So you want to start a side-hustle or let's call it a micro startup business but you don't know where to start. Well, we want to share ways that you can launch an innovative micro startup business of your dreams.
According to Semrush Blog, 29% say their motivation for starting a business was to be their own boss. So you want to become your own boss and run your side-hustle. We want to help you be creative with your efforts. Also did you know that Women entrepreneurs are most likely to start a business in retail and wholesale (26%), government, health education, and social services (21%), and professional administrative services (18%) (according to Semrush Blog).
Launching a micro startup business
With this in mind, we want to share 7 ways to launch an innovative micro startup business that will tie into something you are passionate about. We have found when you create a business that centers on something you are passionate about; it helps you to stay focused and encouraged to grow your business.
The acronym S.T.A.R.T.U.P. is a great way to remember and launch your business.
- Stay focused. Crucial to starting a micro-business is making sure your focus is clear and steady. Because it will help you stay organized as you create and grow your micro startup business.
- Target buyer needs. Core to growing your business is to know what your target buyer needs and then provide a solution for their needs.
- Ask questions. If you don't know what your target buyers need, then simply ask them. Allow them to complete a survey because it can help you understand the audience needs.
- Research. Once you know what your target buyers need, then explore your industry and see how your competitors are meeting similar needs. Review what they are doing and determine if there's something you should do for your target buyers that you see your competitors doing.
- Teach the team your vision. By this point, you should have a vision for your micro startup business and if you haven't already communicated it to your team, do so now. It's crucial for your team to buy into your vision so they can easily understand it and communicate it to others.
- Use a strategy. Having a strategy is very important to growing your innovative business. It should include the why, what, how, when, and where about your business. Also, you strategy should include research you've done on your industry, competitors, and peers and how that research impacts your business.
- Periodically monitor progress. Central to future planning for your business is knowing how things are going currently. This means it's critical for you to monitor your progress as you grow your business. Keep tabs on things like your website traffic, social media efforts, visual content sharing, etc. and assess how well things are working to help grow your business.
Integrating innovation into your micro startup business
The basic definition of innovation, according to Merriam-Webster is “having new ideas about how something can be done“. For micro startup business owners, in order to add innovation in your industry, you will need to add something “new” that no one else is doing. Your unique perspective of your industry is the first step of bringing innovation to your business. Then you can take the feedback you receive from your target buyers and cultivate it into your efforts.
Remember that innovation can be simple and doesn't have to be complex. Including innovation into your business strategy should be part of your business goals too. We can consider something as simple as creating a process for handling feedback from target buyers and converting the feedback into a product or service innovative.
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