In this post, we discuss small business startups, tips on how to start a small business startup, and some ideas for starting one.
Small businesses are the cornerstone of the world’s biggest economies. That is why developed countries invest a lot of money in incubating small businesses because they understand that small businesses add a lot to the growth of the world’s biggest economies.
See Also: Resources to start, market and grow a sustainable business.
Small businesses provide jobs to the community, provide opportunities for entrepreneurs and provide sustainability to their host communities.
To start a small business, you need to be an entrepreneur that has seen a problem or gap in the market and is willing to create a product or solution to help solve the problem.
Before we delve in deeply, let’s answer the question: what exactly are small business startups?
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What Exactly Are Small Business Startups?
To efficiently explain what small business startups are, we need to define what a small business is, and also discuss what a startup means before attempting to understand the concept of a small business startup.
What Is A Small Business?
A small business is one that has fewer employees and less annual revenue than the average enterprise or corporation. A small business is typically run by the founder and only has a few employees.
Most huge organisations in the world today started out as small businesses. Therefore, small businesses are seen as a very important building block of national economies.
What Is A Startup?
A startup is typically a tech or technology-focused organisation founded with the goal to quickly conquer market share and grow revenue. Popular examples of startups that have grown to become part of the Fortune 500 companies include Facebook, Tesla, Air BnB and Amazon.
Following the above definitions, we can conclude that small business startups are those kinds of small businesses that have startup characteristics. This means that small business startups are small-sized organisations that are looking to ramp up growth and revenue pretty quickly.
What Are Some Tips To Starting Your Own Small Business Startup?
Find Something You Are Passionate About
Many business owners will tell you that the secret to running a successful business is by starting something that you are passionate about. I am not in any way suggesting that passion will do the whole job for you, but it helps to be passionate about something you are creating because when you are tested, passion will keep you interested.
Do The Market Research And Validate Your Idea Fast
If you want to build a successful small business startup, it is important that you carry out market research, and test your ideas before you wade into the market. By now, you must have identified an idea that you are passionate about, and thought about the solution you want to create. The next step should be approaching your target audience and asking them if they will be willing to use a solution like the one that you are creating.
The idea is to know if your market is even receptive to the kind of solution that you are building. However, you need to be careful at this stage so that you don’t unknowingly reveal your business secret to a competitor.
Research your market, and make sure that your idea is valid before proceeding with building your own small business startup.
See Also: How To Do Market Research Before Starting A New Business
Get A Solid Plan
Now that you have done your market research and validated your idea, the next step is for you to create a solid plan for your small business startup.
Start with creating a strong business plan that looks at your unique value proposition, target audience, key partners, and other key areas. If you don’t know how to write a proper business plan, follow our guide here.
Alternatively, you can contact us here to write an amazing business plan for you.
Focus On Your Why
Simon Sinek, the British-American author popularised the term “start with your why” which means that when creating a solution or building a product, entrepreneurs should focus on the reason for creating that solution before worrying about the how.
As you look to start your own small business startup, make sure that you make your “why” clear from the beginning, and focus on it.
Source For Startup Funds And Start Lean
After researching your market, proving your idea, and creating a proper plan for your business, the next step is to source funds.
Of course, you must have set apart some personal funds to start your business, but unless you are from a rich background, you will need to look for additional funding to position your business as a startup that can quickly grow and compete for market share.
Additionally, as a small business startup, you need to start your organisation with the lean-approach. This means that you should only spend when it is essential. Cut out any form of wastage, and focus on things that are absolutely important.
Hire The Right People
Another thing to focus on when building a small business startup is hiring the right people. It is absolutely important that you hire the right people when you are starting your small business startup because your staff are going to be your first customers. If they don’t buy into your vision, it is going to be a little difficult for other people to buy into the vision.
Therefore, make sure that you are hiring people that are important to the project, and people that believe in the project.
See Also: Small Businesses – 5 Steps To Effectively Scale Your Small Business
What Are Some Small Business Startup Ideas?
Small Business Startup Ideas
Here are some of the small startup business ideas you can start now.
Digital Marketing Agency
A digital marketing agency is a profitable small business startup to engage in. To start a digital marketing agency, you need to have adequate knowledge of the market, choose an aspect of digital marketing that you want to focus on, and also the segment of the market that you want to focus on.
Additionally, you need to employ some specialists that will help execute clients’ jobs.
News Blog Company
Starting a news blog company is another small business startup idea that you can explore as an entrepreneur. A news blog is a very profitable venture especially if you do it the proper way. All you need to do is to research a good niche that you want to focus on, then get the right staff including Online Journalists, Editors, and Graphics Designers, etc.
Public Relations Company
Starting a public relations company is another small business startup idea that can quickly yield dividends. Like other ideas on the list, you need to properly research the market before delving into it.
More importantly, you need to make sure that you are entering the market with a unique product or service that organisations don’t have.
Ecommerce Startup
Another small business startup idea that you can invest in is an e-commerce business. E-commerce involves selling products and goods over the internet.
If you want to go into this business, it is important that you understand how to source goods that people are searching for online, online payment solutions, and how to market goods online.
Ultimately, you will be needing professionals such as website developers, e-commerce managers, buying executives, and logistics managers.
Conclusion
Small business startups are important for the economic growth of any nation. Small business startups are also great because they present an opportunity for entrepreneurs to start small and scale pretty quickly. If you follow the tips outlined in this post, you will have a better chance of starting a strong small business.
Thinking of starting your own entrepreneurship journey? Here are 35 booming business ideas and step-by-step guides to start them. It’s a strategic and financial breakdown of the most lucrative businesses in Nigeria. Get it now and start building the business of your dream.
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