I caught up with an amazing episode on BBC Woman's Hour about women setting up small businesses and what it had done to transform their lives. Well done the BBC for shining a light on this ever growing demographic who are deciding to jump ship all together or at least enjoying a lucrative side hustle.
If you're thinking of starting a new business and don't know where to start, then we thought we'd share some top tips right here:
Start with the why. When you have an idea to start your new business, there is a reason behind that. You want a new lifestyle, you want to reduce your stress, you want to do more of what you love or you're frustrated by something that you want to change. This 'why' is vital for your future business. It will be the basis of your story, it will keep you motivated and will help you stay special and unique. Get clear on it first.
Don't worry about a gap. So often in business media, we hear about finding a gap in the market. There may not be one specifically but there might be room for you to deliver products or services in your own special way and that's gap enough.
Understand your value. Don't focus on the 'stuff' that you'll do in your business but zone in on the experiences you create. This means you get the 'value' you add to what you do. Let's imagine you make cookies. This isn't new and it's assumed the cookies will taste goo but....the flavours, packaging, service, ingredients are all 'added value' over and above a standard cookie.
You don't need to leap. After your 9-5, try a 5-9 first. Test your ideas with or build an audience on Insta to start to build reputation and market research. Start to build an income on the side and get comfy in what you're doing before you quit your day job.
Find a tribe quickly! You may be starting your business alone but that shouldn't mean you ever feel alone. Find a community, network or local tribe of folks that are also running little businesses. These relationships will be vital in helping you learn, gain confidence and grow connections. Collaboration over competition is key.
You don't need to be an expert. So many people avoid getting started until the 'know enough' or 'get more experience'. There is no rule book for micro business ownership so learning on the job and just starting is the way to go.
Be sure to be secure. Make a financial plan from the start. This 'personal survival plan' is the income you need to stay secure, pay the bills and have food on the table. After that it's all a bonus. Work out if you need to start as a side hustle or if you can make the leap because you have savings to keep you safe.
The moment is now. Micro business makes up 98% of UK private enterprise and IS the transformation we want to see in our communities. Micro business will also transform your life into something that you can drive and enjoy.
This little list is a just for starters selection of things to think about when considering starting your own business. Simply Club is our independent membership community just for micros. With buckets of resources, a warm and welcoming community and safe places to share and talk, we'd love to invite you to join us.