Have you ever thought about starting a small business but have put off the dream? If you are debating making the step, there’s no better time than the present. Why not make it your New Years resolution?
Every year, thousands of Americans take the plunge – even here on the Central Coast. According to the U.S. Chamber of Commerce, over 5.5 million new business applications were filed in 2023 alone, breaking records from previous years. Yours could be one of them in 2026.
With discipline and dedication to your ideas, you can start an enterprise that will help you build wealth for years to come. Here are three starting points towards creating a small business in the new year.
Identify Your Business Niche
Identifying a business niche or focus doesn’t necessarily need to require a five-year plan or creating a wish list of dream candidates. Instead, your business plan can start simple with a single product or service that is unique to your community.
By focusing on just one offering, you can establish yourself as an expert and build a following from happy clients. Between their recurring business and positive reviews, you can build a springboard towards more products or services that are sure to impress.
Set S.M.A.R.T. Goals
There’s a difference between a “smart” goal and a S.M.A.R.T. goal. A S.M.A.R.T. goal encompasses five steps that can help set you up for success. The steps are:
- S – Specific: What do you plan to achieve? What steps will you take to get there?
- M – Measurable: How will you determine your business success?
- A – Achievable: Can you meet your business goals with your resources?
- R – Relevant: How does this goal setup for your larger goals?
- T – Time-bound: When do you anticipate achieving your goal?
By setting a S.M.A.R.T. goal, you are keeping yourself accountable towards positive progress for your small business. Once your goal is complete, you can continue the momentum by setting a new S.M.A.R.T. goal to plot the next step towards success.
Dedicate Time to Growing Your Idea
While starting a new business may require resources like money and supplies, the biggest gift you can give yourself is time. You don’t need to work 40 hours every week on your small business to be successful – especially if you’re already working a regular job.
Just like you would set a budget for your small business, you should also budget your time to work on your goals. Spending as little as five to ten hours per week can help you set up a business that is built to last. As your business scales up, you can schedule more time towards it. The most important factor is blocking out the time to make it happen like you would a class or hobby.
Although it may feel like a daunting task, setting up and working on a small business can be incredibly rewarding. By breaking it down into smaller tasks, setting up S.M.A.R.T. goals and putting in the time to be successful, you can make 2026 the year you make your dreams of being a business owner come true.
You don’t have to begin your small business on your own. The business team at SESLOC Credit Union is here to support your ideas with banking and lending needs that suit your goals. Contact us today to get started and learn how our expertise can help your entrepreneurial journey.