3 Tips For Starting Your Small Business

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spk_0 Welcome to Beating the Lockdown Blues first podcast. My name is Jack Tim and today I'm

spk_0 going to be talking to you about starting your own business from home. So the reason

spk_0 that we've chosen this topic, well I feel like I can share a little bit of my own experience

spk_0 to help someone who might be thinking about starting their own business. I started my own

spk_0 business back in 2013 and completely without the intention of it being or becoming a big business

spk_0 it was more pursuing something that you were passionate about that was definitely to start.

spk_0 First, the conception of the idea of starting a business that I think is really important is

spk_0 that it's about something that you're passionate about.

spk_0 So why start a business in the first place? Well one reason is that during a recession is actually

spk_0 a really really good time to start a business. If your business is recession proof, you can come

spk_0 up with an idea that works in a really hard climate to do business and you're kind of future

spk_0 proofing your business from the echo. A lot more people are working from home now as well.

spk_0 So you might be open to new supports that encourage the creation of businesses that we can

spk_0 work from home and that are remote. So the first thing that we're going to talk about is the

spk_0 business idea coming up with a business idea and this is definitely the hardest part of the whole

spk_0 process. Once you have a good idea and you know that it works you can kind of move on through the

spk_0 stages from there. Coming up with a viable idea that you, well honestly you're not going to know

spk_0 if it's going to work or not. So that's why my first bit of advice is definitely to start small.

spk_0 Your idea is not going to be a million dollar idea in the first few weeks of conception.

spk_0 The idea or the business idea does not have to be the finished product. You can't think about

spk_0 your business or how am I ever going to get it to, let's say you're starting a online shop,

spk_0 how am I ever going to get it to the size of Amazon. Don't think like that. Just think about what you

spk_0 can do in the short term to achieve that business idea. Second thing that I would say about

spk_0 the business idea is that pick something that you're passionate about. If it's something that

spk_0 you're passionate about you're thinking about a 24 or 7, you're always wanting to improve at it

spk_0 and it's most likely that if you pick something that you're passionate about you're going to be the

spk_0 best at that. If you, if you're starting a business it's good to be the best at it.

spk_0 One of the important things to know as well before you select an idea for your businesses.

spk_0 I mean you can look at it two ways. You can identify a hole in the markets or a niche in the

spk_0 market somewhere where there's not a service or there's no product for that demand at the moment

spk_0 or you can set up an existing business idea. So like a bicycle repair shop or a walking

spk_0 of other people's dogs. But can you offer something different inside of that, inside of that

spk_0 or for that market, inside that industry. So there are two ways to think about it. It doesn't

spk_0 always have to be something completely fresh. It can be a little bit of a new take on an old business

spk_0 idea. The second point that I want to make is you maybe think about what size of business

spk_0 will could. Like when I start how big do I make this business or like how am I going to even reach

spk_0 people, how are people going to know about me and how am I going to reach them. The one thing that

spk_0 solves all those problems is just concentrate on quality. Stay small and do what you do really,

spk_0 really well. So even if that's only you only make one thing you make that one thing really,

spk_0 really well. Because that follows on into basically your small business just after starting out,

spk_0 how do you market yourself? The number one way to market a small business and I think a lot of small

spk_0 businesses survive because it is and that's by word of mouth. So you make an impression of one

spk_0 person, that one person will tell for five word of mouth is the most trustworthy form of marketing.

spk_0 It will more the success rate from someone talks about your business to that person coming and

spk_0 actually buying your product or interacting with your businesses very high. That's really the type

spk_0 of marketing that you want to pursue. Stay small, do quality and build through word of mouth.

spk_0 The last point that I want to make is managing your expectations. So first of all don't spend

spk_0 loads of money starting up. The business try and do it as organically as possible. If you can put

spk_0 no money, like basically no money into your idea at the start, that's a really good way of

spk_0 starting. Because what you're really trying to do in the first year is see as your idea work.

spk_0 And you need to give a time to work because you'll have a big burst of adrenaline at the start of it.

spk_0 You can maybe relate that or for not doing a lot of business in the first two months, that's because

spk_0 I haven't put enough into the business yet and you can end up then at the end of the year in debt.

spk_0 Starting a business definitely at the end of the first year you don't want to be in debt if it's a

spk_0 small business. So there are just three short pieces of information or advice that you can

spk_0 that can be used to help you with your business idea or starting a new business.

spk_0 The main thing is to remember that you are the business. The idea is not the business or how

spk_0 you market it. It's not the business you at the end of the day you are the business. So concentrate

spk_0 on what you do. Well, that's why I say be passionate about your idea. Manage your expectations.

spk_0 Think about the size of your business. How big does it need to be? A smaller the better for the

spk_0 first year and get through the first year would a bit of profit and you'll know areas that you can

spk_0 invest in then or if you need to take it further or if it's not going to work at all.

spk_0 So there you have it guys. For beating the lockdown blues that's one thing that you can do there.

spk_0 It's try and stack your own business. Get the adrenaline flowing and you never know where it might

spk_0 take you. Thank you very much for listening and please like and if you guys want to chat in the

spk_0 comments or have any reaction to this please put it in the comments below. Thank you very much.

3 Tips For Starting Your Small Business

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