Some people on having very little funds and having a very small scale business they want to begin become frightened if their idea and plan for the business will scale through for various reasons. It might be that they presume the money is not enough, or it would be a hard idea to push through, or there are other petty reasons. You might be among. All we can say is that you don’t need to fear, what you need to start a very small scale business isn’t money or other reasons in your head.
What you need to start a very small scale business is more in-depth or deeper than just money or capital. If the successes of businesses depends on money, there are failed businesses today which shouldn’t have failed and there are successful businesses which shouldn’t have succeeded. Steve Jobs of Apple is one of the entrepreneurs who shouldn’t have succeeded if it was just money.
You need things that aren’t tangible or mind-boggling like money. They aren’t large as such but affect the growth of your business a great deal. These are things which push the passion, steadfastness and your belief in the growth of that business. What are these things?
What do you need to Start a very Small Scale Business?
- Idea: This is the most important thing or factor you’d be needing in your business. It is the idea that ignites the fire and passion for that business. The idea affects every other thing you do in the business–the planning, the funding, the execution, the marketing. When a business idea comes to you, you develop it and make it more comprehensive and better detailed. If the idea is right and well laid out, your business is on a strong foundation and even lack of funding might not worry you too much.
- Capital: This is the second largest factor you’ll be needing in your business. Capital in business determines a lot in the outcome of the business. It is with the capital you get land, pay workers, build business location, run the business, get equipments, and even do marketing. Capital is very important in a business truly.
However, if you’ve a really great idea and you can push it with the limited or little funds you’ve, you can secure funding for your business by presenting your dreams, ideas and the work you’ve already put in place to investors. Thus, having a great idea, laying it out well and working on it assiduously helps a lot.
- Coach or Mentor in the Business Line: Most intending business owners overlook this but it is VERY important. So far you set out to own a business, you should have a mentor, who knows what he or she is doing, in that line of business. Learn from the person, watch his business and ask questions. Even when you start running your own business, remember to keep in touch and share the problems you encounter.
- Knowledge of the Business: You should have an excellent knowledge of the business before venturing into it. You’ve to learn about the business very well and see practically how it is run. This is why you need a coach or mentor. Having a poor knowledge of a business will simply lead to your failure.
- Hard work and Smartness: You need these to succeed in running a successful very small scale business. You must be willing to work hard and you’ve to be smart as well. If you don’t have these characteristics, your business has high possibility of encountering challenges.
- Determination and Perseverance: The success of a business hardly comes as fast as a business owner would want it. Business success takes time as it is like raising a child, you spend, work, pay attention, make changes and have the patience to watch it grow. Successful entrepreneurs today not only had a great idea, they had all we’ve listed, especially determination and perseverance.
You have to note that most successful businesses take average of 3 years to break even. Be determined and have the patience.
There are other related questions to the topic that can also guide you in what you need to start a very small scale business. These questions are,
Do you need a business degree to start and manage a business?
No. You don’t need a business degree to start and manage a business. You simply have the idea, and have other things we’ve listed here and your business should be standing in no time. To run a successful business isn’t about whether you’ve a business degree or not.
Do you need a business licence to start a business?
The answer to this question depends on the country you are living and want to do the business in. There are some countries where you’ve to apply for a licence to run a business while there are some countries where you don’t need a licence at all. In those countries where you don’t need a licence, simply register your business and carry on with the rest of the business.
Do small businesses have to pay minimum wage?
This answer, too, depends on the country location of that business. There are some countries where every business is mandated to pay minimum wage, big or small, while there are countries where small businesses don’t pay minimum wage. In Nigeria, for instance, and other low income countries, small businesses are not mandated to pay minimum wage. You can make enquiries about your country from the right sources.
When should you start keeping business records?
You should start keeping business records right after you start your business and make your first sale. This is important. This business records would determine later if you’re running the business profitably or at a loss, and it would also determine other factors like your percentage business tax.
Do you need business license to sell on Facebook, Amazon, Crafts, Etsy and Shopify?
No. You don’t need a business licence to sell on Facebook, Amazon, Crafts, Etsy or Shopify. You simply register, prove your identity, state your business location and begin to sell on these platforms. It is the best way to start marketing and selling your products as a very small scale business owner.
What you need to Start a very Small Scale Business shouldn’t be overworking your brain in your attempt to start a business. Your concern might be capital and money but it is not. There are non-physical things the business needs more to succeed than just the capital. Yes, the capital and money is very important but it doesn’t determine the success of the business fully.