So, you’ve been thinking about getting started for awhile, right? You find yourself dreaming about your business and those dreams feel life-giving. Maybe you’ve started a little side-hustle, “just to see” or maybe you’ve taken the leap and are ready to be “all-in”. Either way, read this article. In it I lay out three concrete steps to starting your small business the right way. I hope this will give you the little push you need and you’ll be on your way to big things.
It can be a little overwhelming to turn a business dream into a reality. To that I’ll say only, you fail 100% of the things you don’t start. 100 percent. Everyday women in the U.S. start approximately 849 new businesses.
Write it down.
Step one. Put down on paper what your basic goals with your small business are. More specifically, imagine your business as though it were actually performing to its potential – what does that look like?
In my experience, people who start a new business recognize two things –
1. They have a talent / passion / love of whatever it is they are offering in some way (they love organizing and want to organize others homes, or organize the back office of an operational company, they love marketing and design, or they love selling etc.)
AND
2. They see others who need / use their offering or product.
So the first step to making this a reality is to take the time to write it down in more detail. You can use my free PDF guide to help you get organized or you can scribble on a notepad.
Identify Your Small Business Market
Now that you’ve set up the framework for what your business goals are, its time to understand the steps to finding paying customers.
Let’s start with your target market: WHO needs this product and WHY do they need / want it. Again I’d suggest you to jot this down – see if you have several markets and then get as specific as possible. If you have already sold your product or service as a hobby or craft, then write down WHO has been buying. Most of the time, they are your target client. What is their business size, personal income, where do they congregate? Where do they learn about products?
An example could be, I am a fitness coach and I imagine coaching others and inspiring women to be healthy. I dream of meeting clients at a local space and providing coaching expertise, motivation tips, and personalized health plans for a middle-income price range. My target market would be either male/female, define an age group – let’s say women who are between ages 30 and 50 who need support finding the right fitness plan for their body type and energy level and maybe also some a personalized routine.
I will then go to Fact Finder website and enter your city or region to discover the number of women in this range in my local neighborhood. I get a number and I realize, oh wow – if only 3 of x sign up. With the census tool you can also determine how many people fit in your business’ desired income range. That’s only x% of this entire market that need my product or service- I can do this!
My main goal for you, as a fired-up business owner, is to take this big idea of a business and break it down to a manageable process that will keep you excited and not overwhelmed. If you find 5000 clients to pay 200 dollars, guess what? You’ve earned one million dollars in revenue. Simple example, but do you see how breaking it down helps?
Figure out what you can start today.
Lastly, important is to buy-in to this business with your time and energy. So pick something to do today. Use the idea of marginal change rather than radical huge life change –
Ideas could include: A business name. Defining your offerings and basic pricing ideas. Packaging design. A website (I use and recommend BlueHost (link below) and WordPress.org). Learning how to use a resource that you will need to create marketing material.
If you’re not ready to “build a website” (easier than it sounds) or get your idea online yet, then just start identifying HOW you can market your business / offering in your local area. Perhaps you start with putting a low-cost ad in the paper, or a cleverly worded sign in the grocery store of your client base. Perhaps you tell your one client you have, that you are ready for more if they know anyone. YOU can do that in one day.
In our previous example, you could think about where women aged 30 – 50 who want or need this service would go. Perhaps you’d hang an ad on a bulletin board at the local gym? Perhaps you’d pay for an basic reach ad on Facebook with the local radius and define the segment (it can cost as little as $2 a day).
My wish for you – is that you take these steps, and then define what you can do today that you are more confident to do than before you read this list. I hope you reach out with any questions!
