10/18/2024 | Press release | Distributed by Public on 10/18/2024 09:25
Every groundbreaking business starts with a single spark - just one idea. Whether you're an aspiring entrepreneur looking for inspiration or a seasoned business owner exploring new opportunities, starting a new business is a big deal. But your ideas are even bigger.
We wanted you to have the most successful small business ideas to build your business, so we created a small and medium-sized business (SMB) kick-off list from crafts to tech to get started.
What you'll learn:
Technically, a small business is an independently owned and operated company, usually with fewer than 500 employees. The Small Business Administration (SBA) defines small businesses based on industry-specific size standards, which can be a certain number of employees. SMBs are privately owned corporations, partnerships, or sole proprietorships, and they play a significant role in the economy by fostering innovation, creating jobs, and contributing to local communities.
Small businesses don't always stay small, however. Some of the most recognizable brands - think of the biggest names in computers, athletic gear, and ice cream - started as small businesses with just a handful of employees.
Small businesses are born from ideas. They come from entrepreneurs who want the chance to do something they love, a better balance between work and family, and the opportunity to be their own boss.
A top motivating factor for most people - especially those in finance, insurance, and construction - is money. When you own a small business, you control your finances and your destiny. Instead of just working for a paycheck, you are building equity in something you own.
Before you dive in, take time to consider whether your small business idea has a good chance of success. Ask yourself:
To achieve success, focus on work that you genuinely enjoy. Author Martha Sinetar encouraged entrepreneurs to do what they love and the money will follow in her 1980s bestseller. More than a generation later, her advice for small business owners to find their fortune by following their bliss is still relevant.
One effective way to gauge demand is by conducting market research. Start by identifying your target audience and then send surveys or social media polls, or simply start engaging with them online. Analyze online trends and search volumes using tools like Google Trends to see if there's interest in what you're offering.
Marketing dollars are wasted if you can't identify your potential customers. Create an ideal customer profile to target prospects who are mostly likely to spend their hard-earned money on your product or service.
Consider how unique your product or service is. Carefully evaluate your competition and find ways to differentiate your business. Look at your competitor's offerings, branding, and messaging. If they're thriving, it's a good sign that there's demand.
You've probably picked up some business skills in your lifetime. If you're a bit rusty, you can get hands-on training and improve your skillset with Trailhead. Apply the lessons you've learned, use your strengths, and leverage your experience to make your new venture a success.
While some successful small businesses have been launched with a shoestring budget, it's less stressful if you have a significant financial cushion. Some options include borrowing money from friends and family, securing an SBA loan, or crowdfunding.
Consider if your business has the potential for growth by using artificial intelligence (AI) tools and analytics to make data-driven decisions. Track key performance indicators (KPIs) to measure the effectiveness of growth strategies.
Can you dedicate yourself full-time? Here are some ways to start part-time. First, prioritize tasks with the right tools. Create a routine with specific time slots for different tasks to avoid multitasking. Use technology to streamline work, such as project management tools and automation. Set clear work-life boundaries and be sure to delegate tasks to your team to focus on high-priority items.
Be sure that your small business complies with all local laws, that you have the proper permits and licenses, and that you file taxes properly every year. To find information about local laws for small businesses, you can start by visiting your city or county's official government website. These sites often have sections dedicated to business resources and regulations.
Small businesses can thrive both locally and virtually, each offering distinct benefits. Local businesses foster community engagement, provide job opportunities, and contribute to the local economy. They offer face-to-face interactions, building trust and loyalty among customers.
On the other hand, virtual businesses offer flexibility and a broader reach, allowing entrepreneurs to tap into global markets. They often have lower overhead costs and can operate 24/7, providing convenience for both business owners and customers. Both models have their unique advantages, catering to different needs and preferences in the market.
There's not much point in starting a business if it's not at least a little profitable. Look at the numbers and analyze your business's long-term financial sustainability. Take the time to calculate all costs, associated fees, overhead, team expenditures, and all income - is it going to make you money? If yes, it's time to start.
No matter where you are on your journey as a small business owner, you can get started with Salesforce Starter - the all-in-one suite your SMB needs.
One of the best ways to develop an idea for a small business is to consider your talents. If you're stuck, here are some ideas to get you started:
Small business ideas from home often allow for flexible work schedules, where owners can balance work and personal life more effectively. Operating from home can significantly reduce rent, utilities, and commuting costs, making it an affordable option for startups to scale. Here are some examples:
Like home-based businesses, online enterprises offer similar benefits - flexible work schedules and affordable startup costs. It's not required, but it helps to have some experience with computers, especially web design, social media, and marketing. Some online ventures to consider:
Instead of selling physical products, service-based businesses offer customers value by providing expertise, skills, or labor. Many service-based businesses earn their reputation based on word of mouth, so building a loyal customer base built on trust is essential for success. Some ventures include:
Some entrepreneurs have a talent for making items and sell their tangible goods to customers happy to pay for unique or handmade items. High-quality and in-demand products will stand out in a crowded marketplace. Some examples include:
Instead of appealing to the mass market, a niche business caters to a smaller, more defined market. You target certain kinds of customers with specialized products or services that meet specific needs - things that larger companies have overlooked. Some examples include:
The next step is to put your idea through a series of checkpoints to determine if it has the potential to be successful. Here are some ways to get started:
Salesforce is not just for enterprise! It's free to get started, and only $25 per month for marketing, sales, service, and commerce - all in one suite.
Starting a small business (or startup) is more than just achieving financial freedom, it comes with some challenges, including:
Revenue costs: As a startup, you must be ready to cover unexpected expenses like new tools, space to rent, inventory, market downturns, and regulatory changes. Your best bet is to have a nest egg started, and use free tools to get going. You can't control the market, but you can choose your technology and support.
Lead generation: Gaining your first customers and building a loyal customer base can be difficult. In addition to creating a strong online presence, use social media and digital marketing to attract initial customers. Old-fashioned networking and word-of-mouth can also help you gain traction.
Competition: Do your research on your competitors. Differentiate your business by offering something unique, such as better pricing, superior customer service, or innovative features.
Time management: Entrepreneurs often wear many hats, making it difficult to prioritize tasks and manage time effectively. Use project management tools, delegate tasks, and create goals to stay organized. AI built for business can save time by automating repetitive chores and maximizing productivity.
Hiring the right team: Building the right team is crucial for your growth and success. Be strategic in hiring by defining clear roles and expectations. Consider hiring freelancers or contractors to keep costs low.
Legal and regulatory issues: Consult a legal professional to ensure compliance with all laws. Use resources like small business associations for guidance and consider purchasing legal insurance to protect against unforeseen issues.
Market changes: Stay nimble and be prepared to pivot if necessary. Continuously gather customer feedback, stay updated on industry trends, and be willing to adapt your business model to meet new demands. Salesforce can help by keeping you up to date on the latest AI and technology to help your SMB grow, just sign up for the newsletter, and stay up to date on market changes.
The great news is, that Salesforce can help you overcome most of these. With an all-in-one suite, we can get you started for free.
Some of the best small business ideas get even bigger with the right strategies. Now, it's time to think about how to scale your small business.
First, focus on customer satisfaction. Exceptional customer service is a must these days. Actively listen to your customers to find ways to improve your products or services.
Next, create a positive company culture that motivates employees to help you achieve your business goals. Invest in your employees by offering training and development opportunities, and support their emotional well-being with mental health awareness days.
Finally, the right kinds of tools can go a long way to streamlining operations. Improve productivity by getting the right CRM software. Review and optimize processes to eliminate inefficiencies and cut costs. Monitor key performance metrics to identify areas of improvement.
Other steps to take:
Expand your offerings: Develop products or services that meet your customers' changing needs. Explore cross-selling and upselling opportunities to increase revenue per customer with sales AI.
Extend your reach: Identify new markets where your business can grow. Collaborate with influencers to create beneficial partnerships. Look for cross-promotional opportunities to boost brand awareness.
Adapt with AI: Stay updated on artificial intelligence (AI) trends and customer preferences and adapt your offerings accordingly. Be open to experimenting with everything from sales to service using AI-powered automation to stay competitive.
Leverage customer relationships: Use CRM tools to track interactions, sales data, and engagement opportunities. Encourage customers to share testimonials and reviews to build social proof and attract new clients.
Prepare for scaling up: As you expand, be sure to have the resources, team support, and tools to handle increased demand. Monitor growth metrics and adjust strategies based on performance and market conditions.
Now you have some of the best small business ideas, tools, and techniques to get started. And, we are here to help. With Salesforce Starter, everything that you need is built in, allowing you to focus on your idea becoming reality. Take the leap - your small business idea could be the next big thing.
Caylin White is an Editorial Lead and Growth Manager for Small Business at Salesforce. She has written content for over 15 years for many SaaS industries, like WordPress and BuzzSumo. She specializes in SEO but is sure to add a human-centric angle to every piece.
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