So, you want to be an entrepreneur but have no clue how to start?
Does the though of being your own boss excite, yet terrify you? Have you always been a natural leader but felt underutilized and unappreciated?
If you answered yes to any of those questions, entrepreneurship may be the answer to the fleeting question of what you really want out of your professional, maybe even personal life. Now more than ever, people are trading in their cubicles and hand tools and branching out on their own.
If you are unsure of where to begin, you’ve come to the right place. Here are the five fundamentals to entrepreneurship:
1 – Make The Decision
If you find yourself unsatisfied with the direction you’re going, you are far from alone. Working hours and hours of your life away while you’re utterly unhappy has become an increasingly unfortunate reality that most find themselves stuck in.
The good news is, you can work your way out by making a firm decision to go out on your own and build something you can be truly proud of.
The beauty of it is, you can start a business in any field you so choose as long as you’ll be providing value to your potential customers and clients.
All it takes is the choice and unwavering commitment to stick to your decision, regardless of how hard the going gets.
2 – Plan Your Exit Strategy
Once you have made up your mind, the first thought that comes to mind may be to tell your boss you’re finished and start your new endeavor right away.
Don’t jump the shark on this one, you can’t start a company with no money, nor can you eat, neither of which is considered a good start by any means.
What does work is planning, and a lot of planning at that.
Devise your exit strategy by figuring out your cost of living, ensure you have enough saved to live for three to six months, have enough capital to launch a business and keeping it operational with little to no income for at least a year.
Consider bootstrapping, working your day job and building your business on the side. Soon, you’ll be stable enough to make your company your primary focus without being over run by liabilities you can’t manage.
3 – Actually Take Action and Get Started
Once your personal affairs are in order, you have a solid business plan, and the capital, you can start getting things moving.
Before you launch, make sure your business has all the required permits, licensure, and legal documents in place, it would be a shame for all of the hard work to be squandered by a technicality.
Budget permitting, you may consider consulting a business attorney for legal advice and acquiring the proper documentation. If you can’t afford the fees, don’t worry; third party companies such as LegalZoom can help you with all the documentation you need, minus the lofty legal fees.
4 – Write Your Business Plan
As was mentioned in the previous talking point, failing to plan is planning to fail. The next front to focus on is choosing a niche your business will provide for and writing a detailed, step by step plan to take your business from the conceptual phase to the operational phase.
A good business plan will include what you intend to build, your target demographics (customers), what values you’ll bring to the table your competitors can’t, and your personal goals.
Don’t allow yourself to fall for the classic folly of being lazy and sloth by not writing a business plan, because it’s the most important document you may write in your life.
5 – Get The Word Out
The last point is critical, people have to know you exist, what your company provides, and why they should choose you over anyone else.
You must be confident about yourself and your services, otherwise nobody will take you seriously.
A few decades ago, this would be the most expensive aspect of starting a business, accounting for approximately 12% of a budget; but now with tools like social media, search engine optimization, and being able to take out affordable ads, most of the guesswork is taken from the equation.
The Fundamentals of Entrepreneurship
Once you have crossed your T’s and dotted your I’s, you should have a tentative grasp of what you must do and what’s expected of you in order to start your own business.
This is only the beginning though, the real work starts when the business is live, but with a solid plan and a lot of determination and hard work, failure is the only impossibility you’ll face.