Contributed by Derek Goodman of Inbizability.com
The idea of starting your own business might be exciting, but even if you’d love to be your own boss one day, hearing about the risks of entrepreneurship might be giving you pause. After all, living on a tight budget, working day and night, and giving so much of your time and energy to a company that may not be profitable doesn’t sound appealing. But you don’t have to dive right into entrepreneurship - instead, you can slowly ease into the world of business ownership. The team at re-View Business Strategies offers a quick guide on how to get your own business off the ground in a sustainable way.
Further Your Education
If you’re nervous that you haven’t mastered the skills necessary to start your own business just yet, it might be time to head back to school to further your education! For instance, you may be interested in earning your master’s degree in business administration. This is the perfect opportunity to learn everything you need to know about starting your own company and develop your business acumen.
Start a Side Hustle
You do not have to quit your day job to start your own business. In fact, launching a side hustle and gradually building a client base allows you to eliminate many of the financial risks that many small business owners face in their early days of entrepreneurship. To start a side hustle, spend some time brainstorming business ideas, then devote a couple of hours per day after your full-time job and on weekends to your new company. Factor This recommends thinking about problems your business could solve to come up with a profitable idea.
As you secure more clients or customers, you’ll want to contribute a percentage of your savings to an emergency fund. This will provide you with a financial cushion for slow periods. And if you need additional funding or equipment to run your company, you may want to apply for commercial financing, which enables entrepreneurs to access everything from loans for real estate financing to leasing programs for business-related equipment.
Keep Financial Records
Even if you’re just focusing on your company part-time, you need to keep meticulous financial records. Otherwise, you could find yourself scrambling during tax season! Track all of your income and business expenses throughout the year, and connect with a reputable accountant who can help you take advantage of deductions available to small business owners.
Ramp Up Marketing Efforts
Eventually, it will be time to say goodbye to your 9-to-5 job and shift to working on your business full-time. During this time period, you’ll need to invest more time and money into your digital marketing efforts to continue growing your company. Skimping on marketing can cause you to lose out on valuable connections, so do not neglect this area! Constant Contact recommends investing in Facebook advertising, optimizing your LinkedIn page, and using “remarketing” tactics to connect with people who already visit your pages.
Tap Your Professional Network
Finally, don’t hesitate to reach out to the professional network you established during your time at your previous jobs. You never know when a former coworker or manager could direct you towards a new client or fantastic business opportunity! Referrals can help you sell your products and services to more customers or secure contracts with lucrative clients. Even though you’ve left your former position, staying in touch with your colleagues can pay off!
Starting your own business is always a challenge, but you do not have to drop everything and dedicate your entire life to your company right away in order to “make it” as an entrepreneur. In fact, taking a cautious approach to this process is often the best way to grow your business without making substantial personal sacrifices. By following these tips, you’ll be ready to confidently launch your business!
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