Starting a small business is often despised, because of the long-awaited business growth. The days of small beginnings are those days that look unconnected to the bigger picture.
What this means is that they don’t reflect the bigger profitable future. Nevertheless, they are the bridge connecting where we are with where we want to be. This is why starting a small business instead of waiting till we can start it big cannot be quantified when we want to earn big.
Quote: Starting a business is very easy until it is time to take the first step.”- WOBB.
“Starting small to earn big” is a common expression among motivational speakers. But people have come to despise it because of the embellished and yet unrealistic claims by motivational speakers who seem to tell stories that wow their audience and end up not impacting them.
For instance; there is a popular meme in circulation these days. It says; “people beat up a motivational speaker for claiming he started his poultry farm with a feather.” Hilarious and unrealistic, right?
Have we now written off the relevance of starting a small business and ultimately making significant business growth for this reason? May that never happen! Mind you; a business deals with whatever has to do with your wellbeing.
This is why I will be explaining the reasons why you must start small in your business, career, relationship, life and even spiritual goals. I will achieve this by answering some common questions:
Does Starting Small Guarantee Business Growth?
According to a report published on 635 in 2017, 80% of small businesses crash within their first 18 months of operation. Scary, right? Do we say it is because these businesses started small or because they didn’t start well as a small business?
Well, many factors might be responsible for business growth or failure, which is not necessarily linked to starting small. Based on such factors such as the understanding of product and services, target customers and the right marketing techniques, a business started small is bound to fail.
This, therefore, answers the question. Everybody who starts a business small doesn’t always earn big. Since starting a business small doesn’t necessarily mean you are certainly going to achieve success, there must be balance definition of starting a business small to earn big.
What Does Starting Small To Earn Big Mean?
Robert Greene, the renowned author of 48 Laws of Power, says;
Plan all the way to the end. The ending is everything. Plan all the way to it, taking into account all the possible consequences, obstacles, and twists of fortune that might reverse your hard work and give the glory to others.
This statement is presented as a law of power. But it is relevant in our lifestyle. When you want to start a small business, you must understand all that it takes to earn big at the end and achieve success. It will be insane to start something without adequate planning just because someone told you starting small will make you earn big eventually.
You will agree with me that Jobberman, Microsoft, Facebook and Paystack recently acquired by Stripe didn’t start as big companies. Instead, they started as a small business before they all took up the enviable prestige we all want to associate with now. When you, therefore, have all the factors necessary to start earning big from starting small, that is when you are qualified to be regarded as a small starter that can earn big.
How To Start Small And Achieve Business Growth
1. Find and Understand Your Area of Interest:
When you want to start a small business, spend quality time to understand the product and services you want to offer. Also, research about your competitors, whether they are already big businesses or startups. This will guide you to know what you need to do differently, the group of people who are left out in the delivery of product and services in your niche. With this, you can surpass those who have worked in the field. Prepare yourself to move forward gradually, start making big money, and lead your competitors in your field.
2. Invest in Innovation:
Innovation is doing something differently to achieve the expected result. This is why you need to understand the right kind of innovation your niche requires. Mind you; people are fascinated by new ideas, new product packaged in a way that fascinates them. As a person starting a small business, you are more like a spectator who can identify the loopholes in a football match. Don’t just identify them, or talk about them. Work on them! Maximize them for your profit through an innovative approach that has the customers in mind. That’s the secret to achieving business growth.
3. Plan for growth:
When we talk about why many small businesses fail, we seldom talk about the aspect of growth. Many small business owners start a small business with the mindset of earning big profit within a timeframe that is set in their mind. This doesn’t always work. People often set timeframes of when to expect considerable profits, why not spend that time planning for your growth and that of your business? Because this is what can determine how big you eventually earn, growing in knowledge and marketing skills is equal to earning big in business. With growth, there is a focus on the mission and vision statement of the small business you have started.
4. Never Make The Mistake of Doing Everything On Your Own:
This is the mistake people make when they want to start a business. It indeed takes a personal effort through the courage to decide to start a business. Meanwhile, it would help if you had other persons’ ideas and guidance to be successful in the business. How can you achieve this? Partner with a small business or already established business that is interested in a specific task that relates to yours. This partnership is not necessary to earn a considerable profit. However, it is beneficial to keep your business name in the trend to gain popularity for you to quickly pivot whenever necessary.
Starting a business is said to be always easy until it is time to take the first step. Whenever you decide to take the first step, ensure that you have everything pictured out from the beginning. You don’t necessarily need to have the full picture from the start. But you need to have the kind of picture you desire to paint from your decision.
- Isreal Winlade is a content creator and creative writer with awards and recognition. A graduate of French and winner of Erasmus+ scholarship. He is currently an M.A student in European Literary Culture at the University of Strasbourg, France. Outside class, he is committed to freelance writing, translation from French to English and vice versa, nature photography, debating, and pressing his phone.
- Entrepreneur2022.05.07How Entrepreneurs Can Develope Networking Skills for Business Growth
- Career2021.10.17How to Write a Professional Cover Letter for Job Application in Nigeria
- Career2021.10.1710 Essential Interpersonal Skills for Career Development
- Career2021.10.17How To Write a Professional Resume for Job Application