Some people dream about the perfect job while some people dream about being their own boss. If you’re considering starting your own business, here are some tips:
Write a business plan: Even if it’s simple, it’s really important to think systematically about how your business will compare to what’s already out there and how you can eventually be profitable. Here’s an article from the Small Business Administration (SBA) that offers some guidance.
Start as a side hustle: The best way to start your own business is to get your feet wet while you work out the kinks and figure out if this is really what you want to dedicate your time and money to. You can scale up your business when the time is right.
Specialize and branch out later: Many successful businesses start with just one product or service. Once they have brand recognition and are able to connect to customers, they offer more options. An example is of this Girlfriend Collective. They started by making leggings and now they make a wide variety of clothing items.
Find business owners in your field to offer advice: There’s a lot of specialized knowledge that business owners in your area will have about rules and regulations, suppliers, things to watch out for, etc. Even though you might become their competition someday, most people are happy to help you as you’re starting out.
Seek support from a nonprofit dedicated to helping small businesses: Every city has a local government agency or a local nonprofit that exists to support small businesses. These organizations receive funding to help entrepreneurs like you so it can be worthwhile to find out who they are. Here is a list of nonprofits that serve small businesses in the San Francisco Bay Area: Start Small Think Big, Main Street Launch, La Cocina, Renaissance Entrepreneurship Center, Pacific Community Ventures, Working Solutions.
