Apr 22, 2021
Starting small business is easy
Many times my readers approach me that they are facing challenges in their job or they are not satisfied with their current job. Every profession has challenges and dissatisfaction no never quit your current profession with fear of failure or boredom. Try to do something more in your life which can add value to yourself and society. One of my readers, Steven was facing fatigue in his six-year-old job, he was a developer. I suggested he explore the freelancing option with continuing his job and he did the same. Recently he told me that he is doing well in his job and now he become team leader due to learning more skills from his freelancing work. Encouraged by his response, here I am writing about starting a small business in cities.
Small business is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business.
Small business has potential to become big with low risk. First-time entrepreneurs can start their small businesses with low investment and moderate skill sets. Starting your small business you can get the freedom to take your own decisions and give employment to other people.
Entrepreneurship is forever learning things no one teaches at school. It is very uncomfortable! But it is a great way to learn and live.
Starting a small business in a city has many advantages some of them I am sharing for a better understanding
1. Large customer base –in cities population density is quite high so getting a large number of customers in a small area is very easy.
2. the Good number of sales channels like distributors, retailers, online, offline, etc.
3. B2C, B2B, and B2G opportunities –In cities mostly big offices, large societies, etc are easily available.
4. Easy credit availability –Most offices of banks, financial institutions, etc. are located in cities so it becomes easy to approach them and get credit.
5. Easy to market –In cities, people are highly dependent upon digital media, newspapers, etc. So marketing becomes easy.
The success of any business largely depends upon
a. Customer base
b. Market availability
c. Your competitive offerings
d. Customer care
e. Availability of skill workforce
Before starting any business, follow the stepwise approach
1. Do market research
2. Do investment analysis
3. Do Pilot
4. Build personal brand
After doing the above steps prepare your business plan which covers
1. Target customer
2. Target market
3. Target competitors
4. Target Profitability
5. How you are going to offer something better to customer to achieve your targets
Below figure help you to develop your business plan.
I did the market research and find out that some small businesses can be started by first-time entrepreneurs, like food joint, garment shop, mobile shop, electronic shop, automobile shop, education center, web designing, digital marketing, hospitality services, tour operator, food delivery, financial advisory, event management, old age home, personal wellness, beauty salon, etc.
I have suggested the above business based on my business selection matrix which comprises various factors including skill set, investment, risk, and profitability. Above figure helps you to assigned weightage to each block and select based on relatively higher score with your market research based comfort.
I hope above information will help you to build your small business just like other readers.
