Should I Start a Small Business?
National Small Business Week
April 28th through May 4th is National Small Business week for our American friends and colleagues. So let's take some time and dive into how important small businesses are to the economy. This article from Forbes has some increasingly interesting stats about small businesses: (1)
There are over 33 million small businesses in the US
Over 27 million small businesses have zero employees. They are owned and managed by a sole proprietor.
The average salary of a small business owner is around $69,000
Females own approximately 43% of all the small businesses in the US
Whereas racial minorities own approximately 20% of all the small businesses in the US
Should You Start a Small Business?
The answer really depends on a few questions. Have you done your research? Do you have a business plan? Do you have access to funding? (this may or may not be relevant) But if you have done your research and have a solid plan, then you should consider starting a business. There may never be the exact right time to begin but don’t put off starting because you aren’t 100% ready. We have a saying here that “if you are more than 50% completed, consider it done.” We use this so we don’t get caught in a cycle of perfectionism.
Another interesting stat from the Forbes article is that social assistance and healthcare are the industries with the highest business survival rate. (1) If you have a business idea in either of these industries then you generally have a better chance of your business surviving but that is also based on a number of other factors, for instance, how a business is run and if there is demand in the geographical region they are located in.
How to Get Started
When starting a business, the first priority would be to have an idea for a business. Then complete market research and build a business plan. This will help keep your business on track and identify areas where you may need to hire someone to help with certain functions. Look into your local regulations on starting a business and if your specific business requires a business licence. You will need to come up with a name and logo with brand colours and a website (if it applies to your business) for your business. Another eye opening statistic from the Forbes article is that nearly 1 in 3 small businesses don’t have a website (1) which seems a little surprising in this day and age.
Depending on your specific business, you may also want to create social media accounts so you can begin building a community around your brand. You can decide to do a soft or hard launch. Getting some creative (verbiage, images and overall feel of your brand) together before launch will help you stay on track with a consistent brand voice and imaging. Lastly, don’t forget about getting the right type of business insurance for your business. You will want to speak with an insurance broker or insurance company to find out what coverage you may require.
There may be many other tasks that need completing depending on what type of business you are thinking about starting but we wanted to give you some information and statistics to consider before starting a business of your own. If you have any questions about the process of starting a business or just need some help getting started, please send us a message. You got this Mama!
Source: https://www.forbes.com/advisor/business/small-business-statistics/ (1)