So You Want to Start a Small Business? Here are 6 things to Consider Before Launching

Lead photo for Shannon Reinard Demko of Tashi Collective
 

First of all,

kudos to you! I love hearing from new friends about their excitement and plans to start a new small business. The freedom and autonomy it provides are unmatched, yet I also know the other side of it. That it can be lonely and exhausting and straight-up confusing.

So, here are 6 things you’ll want to consider before launching or starting a small business. Hopefully, they provide a little insight, support, and reassurance!

1. Start-up costs

Let’s talk money. Some businesses cost more to get up and running than others. Take, for example, a bakery. Those start-up costs include things like:

  • Hiring a team

  • Renting a space

  • Proper licensing and training

  • Equipment and ingredients

And, that can be pricey! That might mean meetings with the banks, finding investors, and perhaps putting up quite a bit of your own funding.

Now take a small online business. Depending on what you’re offering, your start-up costs might be much lower! Not to diminish them, but they may very well be more attainable, especially in a quick amount of time. Those start-up costs might look like:

The cost for starting up a small online business vs. a small brick and mortar can differ an incredible amount - think, a few hundred vs. thousands.

Now here’s where it gets tricky and only slightly confusing. If you’re able to (hello small business owners with low overhead!):

Start with what you’ve got

Make the most use of what you already have in reach, then go and grow from there! If you’re not ready to fully invest in branding, try whipping up your own creation in Canva! Then, when you’re ready and you’ve got the capital, hire an expert to refresh it.

2. Talk to people!

This one is SO important! If you don’t talk about what you’re creating, how will people know? The old adage, if you build it, they will come doesn’t really apply if they don’t know about it.

Talk to your friends! Talk to your potential clients and customers to let them know what you’re working on and when you’ll be launching.

Give them the opportunity to support you. They can’t fully support if you’re keeping everything a secret!

3. What to have in your toolkit

This is something you technically figure out as you go. But, it’s possible to get a head start before launching. Figure out your initial needs - you’ll need things like:

  • Invoicing/selling tools

  • Custom email address

  • A website

  • Social media handles

Then, as you get up and running, you can figure out where you can operate more efficiently through things like automation. Get started with the bare minimum, you can always update your toolkit as you go!

4. People to have in your corner

Support is necessary when you’re starting a small business. It’s so difficult to go it alone, especially if you won’t be working with a team. Here are a few folx to think about rounding up/making sure you have in your corner:

  • Someone with experience running a small business

  • Someone who helps you critically think about your business plans - not just a devil’s advocate, someone who can contribute meaningful and constructive criticism

  • Friends who support you

  • Friends who challenge you (in a good way!)

5. Research is a must

We’re not talking about writing a research paper about why your small business is a great idea. This isn’t class. Instead, focus your research on your potential clients, customers, and community. Here are a few questions to ask yourself and/or them:

  • What problem am I solving?

  • Where do I see a need for this?

  • How will this improve xyz?

  • How can I differentiate myself from like-minded businesses?

  • Who is my ideal client/customer?

  • What would make someone want to buy my service/product?

You won’t find answers if you don’t ask the questions.

6. Don’t wait for it to be “perfect”

This. This one right is here something I still, to this day, struggle with. It’s hard to launch something when it feels incomplete. Yet, I’m going to let you in on a little secret, small business owner to budding small business owner: Nothing is ever perfect!

We had to learn that in life, now we learn that in business, too. It’s messy, complicated, and downright fun.

- Gabriella

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