There’s no doubt that our economy and the job market has been impacted by the pandemic, but while some people may be struggling to find work, others are creating new opportunities for themselves through small businesses!
I’m sure all of us at some point have seen it on our Instagram accounts, whether it’s a friend starting up an online clothes shop, a follower selling hand-made products on Etsy or a family member creating a baking account, more and more people have been inspired to create their own small businesses.
As a company that once started as a small business, we wanted to share our top tips for helping you to grow and start a business of your own!
1. Find something you’re passionate about
This tip may sound obvious but unless you’re passionate about the business you’re starting, you’re unlikely to have the motivation to put in the hours required to grow. It can often take 2 to 3 years for a start-up business to get off the ground, so if you're passionate about the product or the industry you're in, you’ll be far more likely to have the drive to see it flourish.
2. Embrace the online industry
Even before the pandemic, businesses could see the benefits of moving at least part of their product online, lockdown and restrictions have only hastened the transition to an online world.
There’s a huge audience for any small business to target, in fact, the UK has the third-highest percentage of online shoppers in the world (at 80%) and it’s predicted that 53% of all retail sales will be online by 2028!
Things like setting up Social Media accounts for your business and creating a website have all become crucial so we recommend you do it!
While this blog may be a good starting point to push you in the right direction, it’ll take more than a quick 2-minute read to get you ready for your small business journey! You’ll need to learn about the industry you're getting into, the products already out there and even the legal requirements for running a business of that nature.
It may sound cheesy, but you can never learn too much, especially at the start of your business venture.
4. Aim for quality over quantity
Even if your business gains popularity quickly, that can quickly stop if the quality of your product starts to decline. With any business, consistency is key so make sure you keep this in mind when things start to get busier!
Word of mouth, recommendations and even good reviews are some of the best ways to ensure your business can grow and having a quality product is one of the best ways to get these.
5. Don’t be afraid to jump into it
The thought of going against the norm can seem daunting, especially when we’re in an economic climate that can be tough on so many people. But if you truly believe in the product or business you're about to launch, things are more likely to go well! Success isn’t easy, but with hard work and commitment, it can get easier!
If you want to learn more about starting up a business of your own, our FREE online “Creating a Business Start-Up" could be the best place for you to start! You’ll cover units such as the initial steps for starting your business, how to market it and understanding how to develop a business plan! With up to six weeks for you to complete it, it’s the perfect way to start your summer!