I want to talk about becoming entrepreneurs and being your own boss. I know more people are looking to transition from their secure day jobs to becoming entrepreneurs. While being your own boss is very rewarding and satisfying, it is also filled with risks. Hence, you need a planned and balanced approach to be an entrepreneur. I will explain the process in as much detail as possible, so you can decide what steps to take:
Be Clear Whether You Want To Be An Entrepreneur
Remember, the first step is very important. While trying to be your own boss can sound very tempting, the journey to become an entrepreneur can be very challenging. Before taking the dive, you should be clear if you want to do it. Working with full conviction and beliefs will bring you much better results.
Identify The Right Business
Once you are clear you want to be an entrepreneur, you should decide on the business you want to get into. Try to find out if a common problem exists or if there is a gap in the market which you want to address. Another approach is to do what you are familiar with as you will be taking a lesser risk due to relevant experience and skills.
Make Thorough Plans
Once you have identified the right business and have the clarity to take the entrepreneurial plunge, it is time for you to prepare thorough plans. A comprehensive business plan will provide you clarity on your project and help you streamline the potential issues.
Try to ask yourself questions like what are you building, who will be your target market for your products and services, how will you work out your plans etc. Making thorough plans will drastically increase your chances of success.
Understand The Market
Before you start to invest and make expenses towards your business venture, it is important to study the target market. You should understand the size and potential of the market and analyse whether the customers will buy your product and services or not. Things like identifying your target customers, understanding their needs, assessing the importance of your products and services to them are important at this stage.
Plan For Funding
Once you decide on the nature of the business to be done, it is important to make a detailed financial plan. This will help you to estimate the total financial outlay that will be needed for setting and running your business. You can then plan to search for different sources of funding. Most entrepreneurs have to put in the initial funding capital from their personal sources, so start saving beforehand.
I can tell you this for a fact that networking is very crucial to any kind of business these days. When you are committed to taking your business forward, you should build a network of supporters, advisors, partners, allies, vendors etc.
You should start intensive networking for building the support network. You can start selling your business ideas and influence people to support you. Networking will considerably improve your business visibility and help you to develop it quickly.
Know The Legal And Regulatory Compliance
Now here comes the legal bit, while the possibility of starting your own business can be exciting, you need to ensure that you are completely aware of all the legal and regulatory compliance that need to be followed. If you fail to comply with the regulations, you can face severe penalties and fines which can badly impact your business.
You can take help from experts like CPAs, tax lawyers or company secretaries who can provide you the necessary information and support needed for your business.
Creating awareness about your business and brand is perhaps one of the most important tips for being an entrepreneur. For most people, it can be intimidating to talk about their business and sell their products and services as they are new in the industry. You should start to represent your business in appropriate forums to create greater awareness.
Earn While You Develop The Business
One common mistake which new entrepreneurs make is that they leave their day job and plunge into their new business full-time. This can put undue strain on the finances of the new business and may become detrimental to it also.
While starting your new business, I’d highly recommend you to continue with your day job. You should try to ensure that the cash flow of your business improves and becomes healthy over time. Once there is sufficient business and healthy cash flows, you can make the transition from your day job to representing your business venture full-time.
Balance Passion With Wisdom
While passion is one of the key elements in entrepreneurship, you should not be only driven by passion while making business decisions. Wisdom is equally important as it shows you the correct path to go ahead while passion helps you cover the path quicker.
I’d recommend that you do thorough background research before getting into entrepreneurship. You can also reach out to different subject matter experts like financial advisors, consultants or lawyers who can help you.
I’d strongly suggest you to start with something you really love and deeply care about, and give it your 100% and you will be amazed to see that you have already started doing something great. Trust me, it will make you feel better and excited. If you need any help just let me know and I’ll do my best to help you.