How to Start a Minimalist Business
If you take a look at the business section of your local bookstore or browse the Internet, you're going to find a lot of information on what you need to do to start a business.
When you look at some of the to-do lists, it's enough to dishearten even the most committed person who wants to start out on her own.
Write a business plan.
Get a tax number.
Hire a good business attorney.
Decide on the legal structure of your business.
Thoroughly research your market and your competition.
Decide on your niche.
Get the training you need.
Hire an accountant.
Register your business name.
Get all of your licenses and permits.
Get financing for your business.
And the list goes on and on.
Sigh.
It's no wonder so many people say they will start a business "one day", but never do.
This is not to say that many of the things in these lists are not important.
Some of them will be critical to the success of your business as you build momentum.
But at the beginning, most of these tasks are not necessary.
Even worse, they can become so overwhelming that they can paralyze you with indecision and distract you from the tasks that are most important in your business - those that actually make you money.
Let's look at the five steps a minimalist might take to get a business up and running.
1.
Decide what you love to do.
Passion is what will carry you through the worst your business and the economy can throw at you.
If you don't love what you do, you're more likely to give up when the going gets tough and to look for something easier that earns you the same amount of money.
When you aren't passionate about what you're doing, you will continually be searching for something you are passionate about.
You'll never be as happy as you can be, so you'll easily get distracted by the bling in your environment.
So why not start off on the right foot and build your minimalist business around your passion? 2.
Decide on a Product or Service It's hard to think of a passion that couldn't lead to the development of a product or service.
Love mathematics? You can provide tutoring services.
Love giving advice? You can be a coach (or blogger).
Love hiking? Create a hiking map of your local area, or sell tours.
Love to read? Become a critic.
Love to muck it up? Become a street performer.
Love to meditate? Teach a meditation class or develop a meditation audio product.
The variety of products and services you could provide based on your passion is limited only by your imagination.
Start with one or two and build on that over time.
3.
Figure Out the Money There is no escaping the mathematics of your business.
Even at its most basic, you will have to make sure you are charging more for your products and services than it costs to produce them.
Otherwise, it's just a hobby and not a business.
Figuring out ahead of time the potential cash flow can help you decide which products and services are most viable to the success of your minimalist business.
For example, if you love to quilt and the market is only paying $400 per quilt, and you determine that to produce a quilt at that price you would only be making five cents per hour, you might consider a different idea based on your passion, such as teaching a quilting course.
Some ideas just need to be tweaked a bit to make them profitable.
For example, if you want to teach a meditation course, instead of developing expensive posters and running the course out of a rented space, you could try marketing directly to your friends by phone or email and run the course in your basement.
That way, you would be profitable with the very first student.
And then you can build on it.
4.
Figure out How You will Tell People about It You don't need to be a genius to market your business.
Believe me, I wasted a few years of savings paying for marketing advice from so-called experts, and all I did was line their pockets.
At the beginning, just use the communication lines you already have in place to get the word out.
If you use email, email people you know.
If you have Facebook friends, tell them what you're up to.
If you use your phone quite a bit, text or call your friends and solicit their help in passing along your message.
Be sensible, and be wary of marketers who tell you they have a magic bullet.
Marketing is about relationships, so start with the ones you already have.
5.
Take Action Once you've decided what you love to do, what products and services you will provide, how you'll actually make money, and how you'll get the word out, it's time to start taking steps toward your goal of opening your own business.
Have a good stretch, and then get down to work.
You've only got yourself a viable business if you're making money, so once you start seeing the cash flowing, consider yourself a minimalist entrepreneur.
And wear your badge proudly.
When you look at some of the to-do lists, it's enough to dishearten even the most committed person who wants to start out on her own.
Write a business plan.
Get a tax number.
Hire a good business attorney.
Decide on the legal structure of your business.
Thoroughly research your market and your competition.
Decide on your niche.
Get the training you need.
Hire an accountant.
Register your business name.
Get all of your licenses and permits.
Get financing for your business.
And the list goes on and on.
Sigh.
It's no wonder so many people say they will start a business "one day", but never do.
This is not to say that many of the things in these lists are not important.
Some of them will be critical to the success of your business as you build momentum.
But at the beginning, most of these tasks are not necessary.
Even worse, they can become so overwhelming that they can paralyze you with indecision and distract you from the tasks that are most important in your business - those that actually make you money.
Let's look at the five steps a minimalist might take to get a business up and running.
1.
Decide what you love to do.
Passion is what will carry you through the worst your business and the economy can throw at you.
If you don't love what you do, you're more likely to give up when the going gets tough and to look for something easier that earns you the same amount of money.
When you aren't passionate about what you're doing, you will continually be searching for something you are passionate about.
You'll never be as happy as you can be, so you'll easily get distracted by the bling in your environment.
So why not start off on the right foot and build your minimalist business around your passion? 2.
Decide on a Product or Service It's hard to think of a passion that couldn't lead to the development of a product or service.
Love mathematics? You can provide tutoring services.
Love giving advice? You can be a coach (or blogger).
Love hiking? Create a hiking map of your local area, or sell tours.
Love to read? Become a critic.
Love to muck it up? Become a street performer.
Love to meditate? Teach a meditation class or develop a meditation audio product.
The variety of products and services you could provide based on your passion is limited only by your imagination.
Start with one or two and build on that over time.
3.
Figure Out the Money There is no escaping the mathematics of your business.
Even at its most basic, you will have to make sure you are charging more for your products and services than it costs to produce them.
Otherwise, it's just a hobby and not a business.
Figuring out ahead of time the potential cash flow can help you decide which products and services are most viable to the success of your minimalist business.
For example, if you love to quilt and the market is only paying $400 per quilt, and you determine that to produce a quilt at that price you would only be making five cents per hour, you might consider a different idea based on your passion, such as teaching a quilting course.
Some ideas just need to be tweaked a bit to make them profitable.
For example, if you want to teach a meditation course, instead of developing expensive posters and running the course out of a rented space, you could try marketing directly to your friends by phone or email and run the course in your basement.
That way, you would be profitable with the very first student.
And then you can build on it.
4.
Figure out How You will Tell People about It You don't need to be a genius to market your business.
Believe me, I wasted a few years of savings paying for marketing advice from so-called experts, and all I did was line their pockets.
At the beginning, just use the communication lines you already have in place to get the word out.
If you use email, email people you know.
If you have Facebook friends, tell them what you're up to.
If you use your phone quite a bit, text or call your friends and solicit their help in passing along your message.
Be sensible, and be wary of marketers who tell you they have a magic bullet.
Marketing is about relationships, so start with the ones you already have.
5.
Take Action Once you've decided what you love to do, what products and services you will provide, how you'll actually make money, and how you'll get the word out, it's time to start taking steps toward your goal of opening your own business.
Have a good stretch, and then get down to work.
You've only got yourself a viable business if you're making money, so once you start seeing the cash flowing, consider yourself a minimalist entrepreneur.
And wear your badge proudly.
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