Good news never makes headlines.
The media likes nothing better than reminding us that one-fifth of start-up businesses will fail within five years!
Statistics like that can make off-putting reading, particularly if you’ve been thinking about branching out on your own.
But what about the four-fifths who don’t fail?
We hear a lot about passion, and that’s because it’s one of the main ingredients of a successful business. Especially if that business consists of just you.
If you’re on your own, or you employ fewer than nine people, then you are officially classed as a micro business – with the whole world at your feet!
Not only is one in seven of the UK workforce involved in running their own micro business but 40% of the UK workforce is running what’s known as a side-hustle, that’s a business they are running while being a full-time employee.
With the right help and support in that crucial first 18 months, 85 out of every 100 start-ups will survive beyond three years.
The landscape isn’t looking so bad now, is it?
Leading the Way to a Successful Micro Business with Passion
Successful micro businesses are started by people with PASSION.
If you haven’t got that vital ingredient, ask yourself: what else is going to drive you forward, helping you take those uncertain first steps?
The passion you have for your idea will help you define your business “What”. In turn, your “What” will differentiate you from your competitors and allow you and others to understand your uniqueness.
Think about some other popular reasons for starting a business. Perhaps you want to spend more time with your family or make a lot of money without having to answer to an unreasonable boss.
While these are benefits that starting your own business can bring, you generally won’t achieve them without years of hard work first.
This is where passion, belief and a positive attitude come in. They will drive the discipline and determination you will need to succeed – and potentially reap those hard-won business rewards later on!
How Will You Start Your Micro Business?
Marching into your boss’s office to hand in your notice is a tempting prospect, especially if you’re stuck in an unfulfilling job. But that won’t be the right option for everyone.
‘Side hustles’ are an incredibly popular trend in today’s business world. Defined as a job you can do whilst still in full-time employment, starting a side hustle means you can test out your ideas, safe in the knowledge that you’ll still be earning enough money to pay the bills.
If you’re not confident about going it completely alone, you could also consider a franchise opportunity or multi-level marketing with an established company.
But if you’re determined to go the whole hog, convinced that your passion and ideas will see you through, here are a few more things to consider.
What Will Your Customers Get?
Your business is your passion, but that won’t be enough for your potential customers; they will be tuned into Radio WIIFM (What’s In It For Me?)
You will need to be crystal clear about the benefits people will get from buying your products or services, and how they differ from other companies offering the same thing.
Then, find out where your ideal customers are, and talk to them! Find out if your business idea is worth all the time, effort and investment you’re about to put into it.
(Be ready for feedback that differs wildly from your original thoughts. It’s surprising how different an idea can seem once it’s exposed to other people’s opinions, but that doesn’t mean it can’t work. Instead, you may simply have to be a little more flexible).
You will also have to find out what your potential customers would be willing to pay for your products or services, so you can make realistic financial plans. After all, you’ll need to know if you’re going to make money, and how much you can afford to invest in resources like marketing, training and support.
Plan for Profit (as Well as Passion!)
You might have noticed that planning comes up quite a few times here! Just because you’re not employing hundreds of people or working from global offices, it doesn’t mean you can wing it in business.
PLANNING IS THE MISSING LINK BETWEEN PASSION AND PROFIT
The process doesn’t have to be complicated.
A simple, one-page plan is all you need to get started. Then, with a clear purpose and all the business basics firmly in place, you’ll be more likely to avoid the “long hours for little reward” many micro and side-hustle business owners fall into.
Any questions, comments or stories? Feel free to pop them in the Comments box below.