Thinking about starting a new or small business of your own, but worried starting big is necessary for success? Not to worry. Here’s six words to remember: it’s good business to start small. And here’s why:
1. Controlling production and/or development costs is easier.
You can organize and develop your product and/or service in manageable stages, or bite-sizes. Spending money in smaller increments. Since time is on your side, you’ll likely develop a better, more cost effective product/service with fewer bugs, giving you a greater chance of success over the long haul.
2. Most mistakes can generally be recovered from.
Once you’re up and running, you’ll discover what works, what doesn’t. How many clients is too many. Which vendor is best, which to avoid, for example. Unlike larger businesses, yours can drop unprofitable products with little financial hardship. “Turn on a dime.” And make important financial changes when necessary.
3. Start your biz at home or in a small, less expensive commercial space, and you’ll become profitable faster.
Don’t worry about starting a new business at home, in your basement, bedroom, or kitchen. You can always meet clients elsewhere. And tons of other highly successful women started and still work from home. It’s the best and least expensive place to work. Plus it frees you to work with minimal stress.
4. Less inventory/equipment investment is required.
You have the freedom to find and develop relationships with vendors who’ll work with you. Vendors with better prices, payment plans, and delivery systems. You’ll buy when you need it and find better deals without wasting money on what you don’t need, or won’t sell, and paying higher prices.
5. Small gives you the freedom to try new things and grow slowly. Creating success faster.
Though I learned this the hard way and wasted lots of time and money—small allows you to take risks. Try new products. Develop new products or services. Stay creative, avoid burnout. Find new and better funding sources. To spend more time with clients to develop a loyal, buying customer base. In short, when you start small you work your way to big. Making more money and less mistakes.
A few last words:
Unless you can afford it, work alone. Outsource what you can. Buy the best for less. Take time to develop good vendor and customer relationships. Ask for help when you need it. And remember—small is the new big.