A Beginners Guide to Starting Your Own Business
Starting your own business affords a myriad of benefits that no full-time job can ever give you. The absolute control over every decision, from executive to clerical, lets you enjoy your day-to-day routine, not to mention the potential monetary compensation that follows once your business picks up. But these perks don’t come without their challenges. There are entrepreneurial barriers that can deter you from growing or even starting your own enterprise. Here’s six tips to help you make that leap:
Assess Your Personal Readiness
Sure, there will never be a right or a perfect time to start a business, but timing is not so much the defining factor for when you should start a business. A more relevant factor is the mindset. These two many times go hand in hand. Are you in the frame of mind right now to start a business and hustle until you make it? If your mind is filled with problems, such as relationship issues or financial insecurities, any business-related decision you make will be compromised. Be in the right mindset before you decide to take on new responsibilities. You must be able to fully commit yourself to your business, so make sure you have both the time and drive to make the jump.
Decide on What Type of Business to Pursue
There are many factors that affect this decision i.e. budget, personal interests and passion, technical competencies, and timing. Is there a specific field you want to be involved in or a cause that you want to help support? Are you planning on being hands-on with your business or just own one? You most likely already have an idea of what type of business you want to start, but some people just like the idea of being their own boss. There are other types of businesses you can launch that would be more simple than starting one from the ground up. You can buy into a fast-food franchise or own an independent pharmacy if you want to put in minimal time and effort on a business or build your own technology-based startup from scratch. Of the factors aforementioned, perhaps passion and personal interest are the two most important ones to consider. It can be difficult to grow your business if you aren’t fully committed and connected to it by heart.
Decide on a Business Model
Your chosen business model determines your growth rate and profit potential among other things. The six most common business models to consider include affiliate marketing, freelancing, coaching and consulting, information products, eCommerce, and SaaS or software-as-a-service. Each one has its own pros and cons to be wary of. For instance, affiliate marketing requires minimal initial capital investment but requires a lot of effort and patience. Ecommerce and SaaS products, on the other hand, have higher earning potential but consume a lot of initial resources, including capital and labor hours.
Learn the Legal Side of Starting a Business
Naming your business is the first official step to starting it. It can be difficult to find a name that is on-brand and sticks. It gets even more problematic if you are publishing the business’ website with a .com domain. As a starting point, generate a few options through a third-party business name generator that is free to use. Your chosen business name should be easy to spell, catchy, and memorable. The next part is to register your business. In some states, you are not required to register your business until you’ve made a certain amount of profit or sales from it.
Find the Right People
Starting a business doesn’t need an entire team or army, but sustaining it does. While you may have been able to grow your business up to these initial stages as a lone wolf, you’ll need to start bringing in people to help you grow it. This includes investors, business partners, and employees who you can delegate to. Be careful who you bring in, however. Look for business partners who are as impassioned or technically savvy as you are about a certain field or cause.
Market Your Brand
To build a brand, you need to get the word out there that your business exists. People won’t know who you are, much less buy from you, if you don’t have a marketing campaign. Start posting, following related groups and businesses, and conversing with potential customers on social media. Run Facebook ads and grow your Instagram followers. Optimize your website to increase search engine visibility and gain a more optimal position on SERPs or search engine results pages.
It’s a monumental decision to start your own business. Although there are challenges that abound, the potential rewards greatly outweigh the risk. Use this guide to help you overcome the technical complexities of starting and growing a business entity.