How To Start Your Small Business

Want a side business while you're currently employed? Not yet sure if entrepreneurship is for you? Don't want the risk? Don't want to be part of something big right away? Don't want the immediate responsibly?

Here are my thoughts on how you can start a backyard business with minimal cost or cost you can shoulder without the heavy hitting risks.

Question 1:  You want to start your business but don't know how or where to start it?
Low Risk Answer:  Find something you are good at, that doesn't require much of your time. Or even something that even if it will require time, it will only be just a hobby or a past time.
Sample Service Business Option:
a. Photography
b. Arts & Crafts
c. Illustration commissions
d. Food, Pastries, Sweets


Question 2.1:  After Finding what your good at, you don't know what you're step 2 will be yet?
Low Risk Answer:  Find and identify who your customers are.
After you find who your customers are, find out where they are and let them know about your business.

Questing 2.2:  How do yo know who your customers are?
Low Risk Answer:  Find out who usually buys products that you make.  Think if they can afford your price and if they are willing to pay for your hard earned effort.
Remember that your customers will pay what the price you set because they see the value in your talent or your product, if your perceived customer will tell you it is too much, they might not be the customer for you.

Question 3:  How do you price your product?
Low Risk Answer:  Add 20-30% to the cost of your good or service, this pays off the risk, effort, transportation, raw materials, and the administrative cost to complete one unit of product.
You don't have to price so high right away, yes i talked about identifying customers who would agree to your price, but make sure the price you set for your product adheres to the price in the market.  Example:  If you competitors are selling their bag of fruits at $5/kg then you can sell yours at the same price.

Question 4.1:  How do i sell my products?
Low Risk Answer:  Let people in your circle know. As soon as you identify who will buy your products, let them know that you are selling these products. If you're selling make up products which you know the ladies in your department would love, try sending them a friendly text letting them know that you've got items in your car that you're selling.

Question 4.2:  How do i continue selling these products?
Low Risk Answer: If you have expanded your family, your friends, your friends friend, well, its time to go online and find more people who will fit right into Question #2.  Look for the same set of customers you identified previously who you know will love your product.

Question 5:  When do you think it's time to risk leaving my job?
Low Risk Answer:  Don't.  Yet.
We all have to hustle, and if you're looking for a low-risk mid-income side business and you're not yet sure of the stability of your new found small business, then don't quit your full time job yet.
We all have read how successful entrepreneurs risked everything to become Bill Gates, but it's not for everybody. So don't rush thinking about the millions of dollars you're going to make. Remember not to count your chickens before they hatch.