Starting your own business can be very rewarding. Not only can you be your own boss, you can also have a certain amount of flexibility that isn`t possible when working for an employer. If you’ve never managed a business before, you may find it difficult to get started. Some small businesses can be started with low overhead such as lawn care services, hair dressing, massage therapy, photography, and many more. Today, we’re going to provide some tips that will help you get started!
Write a Mission Statement
A good mission statement is a useful tool for a business to develop and run smoothly. It is the ‘why’ in the business strategy. When creating a mission statement, state what your business has to offer or will achieve for its customers, employees and owner(s).
Mission statements are designed to help you set goals for the next 5 to 10 years or longer. It will give you a good foundation to build on as you move forward. Remember to add or make adjustments to your mission statement as time goes on.
Discern your Target Market
After you have your plan in place, it’s time to identify your target market. The area you live in and the type of services you offer will determine your target market. Ask yourself: Who is most likely to hire me or need my services? Who do my main competitors target? Which age group is most prevalent in my area? Once you have found your target market, you will then be able to start an advertising campaign.
Choose the Right Equipment
When you are out shopping for equipment, make sure you choose the right ones. While it might be tempting to purchase cheaper equipment, keep in mind that cheap equipment will require more repairs or will need to be replaced more frequently. This can end up costing more in the long run. Instead, buy equipment that you know is reliable. You may want to consider buying lightly used, secondhand equipment made by reputable brands.
Having the right equipment is vital to helping your company to succeed, even in a very competitive market. If you don’t have the money upfront to purchase the right equipment, you can get a short-term loan that will help you cover your costs. This will allow you to pay the loan back over time while building your business.
Now that you have your equipment, it is time to get out there and pound the pavement! Have a few marketing promotions printed out and hand them out in the area where you will be doing business. This will let people know what you have to offer and they will get to meet you in person. This type of marketing is highly effective and very affordable.
Build Your Team
As your small business grows, you will have to be open to change. There will come a time when you will need to start thinking about expanding your company. For example, when your salon is doing well, you will probably have more customers than you can handle. In this case, you will need to hire someone to give you a hand.
When interviewing potential employees, make sure that you ask about experience. It’s always a wise move to hire someone that requires little to no training, saving you a lot of time and money. Remember to hire someone that you feel comfortable working with. Also, keep in mind that your new workers will be the backbone of your business, so hire people that have passion about what they do for a living.
By following these tips, you’ll be on your way to a successful company that you can be proud of!