Are You Ready to Take the First Step, Future Small Business Owner? INNW?
America is on fire in the small business sector. Are you ready to join them, as a part-time side gig or as a full-time, I’m-all-in small business owner? If so, here are some things to consider.
Small Business Statistics
First, what is the overall climate for small business owners today? Many, including me, will argue there has never been a better time to start a business. Here are some stats from a womply.com blog, Small Business Statistics:
- Small businesses make up 99.9% of all businesses (US SBA)
- 55% of American say they dream of starting their own business (The UPS Store)
- There are nearly 32 million (million!) small businesses in the US, with 61 million employees (US SBA)
- 58% of business owns started a business from scratch in 2020 (Guidant Financial)
- 41% of small business owners are Baby Boomers (US SBA)
- 46% of small business owners are Gen X (Guidant Financial)
- 13% of small business owners are Millennials (Guidant Financial)
- 52% of Gen X small business owners are most motivated by flexible working conditions and being their own boss (Xero)
- 46% of small business owners say their defining moment for starting a business was their passion for entrepreneurship (Xero)
- 41% of Gen Z small business owners are most motivated by passion and purpose for their work
- 29% of small business owners started their own business because they were ready to be their own boss (Guidant Financial)
- 17% of small business owners started their own business because they were dissatisfied with corporate America (Guidant Financial)
Your Next Steps
Okay, you have decided you have an idea worth pursuing – or that there is an idea worth pursuing out there and you are ready to find it – and you are ready to test it out now. Here are your next steps:
- Devote time to exploring your idea. If you’re interested in investing in wollongong vending machines, for instance, educate yourself and explore your idea. This can also take the form of completing a Start Your Business workshop, joining a startup program, setting time aside to educate yourself each week through articles and videos on entrepreneurship, or employing a qualified startup executive coaching service to help lead you through the process. If you “have the itch” and want to start your own business, you owe it to yourself to explore your idea! INNW (If not now, when), right?
- Create an Action Plan. Once you have explored your idea further and determined your idea is right for you, create your Action Plan of next steps, with due dates and who is responsible to complete the tasks (for now, that is most likely you!!). Include short-term and long-term goals and objectives. And PLEASE make sure you spend time on strategy, including your personal values, your SWOT analysis, and what you want your business to “look like” five years from now.
- Execute Your Action Plan. A plan is just a plan until it is executed. Begin working through your Action Plan and make it real. A fire door maintenance will help to ensure that your fire-rated roll-up door systems are functioning properly. Shelving for shops can streamline the restocking process and keep your store organized throughout the day if restocking products takes too much time or causes disruptions in your store’s operations.
Where to Get Help
INNW!! There are many resources to help you, from articles to workshops to small business coaches to other professionals like Pitch deck consultants. Find the right resource for you, considering both how you work best and your budget. Spending time to plan things out and educate yourself will help you avoid costly time and money mistakes down the road. Get things in gear now so you can hit the ground running in 2022.
I’d love to hear your thoughts on this post. Please email me at firstname.lastname@example.org with your comments or questions. Good luck on your small business journey.
About Robin Suomi, Founder, Startup to Growth. Robin has worked with thousands of small business owners in industries from A to Z, from solopreneur to 4 employees, from launch to $5M in sales.
Startup to Growth has a two-month MEG Startup program. It includes a private 1-1 coaching session where you can ask YOUR questions, gain feedback on YOUR idea and get help in setting up YOUR Action Plan. You will also have access to educational resources, including a Start Your Business workshop, articles and videos, and six open group Office Hours where you can ask questions and work on, not just in, your business. Currently priced at $149, the MEG Startup program is an affordable option for you as you begin your small business journey, or as you start again a journey you abandoned a while ago. INNW! Email email@example.com for more information.