Super Small Business Success Resource Center
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The Super Small Business Success Resource Center provides you with a variety of helpful documents, checklists, tips, and strategies focused on the super small business. These articles are designed to educate and inspire business owners to enhance their companies beginning with the evaluation phase into the starting of the company, the day-to-day operations and with a mind toward growth.
Frequently Asked Super Small Business Questions
Can I Really Start A Super Small Business?
Absolutely! Starting a business is one of the very few careers that requires NO formal education to do. If you were wanting to become a doctor, and accountant, or an engineer, there is little if not nothing you could do without going to college. Now, just because you are not required to have a formal education, doesn't mean you shouldn't gain an understanding in basic business principles. The most important piece of business advice I can give - know your stuff. You don't have to be the accountant of your organization, but you better have a basic understanding of accounting principles. Why? Two reasons. #1. So you don't screw up. and #2. So you know whether those working in your business are messing up.
And finally, I know many, many people (like thousands!) that have started businesses with minimal resources and minimal knowledge that have been very successful in business.
How Do I Choose A Business Industry?
I feel that asking this question puts the cart before the horse. People go into business for all sorts of reasons. My hope is that a person is going into business because they love what they do, what they make, or who they serve. However, many people go into business because it is a family-owned operation. They may not like selling windows, or roofing, right? However, a person can find their own enjoyment from a business even if it is not in their favorite business area. Some people typically wish to choose a business type where you already have extensive knowledge and experience. However, that does not HAVE TO be the case. Choosing a business industry requires feelings, emotions, analysis, and forethought. I suggest not picking your business industry or area until you have been able to evaluate the risks involved, your interests and passion, and what you are trying to accomplish by being a business owner. Check out our assessments, and business evaluation workbook for help in deciding what business is right for you.
What Is The Difference Between A Small Business and A Super Small Business?
There are differences between running a small business and a super small business. A small business may have up to 500 employees, whereas a super small business has 0 - 10 employees. A small business has more staff to fill individual work roles, a super small business will have staff who wear multiple 'hats' to fulfill their job roles.
A small business usually has a larger budget to work with than a super small business, which makes a super small business more efficency conscious and resourceful. Small businesses have lower overhead costs, but super small businessess have minimal overhead expenses as they tend to focus more on essential operations and less complex projects.
Super small businesses are more prepared to take risks and experiment with new innovations than small businesses, who are more likely to minimize risks with tested business models.
Should I Hire Members Of My Family?
Every family is unique and different. Working with family members can be beneficial, or it can cause conflict. Look at your own family situation and decide what is going to work the best for your super small business. Can you keep business and family as separate matters?
Most importantly, evaluate your family member for what they bring to the table, not what you need them to do. If they are good at budgeting, then that person may do amazing in your accounting department. However, someone who requires checklists and micro-management probably will not do well in idea development and brainstorming potentially new products.
How Much Money Do I Need To Start My Business?
I feel that this is always a trick question. There are many businesses you can start with virtually zero dollars in the bank. However, the less money you start out with the more you will be trading time for money. For example, you can start a t-shirt business with no t-shirts or clothing of any kind. However, the strategies your business will require will take time and may give you less profit. You may decide it is advantagous to put $500 into t-shirts if it is alternatively going to take you 10 additional weeks to make a profit.
You will need to take into account the costs of equipment and supplies you will need for your business. However, one of the main principles of Super Small Biz Success is having a business with minimal resources (financial and human) from which you prepare, plan, start, run, and grow your business.
Why Do I Need A Business Plan to Get Started?
It's been common knowledge for many decades that a business plan is an essential part to starting a business. A business plan details everything about what your business entails, from the nature of your business to how you plan to repay any business loans. It sets out your marketing strategies, market studies, identifies your goals, and serves as your company's resume. It will assist you in making good business decisions and serves as a company guide to follow. My Super Small Biz Business Plan starts with foundation of the typical small business plan. The Super Small Biz Business Plan includes 9 additional components that combined together increase the potential for success in business 10-fold.
Stop using these 1-hour business plan, 1 page business plan. You are doing your business a disservice.
Can I Operate My Business From My Home?
Si, Yes, and absolutely. In fact, many super small business owners prefer running their business from their home for convenience. You can operate a business from your home, from a closet, from your car.
What Kind Of Security Measures Will I Need For My Business?
You will need to consider securing your business location against potential criminal activity. Invest in a good system such as security cameras, that are fully operational, all year round. Educate all staff about company policies and procedures in place that are designed to deter employee theft.
Have a system installed within the technology your business will use to deter cyber attacks and company fraud. Train staff to know what to do to prevent shoplifting tactics, such as awareness of all customers in the business location and what they are doing.
Do I Need To Have A Business Emergency Preparedness Plan?
It is highly recommended that you have systems in place to address different types of emergencies that could happen at your business. An emergency preparedness plan highlights potential negative events that could harm your business. It is important that you and your staff know what to do in the event of a fire, flood, power outage, inclement weather, suspicious activity, and any other possible hazards that could occur in your area. Having a plan ahead of time means you and your staff will know what to do, and it could save lives.
What Do I Need To Be A Successful Super Small Business Owner?
Short answer: a willingness to learn. Long Answer: you will need to have sound management practices, industry experience, planning abilities, and technical support. Recognize your strengths for running a business, and hire key staff with the relevant experience to manage other areas of your company.