If you're reading this, you want more out of life. You want to be independent, have freedom, provide value while being paid for it, live on your own terms, and probably never work for anyone else again.

That is the journey I set out on 10 years ago, and it was one of the best decisions I made. It led to becoming a full-time blogger, having creative freedom, doing work I love, relocating to another country, and structuring my life for maximum freedom. My site, LetsReachSuccess.com, began as a hobby and evolved into the foundation of my business three years later. I want the same for you, whatever your vision is.

Below, you'll see ten steps you can take to start your own venture. Let's dive in.

How to start a small business

Step 1: Cultivating an entrepreneurial mindset

In every business and blogging course I've created, I first teach mindset. That comes before anything else.

Aspiring entrepreneurs, in particular, need to prepare for these challenges that come with running a business before they even start one:

• Loneliness: You might often feel lonely. Maybe no one in your life is pursuing the same path, or your loved ones don't support you. People might even tell you this won't work out, and you're crazy for trying. If that's the case, you don't need to share your goals and vision until they become reality — until you have an actual business generating profit and you're about to quit your job or have just quit it. Remember that people who aren't self-employed or don't aspire to be have an employee mindset. You don't need to take advice from them or share their perspective. You've chosen different paths in life, and that requires a different mindset, set of skills, and qualities.

• Lack of motivation: Sometimes, motivation will be hard to find, especially when you aren't seeing results. When I first started with freelance writing, there were no clients. Later, when growing the blog, it began with no website visitors, no email subscribers, no course students, no brands for sponsored content — nothing. I've lost motivation more times than I can count, but I always reconnect with my vision and remember my why. Then, I get back to the work that needs to be done. Regardless of how long it takes, I know that I crave the freedom, the flexibility, the creative projects, the impact I provide with my content, the people I help, and the life I get to live, thanks to that. Once motivation returns, I double down on work.

• Work-life balance: Don't think anything's wrong with you if it takes years to balance your personal and business lives. You might need to adjust and create balance at every stage of your life and business. All entrepreneurs struggle with this.

• Imposter syndrome: This mindset is something you'll likely experience often as a business owner. Because you're doing something new, possibly entering a market you have no experience with, and dealing with unfamiliar challenges, you will doubt yourself, your skills, and your abilities. This feeling can happen any time you release a new product, partner with someone new, reach a milestone, grow your revenue, or start teaching something new if you're a content creator. Accept it from now — it's part of the journey of being an entrepreneur. It simply means you're doing something new. Once you overcome the initial resistance and discomfort, you'll get better at whatever you're trying, and over time, you can even become an expert in it.

In 'Mindset: The New Psychology of Success,' psychologist Carol S. Dweck explains how success comes from having the right mindset, not from your existing talents, skills, or educational background.

That's great news! That means you have the potential to grow indefinitely, and your current circumstances don't define you.

Carol S. Dweck discusses two primary mindsets that guide us through life: fixed and growth.

People with a fixed mindset believe their abilities are etched in stone. They view successful people, as simply lucky.

On the other hand, Growth-oriented individuals aren't limited by their current reality. They embrace learning and don't fear failing and trying again until they succeed. This mentality puts them ahead of the game, making them better suited for entrepreneurship.

Which one do you choose to be?

Step 2: Generating and refining your business idea

Once you've started developing a growth mindset and accepted the challenges of starting a small business, you can move on to the next step — coming up with a business idea.

Now, there are more ideas than we can ever implement in a lifetime. So, how do we pick the right one? Here's a way.

1. Define what you're passionate about: What you love doing and deeply care about. Write down the things you're good at and that naturally come to you.

2. Check if there's demand: Are there other people and businesses covering this topic and earning in this market? If so, study them. They are proof that there's demand, and you can potentially get a share of that market by creating something people want and are willing to pay for.

Passion will help you stick to your business idea long enough to turn it into a business. It also means you won't get bored of what you create. Demand shows profitability, allowing it to generate income so that the activity won't be just a hobby for you.

The way I came up with the idea for my business was interesting. It began with the format — writing, which was the best way to express myself. To that, I added the topic I was most passionate about — personal growth. Thus, I started a self-improvement blog called Let's Reach Success and began sharing my journey.

'Crush It!' by Gary Vaynerchuk also helped me with this. You can check out its summary on the Headway app and come up with your idea sooner than you think.

Step 3: Conducting thorough market research

Once you've come up with a business idea (or a few), you can conduct market research in different ways to ensure you're entering a profitable niche and launching something people want.

Here are some ways to do that:

1. Analyze industry trends: What's trending right now? What content format works well for that niche? What's the best way to monetize? How will you approach marketing?

2. Define your target audience: You need to know who you're targeting. Identify your ideal reader, listener, viewer, customer, or subscriber. Understand them and their struggles so you can create content they love, products or services they'll invest in, and messaging that speaks to them.

3. Use data when making decisions: Once you have data about your market, target audience, current trends, and competitors, you can make informed decisions.

4. Validate your idea: A thoughtful approach is to validate your idea before investing significant time and resources into launching something that might not resonate with anyone. You can do this by creating content around the topic, measuring engagement, surveying people, or doing a beta launch and getting feedback from early customers.

In my blogging business, my ideal reader/subscriber/customer is the person who is where I was ten, five, or even two years ago. Because I've been through this journey, I understand the obstacles and limiting beliefs they must overcome. This path allows me to create content that guides them, helps shift their mindset, and builds their business while avoiding the mistakes I made.

I consistently monitor my blog's metrics and study how people find me. I track everything — email marketing (sign-ups, open rates, click-through rates), podcasting (episode downloads), and Pinterest (Pin performance, click rates). I then base my decisions on what this data tells me.

I first validated my idea by publishing free content and observing what people responded to and engaged with, as well as what ranked well in search engines. Then, I simply created more of that content. Once I had traffic, I monetized in different ways (affiliate marketing, sponsorships, ads, and digital products).

I also have to change how I approach content creation and optimization based on how the industry and consumer behavior evolve. For example, Google now values authority over on-page SEO, so I don't need to obsess over keywords.

Additionally, you can check out the summaries of these seven books on the Headway app to improve your market research skills and better understand sales psychology.

Step 4: Crafting a solid business plan

You can now move on to the next step of starting your small business — the business plan. You've already covered some aspects, such as market analysis and competitive research. Here are other components of a solid business plan:

• Executive summary: This is your overview of your entire business. You can complete this step after finalizing other elements of your business plan. Include your mission statement, why you started the company, who you serve, what you do precisely, where you see it in the future, and how you plan to get there.

• Company description: Here, outline the essential information about your customers, goals, products, and services. You can also discuss your team, its experience, and what makes your company stand out.

• Marketing plan: Define your brand identity. What promotional content will you create? Which marketing channels work best for your target audience? What portion of your budget will go toward this?

• Sales plan: Along with the marketing plan, think about your sales strategy. That includes pricing, sales approaches, your unique selling proposition, and the customer journey (map every step from when customers discover your brand to purchase, plus what happens after — product delivery, follow-ups, feedback collection, ensuring satisfaction).

• Financial plan: Describe how you plan to bring in revenue. Think financial statements and cash flow projections.

Step 5: Creating a minimum viable product

As described in 'The Lean Startup' by Eric Ries, a minimum viable product, or MVP, is the simplest version of a product that you can launch quickly to get feedback from your target audience with minimal effort. This approach allows you to rapidly adjust the product based on real user input, measure engagement, and understand what customers actually want and need. With each iteration, you'll get closer to the best version of your product, which can help grow your brand, build customer loyalty, and potentially dominate your niche.

You build, measure, learn, and repeat the process.

So, what's your MVP?

As a course creator, I've done this with digital products. When I get an idea for a course, usually a big program that would take a lot of time to develop, I first do a beta launch.

For this, it's best to have an engaged audience already and people who like, know, and trust you. Then, you don't need to create all the course content in advance. 

I first outline the program, develop the title and modules, decide on the format, design the sales page, create the offer, and establish the branding.

I then pitch that idea to my audience, explain how the program will help them, and offer early-bird access at a reduced price. I also inform them that the content isn't ready yet and explain how and when it will be released (perhaps one lesson or module weekly).

I sometimes also limit the number of spots for beta testers to make the offer more exclusive.

In return for the reduced price, I ask for detailed feedback on every module and suggestions for improving the program.

For this initial version, I don't need bonus material, perfect polish, or an extensive sales page.

Thanks to this beta launch, I can also validate my idea (confirming people will pay for content on this topic), become eager to get the content out there and strive to create the best possible program for the official launch.

Step 6: Registering your small business

The next step in starting your small business is choosing your business structure and registering your company.

The most common forms are:

• Sole proprietorship: This form is a one-person business and the simplest business model. While easy to form, you bear all responsibility. The liability is unlimited, meaning your personal assets could be used to pay business debts. As a sole trader, you face direct taxation — business revenue and expenses appear on your individual tax return. This structure suits freelancers, personal trainers, photographers, consultants, and similar professionals.

• Partnership: This organization is owned by you and someone else. You can be equally liable, or the partnership can be limited (in this case, at least one partner has unlimited liability).

• Limited liability company (LLC): A mixed type that combines features from partnership and corporation structures. The business's assets and debts remain separate from your own. You're protected if the business goes bankrupt because the company exists as a separate legal entity from the owner(s).

• Corporation: This is the most formal and complex business structure to operate. It exists separately from the individual. New small businesses typically don't need to consider this option.

Keep in mind that different countries have different regulations and legal requirements. Conduct thorough research and consult with a professional to ensure that you're following the law.

Hiring a bookkeeper or accountant from day one is also a good idea. This way, you won't need to worry about missing an important deadline or doing your own taxes. It's all handled professionally.

You can also schedule a consultation with them before starting work together and registering the business. This approach allows you to ask questions, understand tax obligations, learn about required licenses, and clarify any country-specific requirements.

Step 7: Building your brand identity

We can't talk about starting an online business without addressing branding. Your brand spans everything you do. For me, that's the content I create, how I communicate with readers, my email communications, website design, product sales pages, pricing strategies, and everything else people experience when they interact with my business. 

It begins when they see a post from my site on search results, a podcast episode, or a post on socials. They form their first impression of my brand through my website or podcast, then decide whether they'll check out more content or respond to a call to action (like downloading a freebie, joining my email list, signing up for a blogging membership and community, reading my story on my About page, contacting me, or following me on socials). 

Developing a unique brand is your chance to stand out in your industry and build customer loyalty.

In 'Building a StoryBrand,' Donald Miller teaches that:

• Your customers are the heroes, not you or your brand

• You have to sell people a transformation, not just products

• You should focus on one core message, as multiple messages can confuse customers

• To get good at selling, tap into the internal desires that motivate people to buy and use that in your messaging

Feel free to apply these principles in your business, as they can set you apart from your competitors. 

Step 8: Developing a marketing strategy

The next step is to think about your marketing strategy. As everything these days is online, you shouldn't ignore the marketing channels and methods that work best, such as:

• Social media: Find where your target audience spends the most time and what content resonates with them, then build your presence there. Post regularly to grow your following, but focus on engagement too. Thanks to social media, you can leverage influencer marketing to expand reach, run campaigns, promote content and products in various ways, and grow your brand. To stay current with trends, you should create video content. I always use Pinterest, as it's a great way to drive traffic to my site (even for new blogs). Thanks to well-optimized Pins, I can bring attention to new and existing articles.

• Content marketing: Share free content on platforms like blogs, podcasts, YouTube channels, or social media to attract ideal customers, provide value, build relationships, and establish trust. People need to know, like, and trust you before purchasing. I can say that content marketing is what my business is built on. The articles, newsletters, podcasts, books, courses, and subscriber freebies are all strategic content that I create and promote. Free content attracts people and encourages list subscriptions, eventually leading to paid offerings.

• SEO: Search engine optimization is another way to grow your business and attract more customers. For bloggers like me, it's essential. I research keywords and create content on high-demand topics to get more traffic to my site. Ultimately, helpful and high-quality content on the topics your audience cares about and needs help with will help you rank higher in search engines. You can then convert that traffic into email subscribers and customers.

• Email marketing: Make email marketing a core part of your business strategy. It's the most direct and effective way to stay in touch with your customers. It's also low cost, with an ROI of 4400% — that's $44 for every dollar spent. My email list has always been my most valuable asset. Whatever online business you're starting, consider building your email list from day one and focus on nurturing subscriber relationships. Most of your sales can happen through email.

Don't forget to adjust your content and marketing strategy every few months because things change so fast — new social platforms emerge, tools develop, online behaviors shift yearly, and topics and content formats follow trends. Stay up to date with what's going on in your industry and how your target audience consumes content and makes purchases.

Step 9: Setting up operations

Operations are key departments of every business, big or small. Even without a dedicated department or outsourced help, you must plan this aspect carefully.

First, think about a location. Choosing a location for a physical business is no easy task. Find a safe location within your budget, and factor in vendor and supplier proximity to avoid delays.

If you're a solopreneur working from home, you still need a designated space for business activities, like a home office. Get the necessary equipment, ensure you have reliable internet connectivity, organize your workspace, and make it cozy. This space is where you'll be spending most of your time from now on.

For smoother day-to-day business activities, you'll need to create high-performing business procedures, known as workflows.

Create a process for everything in your business, from sending emails and publishing blog posts to sending invoices, processing payments, and providing customer support.

Each of these is a series of steps. They need to be documented and automated (when possible). That also makes it easy to delegate.

Find the most optimal way to do everything and stick to it to save time and resources. Use technology as much as possible to streamline your business.

Step 10: Launching your business

It's launch time! Here's a checklist that can help:

• Come up with a business idea

• Validate it with market and competitor research

• Define your target customer

• Write your business plan

• Create your minimum viable product/do a beta launch

• Pick your business name

• Create your logo

• Set a budget and determine the costs

• Decide your business entity form

• Apply for an EIN (employer identification number)

• Register your company

• Get business insurance

• Find an accountant

• Obtain any necessary licenses and permits

• Open a business bank account

• Secure funding for your business (if necessary)

• Choose your marketing channels

• Build your presence on each

• Build your website

• Pick a location for your business

• Set up your workspace

• Document your business processes

• Automate and streamline them

The steps I struggled with most involved doing things for the first time. Starting the blog was the beginning of this journey. Aspiring bloggers always reach out to me, sharing their reasons for not starting yet. I share my free blogging guides with all the steps, yet they often don't launch their site. They wait for the perfect name, niche, or design. But it's about taking messy action and making the most of it in business.

I also had a lot of resistance and anxiety before registering my company. I first did it in my home county (Bulgaria) and later in the Netherlands after relocating there. Now, that's the least scary part. But I often talk to people who want to start freelancing or build a business and work for themselves but don't register the company and get to work.

There are steps on that list that I haven't completed as well as I could yet, and that's okay. Examples include streamlining my workflows, building my presence on more channels, and finding a better accountant. 

I don't think there will ever be a moment where I can say that the business is perfect and there's nothing else to improve. So, keep that in mind while you check items off your launch list.

Conclusion: Your path to entrepreneurial success

I want to end this guide on starting a small business by saying that a company exists to generate profit and grow constantly. Continuous learning and adapting to market changes are integral parts of entrepreneurship.

Customer retention and innovation are two priorities you should always prioritize, so incorporate them into your yearly goals and day-to-day business activities.

Create a vision for your business and consider how you plan to scale it. Where do you see it in one, three, five, and ten years? Write that down and refer to it often to stay on track.

I hope this guide was helpful. Now, it's action time.

Take notes, make a plan, and get started. Do something today that will bring you closer to starting your business in the next few weeks or months.

You can download the Headway app for deeper insights and guidance on building a successful small company. Use it to learn from entrepreneurs you admire, build a stronger mindset, generate ideas for your company, and find inspiration when you feel down.

Entrepreneurship will be the adventure of a lifetime, and it's just beginning for you. Enjoy every part of it!