Starting up any new business is quite daunting and it can be especially difficult to know how to start your own small business. There are so many things to think about even before you can start trading so it pays to have a good business plan and even a checklist of things to do.
The business plan plays an important role in helping to convince potential investors or your bank that this is a worthwhile venture that will make money. If you want them to part with their money, you need to convince them that you are determined to succeed and have a great plan to help achieve this.
One key element of your pitch to investors could be the unique selling point of your business. What makes the products or services in your small business stand out from the competition? Why will customers come to your store and not somebody else’s?
When you think about how to start your own business, the unique selling point could be any number of things. These may include:
- An unusual product or service
- A wider range of products or services
- Greater convenience for customers with the small business close to car parks, bus stops or railway stations. Having you own car park is better still.
- Better service
- A faster delivery service than competitors
- Additional facilities such as restrooms, child care provisions or perhaps a small in store cafe
These things need to be weighed up with the cost and whether you feel they will add value to the business. However, the benefit of providing a great service and making your customers feel like they want to come back again very soon cannot be underestimated.
Looking at how to start your own small business also means doing a great deal of market research about the area you are hoping to start the business in. Local libraries and the internet will help you to learn about the demographics of the town or city. If you are looking to sell expensive cars in a relatively poor area, then don’t bother.
Ask around and conduct some market research on where people currently small business for the products you want to sell. If they have to travel out of town then there could well be a gap in the market making this ideal place to open your small business. You could also talk to other traders in the town to see how they feel business is going.
Of course the big concern is finding a property that meets the criteria unearthed as part of your research and that will help give you unique selling points. When you talk to agents and landlords about how to start a small business be sure to have a good idea of the size of property you need, as this will affect your costs with rent paid per square foot.
If you need to buy in stock for your store be sure to small business around and negotiate the best deal for a bulk order. Keeping your costs down from the outset is vitally important, but at the same time you don’t want to be selling inferior products that nobody will buy.
Finally figure out how many staff you need to help you in the small business. This can in part be determined by the size of the store and what you are selling, but also the hours you plan to stay open.
Planning how to start a business in advance can help prevent many problems. Ultimately, owning your own small business can be one of the most rewarding things you could ever do.