It’s eighteen months after the pandemic has started and many small business experts think that now is a great time to start a new business.
On The Small Business Radio Show this week, Melinda F. Emerson, aka the “SmallBizLady” is a small business expert, bestselling author, and business coach. As CEO of Quintessence Group, her marketing consulting firm serves Fortune 500 brands that target the small business market. She is the bestselling author of “Become Your Own Boss in 12 Months” (Revised and Expanded).
Melinda says that this is the best time to start a small business. She insists that “people are always looking for solutions, but you got to do it online because by 2040, 95% of all sales will be online.” According to Melinda, small business has become more complicated during the pandemic with “social media now becoming the number source for buying things online”.
This is how Melinda suggests you start your small business
- Figure out what you want and why you want it. Starting a small business is not for everyone because “there is a hazing process involved. Most people know how to build a widget but don’t know how to build a business”. She believes that the first few years of your business “owns you and that “fifty percent of all business problems are not so well-hidden personal problems”.
- Go niche. Specialists get paid more money. Melinda wants entrepreneurs to create something that is not easily duplicatable by your competition.
- Create an online sales process. Know how to sell from your website and all the marketplace and social media platforms.
- Find the right team. As Melinda says, if you can’t find the right team then “your business is only going to grow as far as your arms can reach. You should only do “queen bee work” not everything. Remember being as business owner doesn’t make you a business leader!”
- Don’t be afraid of the math. You need to understand the numbers that go into your business. Find an accountant or mentor that can explain it to you.
Listen to the entire double interview with Melinda on The Small Business Radio Show.
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If I would open a small business, These are the best 5 points I have ever read and would implement so far.
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Hi.I’m starting my own small business.I’m anxious and very excited as I love what I do. Always such beauty in it..I need advice..I need to register my business too..all in all it seems I need finance injection to take it off from ground up or I need good pure input.please send me everything I need to do,please.thank you.
What could be a small business that is not easily duplicated. Mabe km lazy to think. I thought even if it is duplicated, it will depend on the geographical areas and again are there no strategies to control the licensing of such businesses. For example in a taxy industry, not everyone can but a minibus and get to the road and start working.