Well-known franchises like McDonalds and Burger King only make up 0.01% of businesses in the United States. Currently, there are 30.2 million small businesses that contribute to a large portion of the economy. Small businesses are crucial in bustling cities or rural suburbs as a business owner creates a relationship with the locals.
Taking A Leap Of Faith
33% of Americans have admitted they are too timid to open up a business because of failure. Most people tend to get inside their own head as they may feel inexperienced, don’t know where to start, or lack the funds to make their start-up happen. Opening a business comes with risks and it's almost similar to a gamble but sometimes the pros can outweigh the cons.
Due to COVID-19, many small businesses shut down as they could not afford to maintain staff bills and other expenses. Now after a year since the pandemic, a flux of normalcy will return in the United States, prompting others to reopen businesses or invest into new markets. All people really need is passion and an idea. Passion allows an individual to be driven and reach their ultimate goals. Ideas are also beneficial in the first steps when you are starting a business because it allows these previous goals and desires to expand further as you map out a distinct plan.
Being Your Own Boss Is Easy, Managing Others Is Harder
Many are infatuated with the idea of becoming their own boss in a line of work that they enjoy and in an environment they can control. American Singer-songwriter Marc Anthony would say “If you do what you love you’ll never work a day in your life.” This motto is pleasant and true to some extent but when creating a business you need a reliable team.
Creating a team can be challenging as you begin going through the process of hiring. Some small business owners have their family help out within the first stages and others skip right to looking for people within the community. When developing a team, it is important to hire people who challenge your ideas. Having “yes-men” will blindside you into thinking your business is a hundred precent perfect when in actuality, there are a lot of adjustments every single business can make. Having a group with honest feedback and opinions can be helpful in the long run.
Tools That Can Boost Your Business
After you have a set idea of what you would like to sell or offer to customers, you need a way to get your name out into the world. Marketing is one of the most important strategies when it comes to opening up a business. There are various ways to get your start-ups name out there such as social media marketing, paid advertising and search engine optimization (SEO).
Social media marketing is cost effective and relatively convenient. With social media marketing, you can create an Instagram or Facebook account and interact with potential or recurring customers.
Paid advertising is more pricey as now you are relying on return on investment by purchasing social media ads, influencer marketing and pay-per-click (PPC). These methods may take more out of your pocket but can be incredibly useful to gain more recognition and spread awareness of your new business.
In another blog post, I go further in depth about SEO but, essentially, it helps you cater to specific customers you are trying to reach and helps you stand out from the competition online. SEO allows you to tell your audience directly what you are selling and promoting.
Collectively, all these forms of marketing can help flourish your small business into something amazing. It is never too late to take a leap of faith and open a business. If other small businesses can survive a global pandemic, rest assured. With a dream in mind and a go-getter personality, you can take the initiative. What are you waiting for?