Doing Business? What's next for you
Are you great at cooking and have decided to start catering? Have you produced a beauty product that is selling well? You didn't know that your favorite hobby would become your best side hustle but exploding beyond your imagination. Now you have some decisions to make and you are stuck. Here is a list of things small business start up considerations:
What product or service are you providing?
What is your specialty or expertise that someone is willing to purchase?
Does your product appeal to more than one or two people?
How will you fund this venture? Start small then grow by self funding. Don't start with a huge investment until you have tested how your audience will receive your product or service. Consider how much funding you will dedicate to this venture and how it will be used.
Cost of supplies needed to create the product
Cost of software needed to provide a service
Location of Business: Rent if separate from home or cost of creating a work space in the home to produce this product or service.
Know the numbers:
What are your costs for supplies, equipment, space, marketing.
Pricing strategy: What are you selling your product or service for? What would be your profit?
Seek out a Mentor who is in the same type of business. Before starting out on this journey work in the industry with another vendor.
Learn everything you can from your mentor. Ask questions about the inner workings of the business.
A great place to seek a Mentor is the local chamber of commerce.
Understand that you have a time commitment and that you will work hard to achieve your goals.
Write that Business Plan! I can't emphasize this enough. The foundation of your business is this plan and without a foundation (plan) success is harder to achieve.
Your dream of business ownership has now become a reality but it is not necessary to do this all by yourself. Position yourself for success and tap into the business community for advice. As mentioned before the Chamber of Commerce is a wealth of information and provides guidance to all who seek it.
Dream big but plan bigger so the road to success is smoother!
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