Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the most exciting and fulfilling anyone can do is set off on their own and become a business owner. While it has potential perils, it also has potential rewards. The following contributed post is entitled, Getting Started On Your Entrepreneurial Journey.
* * *
If the arrival of a new year has prompted you to think about changing career or given you the confidence to think about setting up your own business, you might be experiencing a mixture of emotions. Going it alone can be daunting, but it’s also a hugely exciting proposition. If you’re preparing to take your first foray into the world of entrepreneurialism, here are some steps to take today.
Image credit https://pixabay.com/photos/office-business-accountant-620822/
Figure out what you want to do
If you want to become your own boss, the options are endless, but some avenues may be much better suited to you than others. Some people will go into the process of thinking about setting up a business knowing exactly what they want to do, while others will be exploring different possibilities and conjuring up ideas. If you haven’t already got a set idea in mind, it’s beneficial to focus on your skills and talents, to use your experience and to indulge passions and interests. You can utilize transferable skills to get started with something you already have knowledge and understanding of, for example, providing consulting services or tutoring or mentoring, or you could undertake additional training to offer something different. Training is also incredibly beneficial for learning how to run a business effectively and efficiently. If you’re used to pitching to buyers, teaching kids or providing massage therapy, for example, you might not be au fait with managing books and filing tax returns.
Consider your options
There are various options open to you when it comes to being your own boss. You could go freelance, set up your own business or take over a franchise. If you have experience in accounting or you’ve managed your own tax returns for a long time, for example, you could learn how to open a tax office. If you’re a caterer by trade, you could investigate the possibility of managing your own restaurant or cafe franchise. Alternatively, if you want total control, establishing your own venture may be a more appealing prospect. If this is the route you’re keen to go down, and you’ve found your niche, the next step is to draw up a thorough business plan, secure the finances you need and research the market. For those who are eager to try freelancing, it’s important to establish and make use of contact networks and to take steps to get your name out there. Market your services using professional social media platforms, email marketing and SEO. It’s also a great idea to drop flyers through doors if you’re looking to attract a local audience.
Research
Research is vital when setting up a new business, switching to self-employment or taking over the reins of an existing venture. Get to know your market, define your ideal customer, analyze the competition and use the information you gather to market your business, establish price points and create an impactful USP.
If you’ve decided to go it alone, and you’re ready to start your entrepreneurial journey, hopefully, this guide will point you in the right direction.
