important part of your business plan.
- Finances. From monthly expenses and profits, to loans and overall budgeting, you need to have a general idea of what your finances look like. This includes financial goals and projections for your company up to 5 or even 10 years.
Now if you’re a small business, some of this information will take a long time to come by or won’t be available to you until you’re up and running.
This is where the lean business plan comes in. The lean business plan is a lot shorter, and a lot more action-based.
You basically give the basic answers for all the aforementioned categories instead of going too deep into the details of it all.
Once the basics are figured out, you can start off by taking small steps. Then, track the data to see what worked and what didn’t.
Finally, course correct your strategy and try again. This ultimately wastes far less time and money than a traditional launch.
Trying to turn your small business into a big one too soon.
Less is more, and that’s especially true for the startup of a small business.
While it would be great to be able to launch your company with 50 different products and services, and then have 2 related side businesses, all of that stuff costs money—and lots of it.
And if you start out offering too much at once, you’ll likely end up spending unnecessary money and time on goods and services that your customers don’t even want!
So, what’s the solution to this? Start small. One or two products and services is all you really need.
This way, you’ll be able to accurately track data that’ll help you identify your strengths and weaknesses. Plus, it’s just so much easier to start easy and simple when it’s only you.
Marketing and advertising are all wrong.
Marketing and advertising can look like big, intimidating words when you’re just starting out.
But don’t you dare psych yourself out with a bunch of complicated methods and plans! Instead, think of it as shameless self-promotion because that’s essentially all it is.
If you’re on a tight budget or stuck about where you should even start, here are a few ideas to get you going for free or just a few dollars:
- Barter and Collab. Exchanging your goods and services for other goods and services—from a business or influencer—is a great way to save money, generate new customers from established companies, and build a strong professional network in the process.
- Social Media. Social networks like Instagram and Facebook are your best friends when it comes to promo because nice pictures and the right connections can get you far. You may even find a few popular accounts that’ll advertise your business for you, for cheap.
- Create content. Don’t have a blog on your website? Consider getting one! With an interesting topic and solid SEO optimization, you can drive people to your small business website and social media pages with just a quick post.
You see?
Turning your small business into something successful really just takes a little consistency and creativity.
By following a few of these tips and keeping the faith, you’ll be able to get your small business off the ground in no time.
