Starting a side business? Minipreneurs still need to plan

May 5, 2014 - Tags: Planning Startup

Are you a minipreneur? Minipreneurs are consumers who are becoming entrepreneurs. Some use their passion to make extra money, while others move towards having their business become their only source of income. People working part-time, seniors, mompreneurs, freelancers and many others are becoming minipreneurs. This trend toward entrepreneurship comes from having easy access to hardware, software, marketplaces and the many resources available on the Internet.

Whether you are a minipreneur or a small business owner, it is important to know the business basics as you may be responsible for tasks such as accounting, marketing, and website development. Prior to starting your business, make sure that you have put some thought into:

For example, do your friends ask for and rave about your wonderful cakes and pastries? Would you be able to handle an increase in volume and time commitment if you launched your business to a wider audience? Figure out how much time it takes to make each cake and your costs (material, packaging, transportation, equipment and location). How much profit do you need to survive? How will you market your cakes?

Word of mouth is a great way to grow your business. Publishing your friends' opinions or testimonials on your website or through social media channels can be a valuable way to create a buzz about your business. Friends talking to friends or their networks can be a cost effective way to promote your business.

Build an element of trust with your clients by providing excellent customer service, offering a good selection and meeting their expectations on an ongoing basis. If clients express a negative opinion, be sure to address it right away to minimize the damage to your business' reputation. You could also offer rewards or incentives for clients who endorse your product on their own websites or through their networks.

Turning your passion into a business can be a lot of work, but careful planning could help your business thrive in a competitive marketplace.

Learn more about developing your business ideas to help you plan for your business' success.

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