Becoming an Entrepreneur is one of the biggest, most challenging, independent things you can do in life. It will not only consume your life as a whole, but it will become your life. It is a journey and path that will draw that fight or flight reaction out of you that is so often talked about. In this article, I want to not only make the transition easier, but inform you of many obstacles that you may face so you know what to do when they occur.
There are six crucial steps that cannot be forgotten when you decide to open your own business. Failure to complete any of these steps will lead to an implode in your business infrastructure. When becoming an entrepreneur planning and evaluating these 6 steps will ultimately guide you in the right direction.
Without further adieu, here are the six steps.
1. Finding the right business for you.
Entrepreneurship is a broad term, and you can be an entrepreneur in just about any area. However, you will have to pick a field to work in and business to start. Finding a business that will be successful is important, but more important is to find what you do best. If you are good at building websites, start a website company. If you are good coding apps, start an app development company. If you are good with kids, start a daycare. The possibilities are endless because there have been people who have had the same idea as you. This leads directly into step 2.
2. Research your business / find out if you need more education.
Research and planning so so important when it comes to becoming an entrepreneur. Research companies that have done similar things to the company that you are trying to start. Determine what made other companies fail and what made other companies succeed. You want to figure out how you are going to drive value to your customers and clients. Figure out a plan and concept that will make you not fail.
Education is not always vital as an entrepreneur, but you can never have too much knowledge. While so businesses you may be interested in starting up may not require a college degree, some do and you shouldn’t ignore education. For example, if you want to start a tech or education company, experience you gain from a college or university could be extremely valuable for your company. College is not always the answer, but if you have the time and money it certainly can’t hurt you.
3. Planning your business.
Before you begin your business, you need to have a business plan. A business plan lays out any objectives you have as well as your strategy for achieving those objectives. This plan is important for getting investors on board, as well as measuring how successful your business is.
I know, I know opening your business is so exciting. You don’t want to do this too early though or it will bite you in the you know what in the future. You will want to draft some sort of a business plan. It doesn’t have to be set in stone or perfect by any means, but it is important to have some sort of infrastructure when you start out. A business plan will lay out objectives you have for your business, and strategies to achieve these objectives.
It is also very important to set goals, and reasonable ones, at the start because in times of despair, it is important to have something to motivate you on why you started. A business plan will also be necessary if you are looking to seek help from investors. It will also give you a way to measure your businesses success. Dealing with conflict is never a cakewalk, so here is an article that we produced to help you excel in customer service in the beginning.
4. Find your target group/audience.
This is where research is going to benefit you and your business exponentially. It is important to note that before you start up that your business is not going to appeal to every single person. It is important to find and connect with a specific demographic; age, race, gender, income, culture, or whatever it may be. It is important to research what specific group you will mold with the best. When you start up, gear everything that you have to offer straight into that group of people.
5. Network, network, network
Networking yourself is important in any field of your you may go into. There is no exception here for entrepreneurs, because as an entrepreneur, networking is everything. Networking is how you meet other people and find people who could potentially use your skills and services. It is important that you become the face your your company. Everywhere you go, every person you meet is a free source of advertising. Don’t miss the opportunity to talk to someone who might be potentially interested in your business.
I suggest getting a big stack of business cards and carry at least 20 with you at all times. Try to hand out your business card at least 10 times per day. You can do this by attending social meetups or business groups. Networking is going to be the driving force that is going to build your business from the ground up. Constantly networking will keep sending new customers your way, increasing the amount of business you do.
6. Sell your idea
Consumers want products or services, but they are always unsure on which to pick. As an entrepreneur, it is your job to convince people that whatever you’re selling is the best option available. You need to find out which makes your product unique. Exploit that uniqueness and use it to add value to your product. Remember that people buy based on their emotions, not on price. Figure out what will drive an emotion response out of your customers and put that on everything. If you can, it will benefit you a tremendous amount if you are able to collect feedback on the emotions on why people bought your product. This will allow you to adapt your product and make it as best as possible.
There are the six steps to becoming an entrepreneur and opening your own business. If you enjoyed this post, please comment down below and stay tuned to read all of our new and upcoming posts!