Starting a small business can seem overwhelming and a bit scary, so what do you need to do to get started? We have a few tips to help you start out on the right foot.
What Should You Sell?
First off, you’ll need something to sell. Once you have an idea of what you want to sell, research it. Ask some questions. Is there a need for that particular products or service? If so, what kinds of people need it? What’s the competition like? Do other companies offer your product or service already? How will your business fit in?
Remember that it’s better to specialize in one niche and do it really well than to have a huge variety of lower-quality products. People have to actually want to buy your product, so give them a product worth buying, and find your unique selling point so you stand out. Try to find an under-supplied niche. If you sell something with high demand and low supply, you’re more likely to find people who want to buy your product.
Plan, Structure, and Register Your Business
Once you know what you want to sell, make a plan to serve as a kind of road map to help you stay on track and give you peace of mind. As part of this plan, you’ll need to figure out how to structure your business, and you’ll need to choose and register your business name and domain name. Once you have everything registered and have any licenses or permits you need, it’s time to run your business, so make sure your plan covers how you intend to manage your business.
Make an Impression
Once you get going, make sure you look legitimate, confident, and professional. Tell the truth, but showcase your best attributes. As Professor Moody told Harry Potter in preparation for facing a dragon in the First Task of the Triwizard Tournament, “play to your strengths.” You can also find your competition’s Achilles’ heel and turn their weaknesses into your strengths.
Remember that you’re the underdog, and everyone loves an underdog. Show your potential customers how you’re different from the big guys and how you can do things the big guys can’t. One thing you can do to be different from the big guys is to be creative with how you advertise. Find unique things to do that are cheaper and more memorable than standard advertising. Be unconventional and surprising, and people will remember you.