Got dreams of running your own business? Or maybe you already own a small business and have dreams of turning it into something more than it is? There is no better time for you to bring your business ideas to reality.
Your entrepreneurial dreams start with your making a plan. Depending on what your dreams are will dictate what is added to your small business dream plan. What is most important is for you is to be passionate about doing what is necessary to make sure that your small business dreams turn into a reality.
In this article we’ll cover:
- Entrepreneurial dreams
- Small business owners
- How to turn your dream into a reality
- Business plan
- Funding sources
- Business type
“If you can dream it, you can do it.” Walt Disney
Entrepreneurial dreams
Your success will not happen overnight. It will take time, patience, and hard work for you to realize your entrepreneurial dreams. No matter the type of business you choose, you must know your competition, understand your customers, and fully realize your market. Market research is one of the most important things you need to do to understand current trends. Market research is necessary so you can understand current product trends and customer trends.
For those who are not sure what type of business they should start, check out the below business ideas:
- Cannabis store
- Designer
- Fitness instructor
- Home health care
- Landscaper
- Marketing consultant
- Real estate agent
- Social media influencer
Small business owners
Whether you are a natural entrepreneur or someone who has to work a little harder to make their entrepreneurial dreams come true, there is nothing getting in the way of your ability to become a successful small business owner. Even though being a small business owner is a tough job, it is also very rewarding.
Small business pros:
- Freedom
- Flexibility
- Control
- Financial benefits
- Personal satisfaction
Small business cons:
- Lots of responsibilities
- Financial risks
- Stress
Top traits of successful small business owners:
- Passion
- Independence
- Motivation
- Leadership
- A need to help people
- To be one’s own boss
- Not afraid to take risks
- Strong work ethic
- Good problem solver
- The ability to inspire others
- They want to make a name for themselves
- They enjoy a good challenge
- Failure is not an option
How to turn your dream into a reality
In order for you to make your business dream a reality, you must put a lot of thought into the planning process. It will take you some time to gather all of the information you need so be sure you spend the time necessary on the planning process. The majority of the information you find will be added to your business plan.
In addition to your business plan, focusing on the below tactics will help make your business stand out from your competition.
Website
Make a great website. This is the absolute best way for you to let your customers know who you are and what your business is all about. A great small business website will help you build credibility, as well as get more sales. It should be a simple website that offers information about your products and/or services in a simple and easy to understand way. Be sure to include your contact information so people can contact you if they have any questions about your business.
According to Google Search Statistics, more than 2.4 million searches happen through the search engine every minute. Wow!
Branding
Branding your business is really important nowadays. Branding is what connects your business to your audience. A good brand will be instantly recognizable. creating your small business brand helps you turn one-time customers into repeat customers. A good brand helps you stand out from your competition, increase your position in the business market, increase your revenue, and more.
Brand strategy includes:
- Making a logo
- Creating a slogan
- Creating a tagline
- Sharing your story
- Being consistent
More people than ever are looking to give their business to certain brands. This makes it necessary for you to focus on connecting with your customers, as well as create your brand in a way that perfectly describes your small business.
Social media
According to the 2021 Sprout Social Index, 90% of consumers will purchase from brands they follow on social media. This makes it a great idea for you to create one or more social media accounts for your business so you can gain followers. A successful social media branding strategy includes using your brand voice, using strong visuals, telling your story, writing compelling captions, using videos, and being 100% authentic.
Today’s top social media platforms for small businesses include Facebook, LinkedIn, Instagram, and YouTube.
Local SEO
When marketing your small business on your website or social media platforms, using local SEO is a great way for you to grow your business locally. Doing so will improve your search engine visibility, making it so more people will find your business over your competition when looking for local services. You will need to do a little research in order to figure out the keywords and keyword phrases you should use to organically promote your business.
Customer service
Customer service is how your company interacts with its customers, both in daily transactions and also as a problem-solving solution when issues arise (8 Reasons Why Customer Service Is Important and a Priority, 2022). Today’s customers have many options when choosing who to give their business to, making it a good idea for you to go above and beyond. By providing your customers with the best customer service possible, you are doing what is necessary to make your small business stand out.
Great customer service:
- Helps keep customers loyal
- Supports better customer relationships
- Encourages referrals
- Strengthens company culture
When customer service is done right, it can greatly boost a business’s bottom line!
Trends
Keeping up with the latest trends around your business will help you predict things that could affect your bottom line. Forecasting allows you to make necessary changes so you can remain relevant. Trends can give you new or better business ideas. Examples of small business trends for 2022 include an increase in digital marketing, an increase in social media marketing, and an increase in using new technologies.
Following trends will help you be a leader vs a follower. And who knows? Maybe your business will be a trend maker one day!
Reviews
As a small business owner, you can expect people to review your business. While you are surely doing everything in your power to make your customers happy, there are going to be times when you receive a negative online review. Even though you may be tempted to ignore your negative reviews, it really is important for you to respond to any negative reviews your business may receive.
Why? Because when you respond to negative reviews, you are doing what is necessary to protect your online reputation. When you do not respond, other people will only see the negative side of the reviewer’s experience. When you do respond, you are acknowledging that you care about the customer’s experience and are open to further discussion so you can try and make them a satisfied customer.
Business plan
A small business plan is the foundation of your business. Creating one is the best way for you to stay on track. A small business plan is also important because it helps determine your future financial needs, as well as is used to help attract potential investors.
According to the SBA and more, a business plan should include:
- Executive summary
- Company description
- Business structure
- The types of products and or services you will be offering
- A mission statement that reflects your values
- A vision statement that is clear and easy to understand
- A SWOT analysis
- A market analysis
- A clear understanding of your customer’s needs
- Business goals and objectives
- Funding request
- Financial projections
Business type
According to the Small Business Administration, the business structure you choose influences everything from day-to-day operations to taxes and how much of your personal assets are at risk. Be sure to do your research to see which structure best supports your small business. Focus on which option gives you the best balance of benefits and legal protection.
Below are the four different types of business structures you can choose from when creating a new small business. The main difference between the four types is how they are taxed.
- S-corporations
- C-corporations
- Limited liability company
- General or limited partnership
Funding sources
While the most common way that small business owners fund their small business ventures is to use their own personal savings, there are many business funding sources available.
- Angel investors and groups
- Bank loans
- Crowdfunding online
- Equity investors
- Partners
- Small business grant
- Small business/tech Incubators
- Venture capital
Protecting your small business dream
What types of small business insurance are you going to need to protect your business dreams? Pogo helps protect small businesses by helping them choose the right types of insurance so they can save money. It only takes about three minutes to fill out our form. Time well spent to see how much you can save!