The traditional nine-to-five schedule in the typical work environment is not for everyone. If you’re a parent with disabilities, a work environment with little flexibility may not be the best option, but forming a small business might fit your life and needs. A small business startup or franchise will give you the opportunity to find your passion, establish your own schedule, build a career around your strengths and limitations, and open doors to a better quality of life.
It Starts with an Idea
A small business (startup or franchise) can succeed when you’re inspired to put forth the effort every day out of passion. The first step to finding the right small business that is right for you is to do some research on the best business ideas through online searches, conversations with local entrepreneurs, and seeking the assistance of local resources such as community colleges and nonprofits. You could develop your own products, such as selfie drones, HIIT equipment, or smart watches, and sell them online or at local markets. Additionally, you could provide a service such as graphic design, interior decorating, or data entry. The possibilities are endless.
The first step will require some self-examination as to what you enjoy, along with a realistic view of your talents. If you’re not a salesperson, then product sales may not be up your alley. However, you may find a niche in product development or in providing a much-needed service.
An Idea Grows Into a Plan
All good businesses start with a business plan. A well-developed business plan will help you logically determine a business’ profitability based upon how much work and effort you can put forth. It will also help you determine whether you should invest time, energy, and money into a business or whether such investment would be futile. Furthermore, a well-composed business plan will answer all the questions you’re asking about your business and lead to additional questions that you didn’t originally consider.
While we're on the subject, subject line matters even more in some cases and this is why you should pay special attention to it. Think of what will be more attention grabbing and use that. Remember to change these for each segment as the same thing will not have the same effect on all of your customers. Subject line generators like Via Writing and Boomessays could help give you some ideas – you don't have to use the exact subject lines but you could change them to make them more in accordance with your style.
Funding Your Plan
After you’ve honed in on a business idea that excites you and have determined that the idea will be profitable based upon the time you want to invest, you’ll need to address funding. Begin by determining how much capital you will need to successfully launch your business, allocate those funds, and determine if you’ll need to acquire capital from an outside source. If you decide that outside capital is necessary, the next step is to determine when you should pursue the funds and which funds you should pursue.
Several nonprofits support small business startups, classes of people (i.e. people with disabilities, single parents, women, etc.), and certain ventures by giving grants that simply require a proposal. Investors who see potential in your idea are also a great resource to pursue. Whether you’re pursuing a grant, investment, or loan, the funds are more attainable when the idea and business plan are ripe, your ideas can be thoughtfully articulated, and you can reasonably foresee profit.
Finding the Right Support
The small business community is full of resources and support. Connect with your local chamber of commerce, which can not only open doors to opportunity but also provide valuable networking opportunities with other business owners and potential investors. Local colleges and universities provide valuable resources for communities in the form of small business incubators that help foster ideas, provide grants, and assist with finding other funding. In addition to local chambers and resources, a good mentor can make all the difference in the world. Seek out a mentor who is successful in the field and can help you navigate the small business formation waters and weather the growing pains.
Forming a small business is an adventure, and you should have fun while doing it. Take each step of the process as an opportunity to evaluate what you enjoy doing, how much time you have, what skills you possess, what funds you will need, and what resources you have. While forming a new business can seem daunting, it can be a great opportunity to have a fun and fulfilling career that adapts to your life.
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Consulting with a trusted digital specialist can make this process easier for any business. Contact DMG+ThriveHive today to help you grow your business with a strategic digital approach.