What You Need to Know before Launching Your Micro-Business - dummies

What You Need to Know before Launching Your Micro-Business

By Paul Mladjenovic

Part of Micro-Entrepreneurship For Dummies Cheat Sheet

When you decide to be a micro-entrepreneur, such as a home-based or one-person business owner, make sure you pay special attention before taking the big step. If you recklessly choose to start your own business without thinking through all the ins and outs, the results could be devastating. Keep the following suggestions in mind before you make the final decision to start your own micro-business.

  • Analyze yourself first. Know yourself before you know your business. Figure out what excites you and know the types of products or services that you enjoy. Specialize where your passion and competence cross paths.

  • Know your target market. Determine who will best benefit from what you offer and identify what your target market (your real and prospective customers) want to buy. Analyze your prospective customers’ wants and needs. When you’re selling something that others want to buy, you have the seeds of success.

  • Plan to succeed. Do a business plan to give you a sound action plan in those areas of business activity that will keep you focused on what you need to do to be profitable and successful.

  • Rely on other people and resources. You don’t have to go it alone. You can tap into people and resources to help you with your business. Whether you’re looking for advice on marketing or accounting or just need some services performed for you, you can use the knowledge and skills of others without paying a fortune.

  • Keep learning. Excel at what you offer and keep finding out (and testing) new ways to market and to reach those folks that want or need what you have to offer. Stay informed about your industry, the economy, and your target market so that you can continue to offer products and services profitably.