Entrepreneurship is a vital component to the health of any economy. In fact, small businesses are the largest source of new jobs and contribute more than half of all net job creation.
Business creation takes time and requires a series of steps to bring the idea to life. Whether you’re interested in starting an online store, manufacturing or sourcing your product, or just getting it into front of customers, there are many resources available to help you succeed.
Start by thinking about what significant problems you could solve and how to deliver solutions in a cost effective way. It’s also a good idea to look for gaps in the market and see how your offering compares with existing products, in terms of efficiency, innovation or price.
You can choose to bootstrap your business or raise money from family, friends and investors if necessary. However, you need to carefully evaluate the risks and costs associated with each option to make sure that it is a suitable fit for your circumstances. Some businesses can be easier to bootstrap than others, such as dropshipping or print on demand that require no inventory or are digital in nature so that there is a low overhead.
It’s important for policymakers to encourage strong rates of business creation, as they are a key driver to recovery and economic prosperity. While there is much work to be done, there are signs of bipartisan support for policies that will provide meaningful assistance to entrepreneurs and small business owners.