3 Essential Tips for Budding Entrepreneurs Starting a Small Business
Small businesses are the cornerstone of the US economy, accounting for nearly 99.9% of all firms and generating two-thirds of new jobs since 1995. While they play a crucial role in economic stability, starting one can be daunting.
Serial entrepreneur Phaon Spurlock shares his top three tips to help budding entrepreneurs navigate the challenges.
1. Gather Data Points on Potential Customers
Identify your target audience and gather at least 25 data points on their demographics and psychographics. This information will guide your marketing efforts and make it easier to create targeted campaigns.
2. Create a Budget and Maintain a Reserve
Starting a small business often requires more capital than anticipated. Develop a realistic budget and set aside a reserve fund for unexpected expenses. Consider holding a part-time job to supplement your income while your business gains traction.
3. Just Launch It
Don't delay launching your business in pursuit of perfection. Develop a strategy or hire an expert to create a go-to-market plan. Embrace feedback from customers and make adjustments along the way.
Additional Insights
* Despite the high failure rate for small businesses, the number of new startups annually remains significant, providing opportunities for perseverance.
* The podcast "Living Not So Fabulously" offers additional insights and advice for LGBTQ entrepreneurs.