Starting a business is a big deal. So big in fact that most people are too intimidated to even try. But not every business has to set the world on fire. It just needs to help YOU achieve F.I.R.E. There are many reasons to start a small business. In this case, I will focus on a micro business. I consider a micro business one that brings in less than $500 a month profit.
There are two things I want to talk about before I get into my 8 reasons. First, you do not want to create a job for yourself. We are trying to remove ourselves from the process of making money. So we want to think of ways to remain in control. More on this later. Secondly, a micro business is a way to diversify your income away from our jobs. No matter how much money you make in your business, it is 100% from your own doing. Your own determination earned that money, not a W-4 employment job. This is something to be proud of. Now, let’s get into my 8 reasons to start a micro business.
1) Control your time. You can be completely in control of your time if you set up your business correctly. Before you jump into your business, brainstorm ways to remain in control of your time. For example, if you make cakes, instead of starting your business as made-to-order, set up something where you are in control. You can set up one day a month where you sell all your cakes at once. This way, you can bake all the cakes the day before and then sell them at once. This will also build up anticipation from your audience. But you control the timing.
2) Control your money. You can grow your micro business as fast as you can. No need to get into debt with needless overhead (buildings, employees, supplies). Do what you can, when you can, and how you can. Be generous, honest, and consistent and people will be very understanding and continue to support you.
3) Control your resources. You will be in control of marketing, supporters, and procedures. If you need help making your cakes, you can hire a friend to help you for the night. This is a good time to get to know your products like how long it takes to build, make, are produce something. Think of it as market research.
4) Build your audience. This is the most important part of starting a micro business. As you remain consistent you will build a strong following. You can open a Facebook group, page, or YouTube following. Also, there are other ways to monetize your business outside of just making products. Your audience will have questions for you. If you hear the same question more than 3 times, create a solution to solve it. For example, if people ask you how to make your cake 3 different times, make a blog post and YouTube video about it. Entrepreneurs solve problems.
5) Learn procedures. Just because YOU know how to make something, doesn’t mean that everyone will be able to replicate it. For example, McDonald’s instructs employees on how to make a basic cheeseburger and an iced coffee. There is no guesswork involved. Consider the same for you. If you make cakes, painstakingly document your process. Then have your older children, husband, or friends follow your instructions. This will ensure that it is written perfectly. Remember, we eventually want to write ourselves out of a job. The only way we can do this is by having processes in place to replace ourselves.
6) Prepare for a bigger business. Now that you have a YouTube video, blog, Facebook page, an audience, procedures, pricing, etc… you are perfectly aligned to grow your business. However, you do not have to. You may wait until you retire or you may never grow it. During the pandemic of 2020, the people who were prepared with small businesses took advantage of the situation. When the bars were closed, traveling bartenders were making great money. However, they had already marketed themselves into these gigs. Start now!
7) Build confidence. Most people are confident about their product or service UNTIL it is time to sell them. Selling is the hardest part of a business. But, make no mistake, every business requires sales. Starting out small allows you to work on your selling routine. Also, remember to name your small business and sell merchandise. Things like mugs, bottle openers, and t-shirts are great ways to help your business and allow your biggest supporters to…. well, support.
8) Monetize a hobby. Do what you love. Not every business is made to scale into a huge Fortune 500 company. If you enjoy making dresses, then you will not be able to scale into a large business, at least not by yourself. But if you keep your expectations low, you can do very well. If you can produce 2 dresses a month, more and more people will start to want them. They will become a novelty. Instead of trying to make more money by selling more dresses, you can just raise the prices. This does two things. It shortens the waiting list and also puts more money into your pocket. People will pay for quality and your services. Never doubt that.
Starting a micro business is an amazing journey. I am in the middle of starting mine and I enjoy every day of it. Best of all, I don’t have to deal with employees or overhead. I knew starting out that I wanted to be able to work completely from my laptop. I want to be able to travel and continue my work. So you will need to identify your hard criteria for business. What are your must-have features? What are your no-go criteria? Chances are you have already had a few crappy jobs in your life, so there is no need to create one for yourself.
Before you dive into the planning process of your business, I recommend reading these books: Superfans, 4-Hour Work Week, and Company of One. This will help put you into the correct mindset of automation, virtual assistants, and leadership. Good luck out there.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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