So you want to be an entrepreneur? Congratulations on deciding to join the hundreds of thousands of people who take that leap every year! You didn’t think you were one of the few, did you? Clearly there are a lot of experienced professionals talking about entrepreneurship online nowadays and are qualified enough to give you solid advice on how to be successful. So here is what you need to pack in your business brain bag before you set off on your entrepreneurial journey. These are just a few tips on how to get started.
1) Know The Odds
The downside to businesses being so easy (relatively speaking) to start is that you’ve got a massive amount of competition. The majority of entrepreneurs, startups, and small businesses fail in their first year and even more in their second. The odds are against you even if you have a unique, well-executed, and resilient business.
We don’t mean to scare you! But knowing this fact is important, so that you know exactly how to prepare for yourself for your new entrepreneurial journey. A large part of success has to with your planning. And as Winston Churchill once said, “He who fails to plan, plans to fail”.
It's also crucial that you brainstorm long and hard about what it is you want from your soon-to-be business. What do you plan on offering? Who will be your target audience? Is it going to be something in line with your passions and interests? It should be! How do you think you’ll counteract your competition? Are you filling in a gap or offering something most others aren’t? The list of questions that need to be asked and answered in this step goes on and on. You may start off your enterprise with a surge of enthusiasm, but that can all be in vain if you have no clear direction for your business.
3) Create A Business Plan
One you have your business goals, product idea, customer, competition, and company name in mind, the next step is to draw up a business plan. Many people skip this step because they feel it is a “formality” or something that is required only when you’re asking for a business loan or pitching to investors. However, this is untrue. You need to have a business plan regardless of how big or small your business is and whether or not you require external financing.
A business plan will summarize your business idea and help you, as well as you stakeholders (partners, employees, and investors), in deciding whether or not the business is viable. Of course, your business plan won’t be complete in this step or all at once. Drawing up a business plan is an ongoing process that may require several drafts before you can finally decide on something that works for you and your team. The business plan will cover details on your operations (location, hierarchy, suppliers, etc), pricing, marketing, financials, and other things relevant to goals and strategies for your business.
4) Get Registered
Make sure you get your business registered with the local, state, and federal government before your company becomes operational. For this you will have to decide on what type of entity you want to be. Based on the type of business you plan on becoming, you will submit a document with your company name, business purpose, stock details (if applicable), and other information. Common options include incorporating your business or setting it up as an LLC. Insurance and liability protection are essential investments.
5) Launch And Grow Your Business
Once you’re finally in the game, think about ways you can accomplish your goals and grow your business. Identify opportunities, stay up to date with the latest industry trends, and constantly monitor your competitors. You may start by hiring a team, building your brand, or implementing a comprehensive marketing strategy. Your business is like a new born baby and once you’ve cared for it enough, it will finally grow enough to sustain itself and reach new heights!
Author Bio: Kris Craig is an enthusiastic writer and publishing supervisor for the Assignment Help Deal writing company. Her core professional objective is encouraging writing skills between a wide range of professionals in the UK and international.
Interested In More Entrepreneurial Stories & Strategies?
Read My Blog Posts:
- "How To Say NO In Business And YES To Success!"
- "How To Secure Your Online Business"
As Always, Best Of Luck In Business To You All!
Michael J. Schiemer of Schiemer Consulting
Enthusiastic Entrepreneur & Owner of Frugal Business
Digital Marketing, Social Media, & Entrepreneurship on a Budget
HubSpot & HootSuite Certified Marketing Professional
Mike Schiemer Builds Better Business
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