I get this question weekly. Seems that everyone is ready or at least peeking over the fence at the idea of starting a small business at home. Really, these tips can go for any small business start up whether it be a new brick and mortar or home business. So here we go!
5 Tips on How to Start a Small Business
- Know your worth
- Know your Brand Worth
- Future Profit Plan
- Brainstorm Your Name
- Identify Your Brand
These 5 tips are crucial to setting yourself up for success, but what does all of this mean?
Know Your Worth and Brand Worth Before Starting a Small Business
Many people underestimate their actual worth and start off on their small business journey undervaluing themselves. This not only stifles you in the cash department but makes it harder for you to request more money once you have marketed yourself at a lower price point. I would begin by reflecting on your experience and years in your profession and market. If you are new to this business idea and market, that’s ok. Consider the worth of your brand and product or service. Think about your ability against your competition if you are offering a service, and if you are offering a product, match quality, benefits, features, and price against a similar or competitive product.
Plan For Additional Profit
Some may think this is jumping ahead but I always recommend that one considers future growth before investing. You should think about complimentary or up-sell products and services to your company. Never put all of your eggs in one basket when it comes to one product or service. It may be an amazing launch but if successful, soon others will catch on and imitate. You need to be one step ahead with a new product or service launch that will not cannibalize your current business, but compliment it or add levels, such as pricing levels, quality levels, etc.
Brainstorm Your Business Name
Many breeze through this part when in all actuality this is one of the most important steps. Never just pick a name that you like and then move forward, there are so many things to consider. Is the name easy to spell? Does it roll off the tongue? Is the .com available for purchase? I would say that checking the .com is one of the most important steps. People often create an entire marketing and branding plan around a name only to find that the website is not available, or worse, there is a competing product with that brand name already in use. Do your research here!
Identify Your Brand
This is one of my most favorite things to do for clients. This is where we do a few visualization practices to come up with a look, feel, experience and smell behind a brand. I know it sounds silly but to put these things down on paper, even an imagined smell, will help you to stay in line when it comes to brand creation and even further more, ensuring an omnichannel.
Now ladies and gents, this is just the tip of the iceberg. There are so many other things you must do to set yourself up for success. (see the list below)
You can master each one of these lessons in my Small Business Start Up Course : Quitting Your Job + Know Your Worth! If you feel like you learned something today, share the pinnable image below and thank you for visiting!