In this time of the era where crowdfunding can easily jumpstart your business idea, people are now keener to branch out in small business. Having a small business is at once a personal fulfillment, to make a positive contribution to the community, and most important of all, securing your financial independence. That is why we came up with this pocket guide for you.
Here are the 3 basic essentials to begin:
Start-Up Capital – First, you would need capital of course. Since it is a small business, you can get a micro-loan. In fact, depending on your country, you may be eligible for non-bond backing from the government micro-loan or entrepreneurial funding.
Background Research – At the same time, you should your market research and sure of reasonable success. Many small businesses fail within the first year simply because of inadequate market research, such as customer awareness and location etc.
Mentor – Getting a second opinion is really one of the wisest things to do. What better way to tap on tried and tested methods by connecting with those who engineered their success in the same or similar industry. It doesn’t hurt at all to network and expand your knowledge! By distilling the lessons learnt, you get to be able to make informed and smart decisions about your small business.
Famous entrepreneur Gary Vaynerchuk immigrated to the US in 1978 along with his family. After graduating from Mount Ida College, Newton, Massachusetts, he took on his father’s liquor store in New Jersey and transformed it into a retail wine store called the Wine Library. Since then he has added author, investor, and public speaker to his impressive resume.
This is one of his many quotes:
You have to understand your own personal DNA. Don’t do things because I do them or Steve Jobs or Mark Cuban tried it, you need to know your personal brand and stay true to it.
The personal brand is the 4th essential to starting a small business. Indeed, it is so easy to be become obsessed with others’ success and trying hard to emulate it, at the expense of the personal brand.
Meanwhile, you can tap on the wisdom of others by simply reading about it. A lot of entrepreneurs published books of their experience, and here are some recommendations from Amazon:
- Small Time Operator: How To Start Your Own Business, Keep Your Books, Pay Your Taxes And Stay Out Of Trouble, Bernard B Kamoroff (available in paperback)
- The $100 Startup: Reinvent The Way You Make A Living, Do What You Love And Create A New Future, Chris Guillebeau (available in paperback and Kindle)
- The Little Big Small Business Book, Micah Fraim (available in paperback)
© LOOMI Group 2016
This article is first published on loomigroup.com
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