Everybody dreams about being their own boss and doing something they love to support themselves and their family. While not everyone is cut out to be a business owner, those who are passionate about it and have the drive can succeed in their dreams. It takes a bit of effort, but if you can do the research, work long hours, and have a great idea that will sell, you can be one of the successful entrepreneurs of America, too.
Start Small to Get Your Feet Wet
So, you have an idea for a small business, but you’re not sure what the actual demand for your product or service will be. Let’s use a common example and say your product is homemade dog treats. Before you turn your passion into a business, it is a good idea to get your feet wet with craft fairs and other festivals to see how your product sells. The market is saturated with dog treat companies and individuals like yourself selling homemade doggie goods. But perhaps you have a new edge over your competitors, like dog treats infused with CBD oil to help calm anxious pups. Get out in your local market and test the waters with your product!
“In the beginning, it was a hobby that resulted in cute clothes for my children,” said Amy Helm, owner of Born to be Sassy. “We listed our first item on eBay and it sold almost immediately. From there, the demand continued as we learned how to expand and grow our business into more than just a hobby.”
With most craft fairs, you can sell your goods without having to go through the full process of creating a business first. You may just need to register and pay a fee for your space. While fairs represent a tiny sample of your possible market, they can give you a good idea of the demand for your product. The website eBay is another good example of an outlet to test the popularity of your goods.
Make Your Idea Into a Business Plan
To start any business, you need to have a solid business plan that includes information about your product or service like how much it costs to produce, projected profits, market competition, how your business will be organized, how you plan to market it, and other finite details.
“While practicing my photography skills and building a portfolio, I had an idea that I could build a photo booth and compete with other companies,” Chris Manitius, CEO of Pic Station, stated. “So, I planned out how my business would operate and found the financial help I needed to jumpstart it into existence. With the help of friends, it has grown and is continuing to do so.”
A business plan is basically a roadmap for your business. It gives you a starting point and a detailed route of how your business will turn a profit in the future.
Plan the Finances
While planning finances is a part of making the business plan, you can also use a solid business plan to gain financial support for your efforts. This support may come from a bank, your family, your friends, or maybe your own savings. Starting your business small and growing it over time will give you better chances of securing the capital you need to get operating.
Pick a Name and Register Your Business
One of the best parts of starting your own business is that you choose your own name, logo, and slogans. To check to see if your business name is available, visit your state or county’s website. They will have a searchable database for business names that are currently registered. At the same time, you may also want to check for available domain names for websites.
Most small businesses start out as sole proprietorships, and this is a good place to start. You can always apply at a later time to change the structure of your business to a corporation, LLC, or limited partnership, depending on what you want your liability risks to be. Once you register your business, check to see what licenses and permits are required by your state to sell your product or service.
Set Up a Website or Location & Market Your Business
“I had been passionate about the smoke shop industry since high school. I wanted to offer these products worldwide with great customer service. In 2017, we launched our website and started marketing it,” said Andrew Grafeman, founder of Smokea.
Using a business website as the main outlet to sell your goods or service versus a brick-and-mortar location is the cheapest and quickest way to get selling fast. Whether you decide to go digital or open a shop, the next step is to market your business. Use flyers, ads in local papers, pass out business cards, use social media ads, or start building an email list to send out promotions. Never stop marketing and change up your marketing methods from time to time for different results.
Most small businesses start out as sole proprietorships, and this is a good place to start. You can always apply at a later time to change the structure of your business to a corporation, LLC, or limited partnership, depending on what you want your liability risks to be. Once you register your business, check to see what licenses and permits are required by your state to sell your product or service.
Don’t Be Afraid to Take Risks
“Taking a risk is the analytic path to trying something new in business. Taking a risk means you have calculated what the outcomes could be, both positive and negative,” said Isabella Koretz, the founder of Pearl Recovery Retreat. “The biggest risk I have taken lately was adding Ciel Spa into the Pearl Recovery Retreat and Wellness portfolio. What taking risks taught me is that you should always listen to your intuition, but you also need to take the time to look at the new idea from every angle and make sure the data points in a positive direction.”
Don’t be afraid to try starting your own business. Start small and ease into it slowly. You may find that you enjoyed your passion better as a hobby, or that you have a viable business that can passionately be grown into something with real demand and profits. What do you have to lose other than a little time and some effort?
About the Author
Tess DiNapoli is an artist, freelance writer, and content strategist. She has a passion for yoga and often writes about health and wellness, but also enjoys covering the fashion industry and the world of fitness.
