Times have changed and many people have begun to realise the benefits of starting and managing their own business. Corporate work is not what it was, job security is not guaranteed and the benefits and perks you get working in an office-based job is not as good as it once was.
Many people are choosing to stay at home and start their own businesses.
Whilst being your own boss might be an exciting idea, there are certain steps you need to follow in order to ensure you gain self-employment both quickly and with minimum financial loss.
1. Be Firm: Having your business has its own perks but there are many sacrifices you need to be able to make before you can sit back and reap the fruits of your labour. You’ll need to make sure you are really cut out for the entrepreneurial lifestyle as it is much harder to start a business as opposed to working in a 9-5 job. You will need to be self-motivated and be in it for the long haul. Only then will you see profitable outcomes.
2. Think about the kind of business you want to start: There are many kinds of businesses out there. Think about what you’d like to provide; a product or a service? Would you have a brick and mortar store or save costs by having an online store? Would you like to be part of a franchise or start something independent?
3. Do your research: Doing extensive research at the beginning can help you in the long run. You might be tempted to get on the ground running but remember slow and steady wins the race. Take the time to really think about what you are providing your customers and what the benefits are? Do you have any competition? If yes, learn from their success and failures so you can start your business without any major pitfalls.
4. Write a Business plan: A business plan is one of the most important documents every business should have. You might have a firm idea of where you’d like your business to go and what you’d like to provide your customers but without having it on paper, it could all get lost. Your plan doesn’t have to be extremely long but has to answer some basic questions like; What is my product or service? Who is my target audience? How will my product or service help? Who is my competition and how am I better? How will I price and market my product or service? What are my financial goals for the next 1-5 years? Having these basic questions answered will help you streamline your business set-up process.
5. Put a team together: Think about how big you want your business to be and then think about putting a team together. You might need to handle many things simultaneously in the beginning and then slowly bring in people to handle different roles as your business grows and progresses.
6. Sort out the paperwork: No one likes to do the dreaded paperwork but this is an important reality of starting your own business. There are different licenses and registrations that you’ll need to fill out. Think about purchasing appropriate business insurance before going forward.
Having you own business whether it is product- based or service-based can be both exciting yet stressful. You don’t have a boss or manager to guide you through things and you might have to learn many things for the first time. But if you have a firm mind, are determined to succeed and put in the hard work, you will definitely see results. Keep your expectations realistic and congratulate yourself on small successes so you can keep growing and prospering.