Williams started slowly with a few clients in real estate and the trades. She focused on how she could improve their processes and educate them at the same time.<\/p>\n
With five years of direct experience in bookkeeping, her detailed approach and niche target market helped her establish the business quickly.<\/p>\n
\u201cWhen I first thought of starting, I was certain there was someone out there doing the same thing as me,” she says. “But it turned out there wasn\u2019t! If you have a skill that you think could help other people improve their business or lives in general, then go out, share it and make money in the process.\u201d<\/p>\n
Want to learn more about starting your own small business? Whether you\u2019re looking to launch a side hustle or a full-time pursuit, this guide will help you:<\/p>\n
- \n
- Get clear on what are you’re selling<\/a><\/li>\n
- Gather what you need to launch<\/a><\/li>\n
- Set pricing<\/a><\/li>\n
- Build your brand and online presence<\/a><\/li>\n
- Find your first customers<\/a><\/li>\n<\/ul>\n
<\/div>\n
Ready? Let\u2019s go!<\/p>\n
\nGet clear on what you’re selling<\/h2>\n
![\"Lightbulb](\"https:\/\/cdn.logojoy.com\/wp-content\/uploads\/2019\/01\/18160347\/scale-1024x714.png\")
<\/p>\nIf you\u2019re reading this guide, we can only assume you have some idea of what products or services you want to sell (or are already selling).<\/p>\n
Maybe you work in IT for a large company and want to branch out and start a consulting business. Or you\u2019re opening an online shop that sells coconut-based soaps. Or you just don’t want to have a boss anymore<\/a>.<\/p>\n
Whatever your idea \u2014 and however developed it is \u2014 it\u2019s essential to put some thought into what you\u2019re going to deliver. What makes you different from others in your industry? What are your superpowers? How can you package and sell your products or skills in a way that helps and entices others?<\/p>\n
Businesses that succeed are good at differentiating themselves in a world where it can be hard to get anyone\u2019s attention.<\/p>\n
To find your niche and get closer to a product or service \u201cfit,” go through the steps below. Write down your findings along the way:<\/p>\n
Create 1-3 detailed buyer personas<\/h3>\n
Focus on both demographics (age, location, education level) and their likes, dislikes, and customer habits. What problems do they need to solve? What motivates them to seek help? If what you\u2019re selling is more of a want than a need (e.g. small-batch chocolate bars), focus on why what you\u2019re offering would be appealing to them based on their other consumer choices and habits.<\/p>\n
Research your competition<\/h3>\n
Is anyone offering something similar? (Probably yes.) Check reviews on sites like Yelp, Trustpilot, Google, and Facebook to see what your competitors are doing well and not-so-well.<\/p>\n
For example, Sarah Williams didn\u2019t want to be a bookkeeper who only filed reports and reconciled accounts. Instead, she differentiated herself by offering packages that included those services alongside QuickBooks training. This “add-on” helps businesses who can\u2019t afford a full-time bookkeeper have more control and understanding of their finances.<\/p>\n
If you\u2019re selling products, check other ecommerce sites or marketplaces to see where you can stand out. You can also read product reviews to see what people are looking for.<\/p>\n
Do keyword research<\/h3>\n
Find terms people are using to find your product or service. Start by searching in Google and seeing what queries are suggested in the search bar, or that appear at the bottom of the page. Then try a free keyword tool or a website like Answer The Public<\/a> to explore questions and comparisons around what you\u2019re offering.<\/p>\n
You might refer to your products or services in one way. But is that the way your target customers think about them? Are you providing what they want but calling it something different? Is there a particular aspect of your business that\u2019s extra appealing or interesting to them?<\/p>\n
Write a simple mission statement<\/h3>\n
The statement should boil down what you do and why to help guide your business in a clear direction. Examples:<\/p>\n
\u201cI help [target audience] by offering [these products\/services] so they can [results and benefits you want to drive].<\/p>\n
\u201cI inspire [target audience] to [take this action\/feel this emotion] by offering [these products\/services].\u201d<\/p>\n
Talk to friends, family, or past clients who fit your target audience<\/h3>\n
Ask them questions about their needs and wants in relation to what you\u2019re offering. Would they pay for this type of product or service? How much? Where would they go if they were looking for it now?<\/p>\n
The goal of the above research is to develop deep empathy for your target client and what they need. The question you have to keep asking yourself is this: How are you going to get to the right people \u2014 and enough of them? This information will help you determine how to position your business for success.<\/p>\n
\nGather what you need to launch<\/h2>\n
![\"Person](\"https:\/\/cdn.logojoy.com\/wp-content\/uploads\/2019\/01\/18160353\/desk-1024x574.png\")
<\/h2>\nEvery business is different, but after you\u2019ve researched your idea and identified what you\u2019ll deliver to customers, it\u2019s time to get a few practical items checked off your list.<\/p>\n
\n- \n
- Choose a business name.<\/strong> It can be tempting to use your own name when starting a business, especially a service-based one. But if you want to stand out, consider something more creative \u2014 a few customer names we love include Expansion Pack (recruiting services), The Lash Box (eyelash extensions), and Magic Pixies (cleaning company). Check out our guide to coming up with a business name<\/a> for more ideas, or try our free Business Name Generator<\/a>.<\/li>\n
- Decide on your business structure, register your business name, and get appropriate licenses.<\/strong> Business structures vary depending on where you live, but common types include sole proprietorship (the easiest to set up!), partnership, or corporation. Find out if your state, province, or country requires you to register your business (we recommend searching \u201cRegister a business + your state\/province\/country name). Then visit the official government site to see what steps you need to take. If you want to incorporate your business right away (or trademark it), you\u2019ll need to consult or hire a lawyer, or use a service like Rocket Lawyer<\/a>. If you\u2019re still testing your concept, you can come back to this step later.<\/li>\n
- Scope out a domain.<\/strong> Once you know you can claim a name, see if you can get the .com address on sites like GoDaddy. If you can\u2019t, it\u2019s time to get creative. Use your country (.ca, .uk), add a suffix to your name based on your industry (e.g. \u201ccreative,\u201d \u201cconsulting,\u201d \u201cservices\u201d) or location (e.g. \u201cToronto\u201d), or use a domain with .co. Note: You can buy your domain from GoDaddy or other hosting sites, or from the website builder you choose to use (see Part 2).<\/li>\n
- Make a logo.<\/strong> This is the fun part! Start with inspiration: What are some common elements of design and branding in your area of business? What types of design do people in your target audience like? If you need ideas, check out our logo inspiration pages by industry<\/a>. Simplicity is the name of the game when it comes to making an impactful and long-lasting logo. (More on this in Step 3<\/strong>.)<\/li>\n
- Open a business bank account (recommended).<\/strong> While business bank accounts charge more fees than personal accounts, having one account to track your expenses and revenue makes life easier in the long run, especially when it comes to tax time. This is also the account you can connect to a payment processor like PayPal or Stripe if you decide to accept payments online. When you\u2019re ready, you can also order cheques or apply for a credit card from this account. Again, if you\u2019re still testing your concept, you can wait until later to do this.<\/li>\n
- Choose a tool for tracking your finances.<\/strong> Start your business on the right foot by picking a tool or system to track your finances. It\u2019s easy to let this one slip but trust us \u2014 getting your financial processes figured out from day one will help you determine the health of your business as you grow. <\/div><\/li>\n<\/ul>\n
\n\nReady to start building a brand for your small business? <\/h2>\n
- Decide on your business structure, register your business name, and get appropriate licenses.<\/strong> Business structures vary depending on where you live, but common types include sole proprietorship (the easiest to set up!), partnership, or corporation. Find out if your state, province, or country requires you to register your business (we recommend searching \u201cRegister a business + your state\/province\/country name). Then visit the official government site to see what steps you need to take. If you want to incorporate your business right away (or trademark it), you\u2019ll need to consult or hire a lawyer, or use a service like Rocket Lawyer<\/a>. If you\u2019re still testing your concept, you can come back to this step later.<\/li>\n
- Gather what you need to launch<\/a><\/li>\n