Learning How To Start Your Own Microbusiness October 16, 2020 – Posted in: Tips – Tags: , , , , ,

Small businesses employ 50% of people and makeup 90% of businesses worldwide. Starting your own business can seem an overwhelming task at first, even if you are starting out solo or employing less than 10 people. There are a range of tasks that you will have to learn yourself, such as filing your own taxes, getting insurance, and marketing your products. Here are some valuable resources you can use to get started:

The Power Of Research

Start simple. Have a meeting with a local business charity or speak with other local business owners. Research can also be carried out online; there are over 20 billion blog pages you can view, many of which include information on starting a business. It is also a good idea to research your competitors to determine what they are selling, who they are selling to, and their prices. Customer research will also help you to determine how much your product or services can help them.  

Networking Online And Offline

Digital marketing is a tool that helps businesses of all sizes gain traction and exposure. Many consumers prefer to visit the social media pages of a microbusiness owner than their own website, according to research, but that doesn’t mean you shouldn’t have one.

Networking word cloud

Social media and your website are methods of networking and reaching out to potential customers. Networking can also be done in person. Pay a visit to seminars, drop in on online web events, or talk to other small business owners to obtain advice on how they grew their business.

Pick Up A Book

Books are a vast resource of information for microbusiness owners. You can become an overnight expert on how to run a successful project, how to create a business plan, and how to carry out the financial activities connected to your business. Fewer than three in 10 small businesses file for basic business insurance, for example, but a bespoke book can help make you aware of these essential business expenses. Your small business insurance costs can include workers compensation, which you will need if you have any employees, and you will need to learn things like filing taxes and health and safety according to your industry.

Starting a microbusiness requires the same input that a large business does, but perhaps with fewer people and less turnover. Set achievable goals and do your research to ensure your business keeps earning while being compliant. If you have any questions or need any detailed advice, don’t hesitate to ask us via commenting below or using the Contact Us option from the menu 🙂

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