6 Things Small Business Owners Wish They’d Known Before They Started

Learning from those who came before you is a great way to prepare for what’s to come. Find out what seasoned small business owners wish they’d known before starting. Learn from their experiences and make your own startup phase smoother.

Business is a constant learning curve. Many small business owners will attest to the reality that every day will bring you something new, whether exciting, challenging or both. There are, however, some common, consistent factors that aspiring small business owners should know before starting their journey.

Let’s discuss what some successful business owners recommend to those starting their entrepreneurial journey — from testing business ideas to employee relationships.

Having a great product or service is only half the equation. The other half is attracting the customer who wants to buy it from you.

Your business’ brand is its identifier. It’s what sets it apart from other businesses doing something similar in the same market. How you portray your brand will ultimately determine your clientele. So, what makes your business unique?

Your business’ mission statement includes:

Keep in mind that your business can’t be everyone’s cup of tea. So, focus on you and your professional ambitions. What do you want to achieve? What do you want to offer and how? Successful small businesses often only provide a small range of really well-done products or services, rather than an extensive range that only reaches mediocre status.

So, ask yourself some questions: Who is your dream customer? What kind of person are they? What do they value?

Consistently branding your business to fit this target market will help you attract the right customers to your business. Impressing a smaller group of people can also lead to a more positive word-of-mouth experience. This is especially beneficial in the beginning when your paid and social media marketing strategies are still in its infancy stages.

Remember: sometimes honing in on your business’ speciality can take time. You may spend months trying to please a broader spectrum before you find your real target market.

Small business marketing can be difficult, but not impossible! Pay attention, take note of what works and what doesn’t and learn from your experience.

It’s no secret that a business’s cash flow is very low (if not almost non-existent) in the early stages. You’re new to the market, you’re still trying to establish your systems and procedures, and your customers don’t know you yet! This means long working hours, late nights and sacrifices.

Don’t worry! You’re still learning, and no one expects you to be an entrepreneurial genius overnight (if ever).

What’s essential to have during this first period of possibly slow business, low exposure and minimal excess cash is the passion that pushed you to start the journey.

Next, we’ll take a look at some low-cost methods to help you get the ball rolling.

Instead of making your new business your be-all-end-all straight off the bat, why not make it an after-hours gig or side hustle? Yes, it means a longer working week and a slower start. But, it also means you’ll continue to have a regular income to supplement your expenses while you get your new business off the ground. A great way to slow-start your business and get an indication of market interest is taking your product or service to a local market.

If your product or service isn’t local Sunday market appropriate, stay at home! Most home business ideas involve minimal set-up. They often run completely online, and require no expenditure on property. All you’ll need is a good Wifi connection, solid organisational skills and self-discipline and you’re good to go!

New businesses take time to thrive. Everyone starts somewhere. Remember:

We can’t know everything (as much as we wish otherwise). Your past work experience, education and natural affinity to certain skills will shape what parts of your business will come naturally, and what parts will leave you stumped.

Educating yourself in business essentials is a great way to build confidence when starting a business. Whether in marketing, finance, or management, there’s a training opportunity out there for it all! According to many small business owners, educating yourself in business finance and systems is an incredibly beneficial move when starting your business.

Sometimes, however, it’s more practical to ask for help – to outsource.

Your skills and interests are what brought you to this point! It’s okay to admit that your strengths lie in some areas while not in others.

Despite basic knowledge, sometimes professional help is a smarter long term investment for your business (and your time!).

Starting your own business will bring unexpected events, both good and bad. However, the professional satisfaction you can receive from being your own boss is worth it! But learning the basics on the job takes a lot of time and in the long run, money.

Getting the basics down before you start investing and outsourcing is a great way to gain confidence in yourself!

And remember…

Getting the basics down before you start investing and outsourcing is a great way to gain confidence.