Basic tips on how to a small business.
Starting a small business is hard and takes a lot of dedication.
My small business is called 6:23 Detroit Shop and I specialize in baked goods, stationery and gift items. I officially started my business in 2021, and it’s still in the small business phase. I attend pop-up shops and sell my products online.
Note: The tips in this post are opinion-based, I am just giving a few tips on how I started my business and providing resources I used.
You can find professional advice on how to start your business on the Small Business Administration (SBA) website. If you’re in Michigan, the Michigan Small Business Development Center (Michigan SBDC) offers a variety of resources for small business owners in Michigan.
Here are 12 tips on how to start your own small business in 2024:
Have an idea
Starting a business requires you to have an idea.
I suggest you write down 10 things you are good at, to have an idea of what you want your business to be.
Business ideas:
- Clothing boutique
- Baker
- Resale
- Digital Products
- Skincare
- Candles
- Jewelry
Think of a name
Creating a business name is a must because you need something unique to your product or service.
A good business name is something catchy, and memorable and allows you to stand out in your market.
For 6:23 Detroit Shop, I played off my birth date and where my business is located.
Get a business mentor
Before you start purchasing licenses, logos or any supplies, you need to consult with a business mentor about the direction of your business.
Why?
It’s a good idea to connect with business professionals before you purchase anything to learn what kind of licensing you will need, how that market succeeds and what advice they have for you.
How to find a business mentor:
Using free resources like the Michigan SBDC or the SBA, you can find business mentors. Tech Town Detroit also offers mentoring programs for small business owners.
Research your market
Before you start any business, you need to know and understand your market. Understanding your market includes researching what’s already out there, how you can make your brand stand out and additional tips.
You should also search what businesses in your city already offer the item or service you are seeking to create.
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Make a business plan
Creating a business plan helps create a structure for your business and an idea of your mission.
Many small business resource offers business plan classes and tips. Techtown Detroit also offers small business classes for creating a business plan.
Gather funds
Consider the costs of the business, and what you’re startup capital is going to be.
Business costs can vary for different types of business, make sure to research your average business costs and start planning accordingly.
Also, decide if you are going to apply for loans or such.
Get licensing
Licensing looks different for each business and it depends on how you want to operate your business.
Forbes has an article that features tips on how to form your business as a limited liability company (LLC) or a sole proprietorship plus additional information.
Create a logo
You can hire someone to create a logo, or you can create one yourself.
I created my logo myself, and it was not easy.
Creating a logo requires you to think outside the box and create something unique to your business.
Tip: Also make sure there are different variations of your logo.
Think about how your product will be made
This is a very important step in your business, you need to decide if you want to manufacture your goods yourself or if you are going to outsource your products.
Make sure to test your product:
Let friends and family try your product before you sell it to the public, especially if you are in the food and beverage industry.
Create website
Having a website is a great way for customers to get to know you and learn about your business as well.
Building a website may require you to find a website developer. You can use sites like Etsy or Shopify but just be aware of the fees.
Creating a website takes a lot of effort and you should have someone help you if you’re not familiar with website building.
Start social media channels to also help you reach customers.
Start with pop-up events
If you want to get your name out there, pop-up events are a great start.
I typically try to do pop-up events with other small business owners, at fashion shows, and even at music festivals. The best way to find pop-up events is to research events look for vendors, research hosts, and connect with other small business owners for tips.
Starting with pop-up shops is a way to test your product, connect with small businesses and meet potential customers.
If you are a cottage law food business that sells baked goods like cookies and cakes, farmer’s markets are also a good option to look into. To learn about cottage laws in Michigan, click the link.
Market your product or service
I am not an expert on marketing products, but good marketing to me is taking good photos for social media, and having business cards and a space to promote your business.
You can market your products using ads on social media as well.