New year, new business ideas! If you are thinking of adding to your income with a side-business or ready to take the next steps in your career, you may be ready to start a small business. But, what small business should you start? Here are recommendations for the dreamer, the doer, and the go-getter.
1) What Product Is Missing in the Market?
When thinking about creating a small business that sells products, ask yourself: What is missing from the market? This is a great starting place if you don't already have a product in mind. For example, do you need a better mousetrap? Then make one. Tired of the pen design that hasn't in changed in 20 years? What can you do with that? Or, if you're an idea person who loves to create new product lines, dropshipping may be the way to go for you. It's great for people who have limited storage for inventory but big ideas because it is a low-cost way to sell products. With dropshipping, you partner with a third-party supplier to fulfill the order when someone makes a purchase. For example, do you wish you had access to sweatshirts with more than just a company logo? Is there a message missing that you want to share? You can get started with dropshipping by making designs and using a third-party company like Printify to make and ship the clothes for you. If you're an artist or craft maker, you can sell your products. Etsy is a great tool for hands-on makers who are looking to start selling their products.
2) What Problem Can Your Talents Solve?
If you want to start a service-based business, think about what problem you can solve. What are your talents? Where is your expertise? For example, are you really good at graphic design? Many companies, especially newer small businesses, need help making logos or branding their content. You can start a Graphic Design business using your skills to help solve the needs of other businesses. A big motivator for customers and potential clients when they're shopping is to solve a problem. Many small businesses need help with marketing and brand awareness. Here at Angela Wolf Video I use my creativity, organization, and video expertise to help businesses make branded content videos for their companies.
3) Avoid Falling for Scam Companies
One of the biggest joys of starting a small business is the autonomy you get to choose your product or service, design your branding, set your prices, and focus on your customers and their needs. It's a huge learning curve but can be so rewarding. However, there are scam companies out there who ruin it by focusing more on recruiting sellers than providing for their customers. When thinking about starting a small business, avoid anything claiming to be the miracle cure-all for your business or life pains. There is no one perfect, magnificent thing, so that is a red flag. Remember: if it's too good to be true, it probably isn't true. You also want to avoid any high-pressure sales tactics or the upfront requirement to buy a large amount of inventory. That is a quick way to lose money fast. You are allowed to take time to research products, to say no to anyone you feel is pressuring you to make a fast decision about something, or turn down partnering or doing something that doesn't feel fully aligned with your goals.
Want more advice? Follow us on TikTok, Instagram, or LinkedIn for more Small Business advice. We provide videos for small to midsize businesses. To learn more about marketing, branding, and other videos, schedule a free video call with Angela Wolf Video.
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