Many people have been coming up with different ways to keep themselves busy during this pandemic. Not only have they come up with new hobbies, but they have also been inspired by the multitude of small scale businesses that have been popping up in the past year. People have been formulating different new small scale business ideas to bring to life. And if you are one of those people, then we’ve got your back! In this article, we will tell you all about small scale business ideas and how to start your own small scale business.
Types Of Small Scale Businesses
People have been coming up with a lot of new small scale business ideas during this pandemic. Let this list guide where your own best small scale business ideas fit into the industry and help you navigate through establishing your own small scale business.
This small scale business is a common endeavor for many professionals, especially in this pandemic. Freelance entrepreneurs usually only have their talent and skills as their primary capital. They invest their time, attention, and effort. Most of the small scale business ideas in this type of business range from consultation projects, writing jobs, website development, photography, graphic designs, and content creation. If you can do any of these things or other skills, you can create your own freelance website and/or social media accounts to reach clients and encourage them to hire you and your services.
Retail is a popular type of small scale businesses. We’re sure that one or multiple of your new small scale business ideas include the retail type. It is enticing to startup business owners because it usually involves less labor than the manufacturing type of small scale businesses. This is because you just have to find partner suppliers that you would get your items from, package them accordingly, find the right courier services, and you’re good to go. Retail types of small scale businesses usually sell clothing, accessories, shoes, school supplies, and the likes because there are many brands out there that you can partner with.
Home service is another type of small scale business that involves more sweat investment than a monetary investment. If any of your new small scale business ideas include going to your clients’ houses for repair and renovation, cleaning, tutoring, and the likes, then it fits in this third category we have. On this small scale businesses might require you to produce some money for materials and tools you might need, but the primary thing you need are the skills, knowledge, and time to do the job well and satisfy your customers.
Due to the pandemic, many people who were stuck at home found time to learn and develop their skills in the kitchen. Another new small scale business idea that many people had during this time is to open up a food service and delivery business of their own. Ranging from milk teas, baked goods, and even rice meals, it might be one of the best small scale business ideas you’d ever bring to life. Indeed, a lot of people would want the opportunity to get a bite of your homemade recipes.
The last one in our list of small scale business ideas in manufacturing. Manufacturing means that you make your own products and sell them online. Similar to food services, many people have also developed their skills in arts and crafts. They have brought their own creations onto the business world from their own accessories designs, skincare lines, own designed clothes, etc. And if you are one of those people, do not be afraid to take the risk of turning your hobbies into a small scale business.
Tips on How to Start a Small Scale Business
Before you get started in taking action on any of your new small scale business ideas, you first have to do some research. It’s important that you know the landscape that you are entering. You must research which of your ideas are most feasible in your area. It is also smart to know about the small scale business competitors that are already established around you. You have to gather information about possible suppliers and partners, should you need it, that you can easily reach out to. Your list of small scale business ideas is useless without the proper data to back them up and help you build your business from the ground up.
2. Know Your Audience
Part of what you want to know and research about is the market in your area. Even the best small scale business ideas won’t work if it is presented to the wrong audience. Knowing your niche market will help you narrow down what elements you need as you start your business. You have to understand early on what kind of marketing works best for your target market. This can make the other steps of establishing your small scale business easier since you have a clear image of what you should be working on.
3. Establish Your Business Structure
Your business structure refers to how you want your small scale business to generate profit. You also want to establish whether you would be doing this on your own or branching out and bringing in partners with you. This would also set in place the kind of budget you have. It would set the limits and capacity that you expect your small scale business to handle.
4. Know Your Budget
Your budget is one of the most important concerns that you have to consider when building your small scale business. A primary incentive that small scale businesses offer and entice startup business people like yourself is that it does not need a huge capital investment because you don’t intend to have too many expenses and capital expenditures. Nevertheless, you still have to establish the amount of money and resources that you are willing and able to invest on to your new small scale business ideas. It is best to already have this laid out before you even start so that you know your limits and your capabilities as a business owner.
5. Build A Plan
Many startup business owners don’t always start with this step. They just go straight to executing a couple of their best small scale business ideas. But a business plan is always the best place to start. A business plan puts into paper (or computer files) the plan you have in your head. It allows you to list down all your new small scale business ideas in an organized manner. You can properly take note of everything that you would need to make any one of your list of small scale business ideas a reality. There are many business plan formats that you can find online and follow for your own small scale business.
6. Think Of A Business Name
It would be hard to identify your business if you do not set a name for it. Your business or brand name represents your business in the industry. It is the identity that is attached to all your business endeavors. Your business name has to be unique and one of a kind. It is the starting point of all your other intangible business marks like logos, trademarks, color scheme, and theme. The name of your small scale business should be big and impressive enough so that your customers remember it well. It also has to make a splash in the online world.
7. Build A Team
Any endeavor is better with a friend by your side. Bringing your best small scale business ideas into life can be more fun, easier, and more convenient when you have a team to back you up. Now, you don’t necessarily have to have a full-on team of employees. Your team can consist of you, a few friends or partner suppliers, and the likes. What matters is that the people you have rallied behind you have the same goal as you: to bring your small scale business to its full potential.
8. Take Care Of All Legal Documents
Now, not all small scale businesses register their business. Because they are only based at home, not all see the need to do so. And though you can build your small scale business without doing so, it is still much better to take care of it early on. Having your business registered gives you the credibility and authority you need to convince your customers. If you go to the trouble of registering your business, you will have the right and privilege to be the only that uses your business name and logo, which makes it worth it in the long haul. Handling your legal documents early in the inception of your new small scale business ideas business gives you the ease and comfort to not worry about it once operations and sales start.
9. Open A Business Bank Account
Again, this is not a requirement in bringing your best small scale business ideas to life. You do not need to do this but we encourage you to. Opening a bank account that is solely dedicated to your small scale business would make the handling of your money easier. This is where all your profits are deposited and this is also where you withdraw money to pay for all your expenses. With its own bank account, you can more easily handle and keep track of the cash flows of your small scale business.
10. Build An Online Presence
Last but not least, the current setting brought about by the pandemic has highlighted the importance of having an online presence. It would benefit your small scale business if you create different social media accounts to help promote your products and services. Integrating social media into your business marketing strategies. Besides that, your small scale business also needs its own website. A website that will display your products and services, your contact information, and how your potential customers can reach you and buy your products.
Strikingly is a website builder that can help you with this last tip. And now that you have learned about the different types of small scale business, and where your new small scale business ideas fit into, you can get started in making them more than just ideas. We’ve also given you a lot of tips that you can take with you as you build your business from scratch. Your small scale business need not be small in terms of success. Sign up with Strikingly and let us help you even more in going big with your small scale business endeavors!