You’ve heard it said often, “Great things come from small beginnings”. The same can be true when starting a business. You’ll want to start small and then work your way up from there. Or maybe you really just want to keep things small. Either way, getting into a micro business is a bandwagon you can easily jump into, and the best thing is, you can do it anytime, anywhere.
First things first, tweet your idea. Or get it on Facebook or some other social media platform. Let your friends (and followers) know you’re reflecting on the possibility of starting your very own business. You can’t say you don’t care about their opinion because, for all you know, you have friends who have expertise in this kind of thing. Their two cents can prove really valuable to you. And for all you know, several of your friends are social influencers who can help you get the word out very quickly and effectively, bringing you clients and customers when you immediately launch your business.
True, some may oppose your idea, others may welcome it. Listen to both criticisms and praises with an open mind. It’s part of the learning process. Be grateful for all the feedback, absorb it, and learn from it. Be a diligent student. Take down notes, read them over and over again, and then do your own research. It really pays to have as many sources of information as possible. Just like in school, you don’t rely on your textbooks alone.
With all the information you have on paper and in your head, you can begin writing your business plan. You’re probably asking yourself if this is necessary at all considering that what you will be operating is a small-scale business which probably will not even require manpower other than yourself. Regardless, a business plan will serve as your guide andwill keep you on the right track, so, yes, you really need to craft one. Don’t worry, you’re not going to write a formal document similar to a college term paper, so you can stop stressing about it. You don’t have to go all technical with your business plan, although you will not want it to turn out like your high school English essay, either. You can keep it short, but make sure it covers all the important elements that will help you achieve your goals.
Ideally, your business plan must consist of an executive summary where you briefly talk about the entire project. Detail your objectives, your opportunities and challenges, and how you believe your project can break through. You will need to include your financial plan, and your funding requirements, as well, so you can explore all possible funding options, from personal savings to personal loans, and everything else in between.
You may or may not want to hire people; it’s all up to you. Numerous micro business owners are able to make it big all on their own. But if you’re going to, then you’ll just have to make sure you’re doing it right. Keep in mind that when you get people under your wing, you’ll have to make a commitment with regards to their salary and benefits.
Having a test run of your business to see how it will work out is always a good idea. Through this, you can still try to iron things out before going full swing with your business. Nevertheless, don’t expect that things will go smoothly from day one. True, a micro business is a lot easier to manage, but when things aren’t so rosy in the beginning, don’t lose hope. Many business owners do fail the first time, but they manage to pull their feet up and start all over again. Some of them go through many ups and downs before achieving stability. This must be part of your goal, too. That is, for your business to become stable, though it can take numerous trials and errors before you can actually say you’re business is looking good. Nevertheless, embrace it.
So are you ready to begin your journey to owning your very own micro business? Best of luck!
Lidia Staron has been working as a writer, editor and literary coach for 5 years. She contributes articles about the role of finance in the strategic-planning and decision-making process. You can find really professional insights in her writings.