In recent years, the entrepreneurial landscape in the United States has undergone significant transformation, fueled by a myriad of economic challenges like pandemic disruptions and high inflation. These factors have tested the resilience of entrepreneurs but have also spurred remarkable growth in microbusinesses.
The rise of microbusinesses, defined as businesses with 10 or fewer employees, is more than just a passing trend. Since 2019, U.S. communities witnessed double-digit microbusiness growth – a testament to the adaptability and innovative spirit of entrepreneurs across the nation.
Across U.S. communities, microbusinesses both thrived and contributed significantly to job creation and higher household incomes. Our research indicates that for every microbusiness entrepreneur, over seven new jobs are created on a county-level. This surge represents a promising shift, suggesting that now could be an ideal time for aspiring entrepreneurs to launch their own ventures.
Whether you want to turn a passion into a profession or solve a problem you’ve identified in the marketplace, the opportunities are vast.
Ready to take the entrepreneurial plunge? Here are five essential steps to get you started:
1. Identify Your Unique Niche
In today’s competitive market, distinguishing your business is crucial. Identifying what makes your business unique begins with evaluating your passions and strengths. Consider what gaps exist in the market and explore how you can offer something faster, better or more innovative than existing options. Many successful entrepreneurs begin by addressing a personal pain point or embarking on a passion project.
Consider the example of Pilates King L.L.C., founded by Ade McCray in Phoenix, Arizona. McCray carved out a niche by offering both virtual and in-person Pilates-based programs, along with an innovative outdoor vehicle workout using resistance bands. Designed as an affordable alternative to traditional gyms and studios, McCray’s new approach makes quality training available to a wider audience. Since launching in 2021, he has grown the business into a full-time venture, working with clients across Arizona and continuing to expand its reach.
2. Do Your Research
Preparation is a cornerstone of entrepreneurial success. Dive deep into understanding your target audience and assess the competitive landscape. This involves more than just a cursory glance at your potential competitors. Engage with prospective customers through simple surveys or casual focus groups to gather insights about their needs and preferences. By learning from the successes and failures of others, you can refine your business strategy and position yourself for growth.
3. Clarify Your Operational Details
Laying a solid foundation for your business starts with getting your operational details in order. Decide on the right business structure, be it a sole proprietorship, partnership or Limited Liability Company (L.L.C.), and familiarize yourself with the legal requirements and regulations pertinent to your business idea. Each structure has its advantages and disadvantages in terms of liability, taxation and administrative complexity. Consulting with a legal and/or business advisor can help to provide clarity on choosing the best path forward.
Additionally, consider the logistics of your operations. Determine whether you will require a physical storefront or if your business can operate entirely online. This decision will impact various aspects of your business, from costs to customer interaction.
4. Establish Your Brand and Online Presence
Building a strong brand begins with creating an engaging online presence. Secure a memorable domain name, develop a user-friendly website and actively engage with potential customers through social media. During this phase, new generative AI tools like GoDaddy AiroTM can be invaluable, helping you save time and money by instantly building a website, creating a logo and much more with the purchase of a domain.
Your brand should tell your unique story and forge a personal connection with your audience. Implement Search Engine Optimization (SEO) strategies to help ensure your business is easily discoverable. Blogs and videos, for example, can attract and retain customers by positioning your brand as a thought leader in your area.
5. Explore Funding Options
Growth requires smart funding, but not all entrepreneurs have easy access to the necessary capital. According to GoDaddy Venture Forward research, access to financial capital remains a top challenge for new businesses.
Therefore, it can be helpful to consider alternative funding solutions such as small business grants, microloans or crowdfunding to support your business journey. Each option presents its own set of requirements and benefits. For instance, crowdfunding not only raises funds but also helps validate your business idea through community support.
These funding options can empower you to expand without relying solely on traditional investors. Be sure to prepare a solid business plan and pitch to effectively communicate your vision and strategy to potential backers.
2025 can be your year to build, grow and thrive. The entrepreneurial spirit is about creating something meaningful. With determination and the right strategies and tools, your business dreams can become a reality.
What are you waiting for? Start laying the groundwork for your success today.
For a more detailed roadmap, explore GoDaddy’s 30 Day ‘Start a Business’ Challenge. This comprehensive guide offers valuable resources and flexible modules to empower small business success, ensuring you have the tools and knowledge needed to thrive. Additionally, consider tapping into online communities and mentorship programs that can provide support and inspiration as you embark on your entrepreneurial journey.
Alycia Leno is the Director of Content Marketing at GoDaddy, where she leads a team dedicated to exploring next-gen content marketing—especially the power (and limits) of generative AI. She specializes in SEO, website security and WordPress, and she champions ethical marketing practices that respect user privacy, data security and overall well-being.
Entrepreneur stock image by Inside Creative House/Shutterstock
