Small Business Success: Tips from a Serial Entrepreneur
Listen to the Podcast:
Living Not So Fabulously is available on Apple Podcasts, Spotify, and other podcast platforms.
Small Businesses: The Economic Backbone
- Small businesses account for 99.9% of US firms and have created two-thirds of new jobs since 1995.
Tips for Starting a Small Business
1. Research Your Target Audience:
- Gather at least 25 data points on potential customers, including demographics and psychographics.
- This information will enhance marketing campaigns and target advertisements effectively.
2. Create and Maintain a Budget:
- Anticipate expenses exceeding initial estimates.
- Establish a reserve fund for unexpected costs.
- Consider keeping a full-time job initially for financial stability.
3. Launch Your Business:
- Avoid procrastination and launch your business promptly.
- Utilize strategies or hire experts to develop a go-to-market plan.
- Listen to customer feedback and adjust accordingly.
Considerations:
- Recognize that setbacks are likely in the early stages of small business ownership.
- The high failure rate shouldn't deter aspiring entrepreneurs, as the number of new businesses launched annually exceeds the number that fail.