Entrepreneur, marketing consultant, small business advocate and host of the “Dear FoundHer…” podcast, Lindsay Pinchuk spoke with Studio 512 about National Small Business Month in May, and tips to start your own business.
ACCORDING TO HOSTINGER:
- As of 2023, there are 33.3 million small businesses in the United States, which is 99.9% of all businesses
- Number of new business applications: Since 2021, there have been 16 million new business applications, leading to 2.8 million new businesses
- women own 43.4% of small businesses in the US, with 55.7% being Gen X, 29.9% are baby boomers, and 14.4% are millennials.
Step 1: Just get started.
“Make the commitment to yourself to just get started. That may mean different things. You may take it slow and take one step per day to move your business forward. You might devote a few hours a day to tackling your to-do list to get your business off the ground. But whatever it is…get started. Use these steps here to make a checklist of the things that you need to do and start tackling them.”
Step 2: Create what I call a flexible blueprint.
“It’s NEVER going to seem like the right time. You just need to go for it. But you want to make sure that you have an understanding of your costs and revenue streams (i.e. how you are going to make money). You also want to have an operational and financial blueprint in place before you get started.”
Step 3: What is your offer?
“Write out for yourself: ‘the problem I solve is X for Y.’ What is the problem you are solving and who are you solving it for. This statement is paramount as you start to build the community surrounding your brand — because this is who you will talk to.
“Look back at your flexible blueprint — what is your offer going to be to start? What are you selling to your customers? Make it VERY simple. The simpler the better. You can always add to it later.”
Step 4: Start to find your tribe.
“Look back at that problem statement — remember — ‘I solve X for Y.’ This is who you are talking to. So, start talking to them. My suggestion on this? Before you launch, let the world know what you’re working on. It can be 2 months out, 6 months out…whatever works for you. No one wants to open up on day one with zero customers, right? First things first, SEND AN EMAIL ABOUT YOUR BUSINESS TO EVERYONE YOU KNOW. Then, take advantage of the many free tools out there to amplify your message: Instagram, Facebook, Facebook groups, LinkedIn, and partnering with other businesses. Simply start talking to the people who you are solving your main problem for.”
Step 5: Make it official….really!
“Talk to your accountant or a financial advisor to determine how you should classify your business (S corp, LLC, etc.) and make sure that you file the right paperwork for tax purposes. In order to run a business you need to BE an actual business!
“And if you don’t have a small business and have no intent to own one, you can still easily support them — and you don’t even have to spend a dime.
- Follow them on social media
- Sign up for their newsletter
- Leave a rating or review
- Tell your friends and spread the word about your favorite businesses in person.”
