Are you thinking of starting a small business? Perhaps you want to be your own boss. Maybe you have a great idea, product, or service you want to share with others. If so, you are not alone. Many people dream of having their own business.
Local economies depend on successful small businesses. Communities benefit from the civic engagement small businesses often foster. And your neighbors will benefit from the unique product or service you have to offer.
However, starting a small business is also a risky and tough endeavor. Do you have the energy, stamina, and patience to make it work? Are you willing to sacrifice your free time and some of the comforts to which you have become accustomed?
And what about competition from the Amazons, Walmarts, McDonald’s, and Starbucks of the world? Will people in your local community choose your product or service over the convenience and low price of the products offered by these and other large competitors? Most likely not if you attempt to offer the same products or services, as you couldn’t possibly match their low prices. The key is to find your niche and not compete with the large retailers, restaurants, and service providers.
Taking the First Step
First, you need to determine what you are already good at doing. Or perhaps there is something you are really passionate about and for which you are willing to spend a lot of time perfecting the skills required to pursue it. Of course, you also need to consider what products and services people want or need at the moment, as trends change over time.
Fundera, a financial services provider to small businesses, has identified five types of small businesses as being the most profitable in 2019:
- online education
- freelance business-to-business services
If you can find a way to take your product or service to the customer, if you are interested in working with children, or if you have a room, tools, or equipment to share with someone who needs them, then perhaps now is a good time to start your small business. Fundera even provides start-up kits for each of the five types of businesses highlighted.
However, don’t limit yourself to the suggestions above. Perhaps you have a unique skill or product that you think your local community will find valuable. Or maybe you have thought of a new way for customers to experience a product or service. If so, you should begin taking the steps to make your dream a reality.
And while you are in the process of starting your small business, or even if you have no desire to start one, make sure you patronize the already existing small businesses in your community. One great way to do that is by shopping local on Small Business Saturday, which is November 30th this year.