Taking The First Steps To Start Your Small Business

If you want to start a business, but you think too much, you may never get started. You will spend weeks, months, or even years thinking about starting a business without doing anything about it. Then, those are the people who just decide one day that they want to start a business and jump right into, without a plan.

Both of these aren't ideal. You don't want to jump right in without a plan, but you also don't want to spend months learning about a business and then doing nothing about it. So, what should you do? 

Here are some of the first steps that you should be taking as you decide to start your small business.

Think about what you love to do, but make sure that it will make a good profit for you. When you first start to think about the type of business that you want to start, you need to think about what you love to do. It may even help you to think about what you don't want to do.

Then, think about how profitable it will be. Even though you may be able to make money doing something, you also need to think about how easily you will be able to sell your products (if that is what you decide to do). You may not be able to open a shop selling these items when there is already one in your town. However, if you find a way to mail them, you may be able to do so from the comfort of your own home!

It also helps to figure out why you want to start a business. Though you may want to start a business in order to make money, that isn't a good enough why. You may end up giving up as soon as you don't see much of an income in the first few months.

Instead, think about your other reasons for your business. Are you making your community better? Are you putting smiles on children's faces? Do you want to start a business to help others start a business?

Once you come up with an idea, it is time to scope out the competition. Though you don't want to copy your competition, the truth is that you really need to look closely at their businesses. You should do some research, both online and by talking to customers, to come up with the answers to these important questions.

• What types of things are they doing right?
• What are they doing wrong?
• What can you do differently to set your business apart from other businesses in your area?

It is important, when talking to people, that you don't always talk to your family and friends. Though they may want to support you, they may just be saying that to be nice. They might not have a need for what your business is offering.

Though many people spend too much time doing research, you also shouldn't just decide to start a business and jump right in. You need to look around and make sure that there is a need for your business.

It is important that you choose the right business. You need to find something that you love to do, that can make you a profit. During this stage, you also need to figure out why you are opening your business. Just making money isn't enough. You may find that your community is missing something, and you decide to be the solution. Then, it is time to look at your competition. You may be able to figure out what they are doing right and what you could improve on. You may also figure out that you need to specialize in something.

Previously published on Medium and/or Newsbreak.