Ideas for starting a small business in 2023

Ideas for starting a small business in 2023

Like so many others, you are looking for a fresh start for the new year.  Starting a business may be a good way to build the life that you want to live. Arguably, starting a business is actually an adventure.  There is just something special about making a dream a reality.  There are also many perks to starting a small business!  Besides the tax benefits, you get to do something you love, manage a more flexible schedule while increasing your earning potential.  

By now you're probably thinking, "Sign me up!" This then leads to the next question, "what kind of small business could I start?"  Here are some tips to unlocking your small business dreams: 

1.  Find your passion.  Before you lunge into owning a business, please discover what it is you love to do.  The process of starting and running your own business can be daunting.  Passion can be the fuel that you need to drive you to the next level. 

2. Identify your skills. If you are having difficulty identifying a passion, try making a list of your skills.  Rank them from 1-10, with the skills you are most proficient at listed first.  Even if the list doesn't appeal to your passion, you may can start a business  utilizing things that you are good at.

3. Determine the cost.  Whether you have a budget or not, counting the cost can help to avoid wasting money and resources.  First, I would suggest making a list of what we creatively call the "Have's and Have Not's".  In the "Have's" column list all itemed necessary to start your business.  These are the same as non-negotiables.  For instance, if you are starting an online only business then a laptop or internet access is a mandatory to the success of your business.  In essence, it's a must have item.  On the other hand, for the same business, purchasing a backup laptop may not be mandatory for startup but a good idea down the road.  Creating a budget of expenses and other items could also be helpful.

4. Research.  Study the market.  Identify potential competitors, study their behavior and take notes.  Outline your next steps for starting within your state and community.  Find a branding/creative design agency, like Branding Royalty that can help you to create your vision and brand your business to target potential customers.  

5. Take the leap.  One of the most important steps and often the hardest..just start.  Many small business owners get stuck with all the nuances and never start or make several false starts.  We've all seen the SHE by Sheree' 14 year long battle to start.  It's easy to point fingers but this could happen to anyone!  It may seem like if you never start then you can avoid failure.  But, failing to start is also failure too!  It's just failure without the effort.  So, make the start.  Make the effort.  Try.  You can either fail at not starting or succeed at trying.  

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