How People with No Experience Can Launch a Small Business

Most people have come to understand that being an employee will not give them financial independence and wealth. They've come to understand that if they want control over their lives, they'll need to launch a small business or start-up of their own. You may have come to the same conclusion, but have hesitated due to lack of experience. Fret not, there's a way to make it work. Here is how you can launch a small business:

1.   Choose Something You're Already Good At

Succeeding as a small business owner often comes down to how you play up your strengths and minimize your weaknesses. This approach should be taken from the very beginning, expressed through the idea or industry you decide to enter. Don't get into a tree climbing contest if you're afraid of heights.

Taking the time to become aware of your strengths and preferences is worth the effort. Look for a convergence of something you're good at and something you enjoy, and you'll find the industry that will best cover for your lack of business experience.

2.   Read the Market

Your lack of experience limits your industry entry points. You can't just build a small business and expect it to succeed - you need something special, something to give you momentum. Finding that special thing should be your second step, and that search begins with market trends.

Reading market trends will not only inform you of your industry's current status, it can tell you where it's going. Look for problems that need solving, and you'll find opportunities.

3.   Get Started ASAP

Don't get stuck trying to figure out the perfect time to pull the trigger. In truth, your lack of experience probably means you won't identify the perfect moment anyway. So instead of looking for that perfect moment, focus on developing a workable prototype for your product so you can start getting feedback. 

Your prototype doesn't have to be perfect, it just needs to be good enough to get people to buy it. Focusing on it also keeps you from procrastinating and pushes you to get something done.

4.   Stay Flexible and React to Consumer Demands

Your small business's first product will never be what the customers really want. Constant product development is the only way to do that. If you're lucky, all that will mean is constant research. If not, you may have to pivot and develop a new offering more in line with what people want to buy.

Don't get stuck on the first iteration of your product. It's just what will get you off the ground. What will lead to your success is listening to what your consumers want.

5.   Get Your Pricing Structure Right

Your small business's primary concern is to make money. That doesn't just mean making a product that people are willing to buy, it means finding the right price point for it. Rarely do companies get the price right off the bat, so don't expect to be different.

You will need to test different prices to find the perfect spot. However, it is possible that there is no price point that is both practical for your company and appealing to the customer. In that case, you're faced with a decision - pivot, or shut things down and try something else.

6.   Embrace Marketing

If your idea is good and people are willing to pay for it, the only thing stopping your small business from growing and scaling is discovery. You need to get it in front of as many people as possible, which is where marketing comes in. Generally, there are two things you want - to go viral and to use paid advertising.

Going viral is often left up to chance, but you can try to achieve it by creating high-quality content. It's great for bursts of activity, but since it's unreliable, you should also use paid advertising. Paid advertising consistently puts your products in front of your target market, maximizing the odds of generating new business.

7.   Find a Mentor

Most professionals look into getting a mentor at one point or another, and small business owners are no exception. If you don't know what you're doing, find someone who does and have them help you through it. Mentors will give you answers and tactics you won't find online, and they can help you work through problems unique to your specific context. 

You don't need experience to successfully launch a small business, but you do need to approach it carefully. You will need to be more mindful and careful because you don't have a wealth of lessons to back you up should things go sideways. Pay close attention to what you're doing, and you should do fine.