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Review our list below for some easy tips on getting your business started the right way!
1. Ensure you are motivated and committed: A true entrepreneur is able to consider the potential payoffs, as well as the risks and pitfalls. Be sure you are ready to commit to your business, as well as the time and energy it requires.
This will require making sacrifices along the way. It’ll mean late nights, hours of less then thrilling research, set-backs and more.
2. Do some market research: The first step in this process will be to identify your target audience as it can’t be properly conducted without that information.
When you’re identifying your target audience and getting ready to create buyer personas, you should be able to answer all of the following questions:
- Family Size/Relationship Status
- Job title
- Biggest challenges and goals
Once you’ve figured out who you want your target demographic to be, the research after that will help you to see what types of businesses are viable and how much money is being spent on those businesses by your target group..
3. Start small: Developing your business on a smaller scale is safer than going big too soon. Consider selling to friends and family, and growing from there. This enables you to tweak your product or services with the feedback you receive from this small group.
Another way to do this is by keeping your full-time job and working on your project on the side. When and only when you’re ready to launch your business, do you put in your notice at work.
This is what’s called hybrid entrepreneurship and many successful businessmen and women used this very process to launch their careers.
4. Keep it simple: Beginning with a simple idea means your branding can also stay simple. And this means that spreading the word about your business will be an easy and smooth process.
Don’t try and juggle a bunch of things at once. You don’t need to hire ten employees, rent out office space or hire an expensive web developer to create your website on day one.
Outsource work to freelancers, work out of your garage or in a coffee shop (if you run an e-commerce business), and use affordable DIY website builders like Squarespace, Shopify or Wix to create a simple website. Some companies even start off with a Facebook business page!
5. Understand your competitors: Not only is it important to understand what customers want and need, it is also vital to grasp who your competitors are and what their successes look like.
Learn from their mistakes and look at what they’re doing right an make your product/service better. Understand their pricing structure as well so you can offer your services at a slightly cheaper rate while providing excellent service.
6. Develop a business plan: A business plan is necessary in helping you focus, and potentially obtain funding. This roadmap not only provides direction but also attracts investors and potential business partners. The Small Business Administration recommends that every business plan include the following:
- Executive summary – a snapshot of your business
- Company description – describes what you do
- Market analysis – research on your industry, market and competitors
- Organization and management – your business and management structure
- Service or product – the products or services you offer
- Marketing and sales – how you will market your business and your sales strategy
- Funding request – how much money you will need for next 3 to 5 years
- Financial projections – information, such as balance sheets
- Appendix– an optional section that includes credit histories, licenses, résumés and permits
Another perk of having a business plan is that it clearing lays out the roles and functions of your business partners, your financial goals, and puts into place contingency plans in case of emergencies.
Writing a business plan creates the foundation for your business and guides you through starting and managing your new business.
7. Higher experienced and knowledgeable professionals: Because you can’t wear every hat or know everything, it is important to work with individuals who can help you build your business. Finding experts in the areas that you don’t feel comfortable or knowledgeable is a good idea, and can help you build a strong and viable business.
Find people who are also unafraid to stand up to you and say “no.” You don’t want to surrounded by nothing by “yes” people as you you’ll never be challenged with new (or better) ideas and your business will become stagnate.
We know you have great ideas as an entrepreneur. We’re here to support your endeavors and ensure you stay protected. That’s why we know how important it is to start building your business with a solid foundation – and we can help you get there!
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