2019 is your year to put some “muscle in your hustle” and turn it into a viable small business. Teddy Roosevelt was right on the money when he said, “Do what you can, with what you have, where you are.” The very fact you are reading this blog is proof that you are ready to take your passion to the next level. You have already laid the foundation. Follow your passion and let us help you start a successful business form your side hustle.
Time is money, and money is important
Calculate your bottom line cost of living expenses, then add on a contingency budget. The basic needs come at a cost. Rent, food, health insurance all take priority in a workable budget, Consider investing in your future by seeking the services of a financial planner. Chances are in the early years of your venture you will be wearing all, or most of, the hats. The bottom line is, you will be busier than you have ever been. Recognize the fact your business is about to become your singular focus and be certain that all your family members and your support system are on board. Every venture is different, but to start a successful business, you need to spend money to make money. Take some time to establish where and when to spend money. Prioritize your needs. Get what you need to be profitable and competitive. Keep current with technology and invest wisely in time-saving programs, software for startups and apps that will give you an edge.
Do Not Forget the Legalities of A Start-Up
You can start a successful business, but it will take focus and dedication. Don’t start by quitting your day job, begin with an assessment and a plan. First and foremost – do it right. Speak to a tax attorney or business lawyer, and an accountant. You will need legal and financial guidance concerning the specific regulatory requirements of your business, for example:
- Tax Identification numbers
- Registering with the state
- Special permits
Although it is possible to satisfy all legal start-up requirements on your own, the cost of professional services is well worth the expense. Spending money now will help you save down the road. Before making your long-anticipated leap of faith, be certain you understand what documents you need, how long you need to keep them, what taxes you are obligated to collect and how you are required to pay them. Stay ahead of the administrative paperwork and stay in compliance.
Business Plans are Important
A business plan does not have to be complicated. Consider it a road map to where you plan to be in a year or two. The Small Business Administration is an online resource that can help you identify:
- Your personal brand
- The value of your service or product
- Solutions to potential roadblocks
- Target markets
- Ways to be competitive
- Revenue streams
- Creative ways to market your small business
Remember, you are building a foundation, so make it as strong as you can, and it will serve you well.
Your Name Has Value and Your Voice Speaks Volumes
When it comes to your digital presence, your name has value. Preserve and protect it. Do a trademark search before choosing a name for your business. You will need to establish an internet domain if future plans call for blogs or online sales.
Find and use your true voice. Be it in a blog, Facebook blurb, or in a tweet, it is much more about how you say it than what you are saying. All digital communications should be aimed at your target audience.
- Is your reader typically male or female?
- What is their educational background?
- Are they looking for guidance or answers?
- What problem can you solve for them?
Readers will “hear” your written words – so “speak” with passion, let them know you love what you do, and speak to them on a level they will relate to. Once you focus on what your audience expects to learn from you, exceed their expectations.
What Sets You Apart From the Rest?
Figure out how to stand out. As a small business you will have a hard time competing on price, so stand apart by being expert at what you do. Perfect your skills, beef up your educational background, then toot your own horn. Perception becomes reality. Offer to speak about your business niche at community functions, women’s clubs, and civic organizations. Speak to your local Board of Education about teaching a class in their community school program. Get your name out there. Develop a marketing “package” that will make you recognizable. Choose a name, logo, color scheme and stylized print font for all of your advertising (business cards, social media, website) designs and do not deviate from it.
A Business Mindset
Concentrate your attention and add motivation to your mindset to start a successful business. Stay focused, embrace your strengths and expand or extend your services. Encourage your customers and clients to provide reviews of your products and services on social media platforms. You have achieved a level of success in your basic business concept, so keep climbing.
Go from big to bigger by focusing your efforts on your proven customers. Build customer loyalty and increase sales by establishing a customer rewards program. This is a proven successful business tactic that works just as well for small businesses as it does for large corporations. Think something simple, like a discount or a small gift or service upgrade on a customer’s birthday.
Be resourceful. Things will most definitely not always go exactly as planned. The ability to react positively to unpredictable situations is quintessential for any business venture. Only the Boy Scouts are always prepared, sometimes in business, you have to improvise.
Never be afraid to :
- Ask for help
- Admit you made a mistake
- Accept negative feedback
- Consider different perspectives and alternative ideas
- Try new processes
Successful business owners:
- Have a workable plan
- Have attainable goals
- Never stop learning new skills
- Keep the needs of the customer first
- Develop marketing skills
- Keep moving forward
- Are confident and driven
Do not be the weakest link in your business. Be decisive. The only way to guarantee success is to decide what your business can do and then do it the best way you can. When you are ready for this new venture, discover the services and software for small business that CUE Marketplace offers to help you start a successful business.