When you think of a “successful” business, you most likely think of big businesses, companies, and conglomerates that are always making news with their products and services. However, every now and then there’s news of “unknown” businesses that suddenly make headlines, and sometimes it’s simply not clear if a success story comes from a big business or small business. Turns out, it’s most often the latter.
New Jobs and Small Businesses
Statistics from the Small Business Association indicate that small businesses create more jobs than large businesses. Small businesses created more than 1.4 million new jobs in 2014 alone. In fact, 60 percent of all jobs in the United States in 2013 were created by small businesses. If you’re an entrepreneur, building a small business seems like a good idea, right?
If you’re thinking of starting a small business, there are a lot of factors you have to consider. Not all businesses, even the “unknown” ones, immediately make it to the top in a snap.
Your Guide to Small Business Success
Here’s a quick entrepreneur’s guide to building a small business:
- Identify your niche and industry. One of the most important aspects of starting a small business is ensuring that the niche you want to enter is an area you want to work in for a long time. Remember, as a new small business, you’ll have to take a lot of risks, so you have to check the viability of the industry you’re planning on entering. Do research, read up on news, and check whether there are aspects of the industry that you may be able to improve.
- Identify what you can offer. Chances are, when you plan on building a small business, you may already have some services or offerings within the industry you want to improve. Focus on specifics. In a growing market, just what do you have that others can’t offer? With this idea, try to build upon the kinds of services and products you plan on creating and featuring, and think long-term. This can give you a rough idea of what you want to execute in the long run.
- Identify budget and logistics. The trickiest part of this process is to ensure you have your budget and logistics in check. Given the industry you’re entering and the services you plan on giving to your customers, what are the logistics of all that? How many departments will you need, what sort of people do you need to hire, and what do you think needs adjustment given your capital?
- Identify connections and start to establish relationships. As a small business owner, connections you make count when it comes to building a network of people you can continually assist and who can assist you. When you plan on establishing your small business, reach out to your connections and start building meaningful relationships. You can start by perhaps contributing guest posts to particular websites, inviting people in your network to your events, or doing something to get yourself featured on an industry website.
- Identify help that you need. Aside from identifying logistics, potential budget, and connections, it’s also important to get yourself ready to seek the assistance of people who are professionals and can provide valuable insight towards your goals. These include business, financial, and legal professionals who can provide important advice as your company is starting up.
Planning and Analysis Pay Off
When it comes to building a small business, an entrepreneur has a lot of things to consider. Businesses don’t grow overnight, and they take a lot of planning and analysis to pull off. This makes the process of building a business tricky but not entirely impossible. If you use this entrepreneur’s guide and get the help of a business professional who understands proper planning, you may be able to create a sustainable venture. Click here to learn more about the legal aspects of starting a small business.