The decision to become a self-employed entrepreneur is not one that you should take lightly. When you’re solely in charge of your success, there’s a lot on your plate. If you’re like most first-time entrepreneurs, you probably want to start off slowly before quitting your day job. Below, find what you’ll want to do as you test out your entrepreneurial skills.
Hone Your Vision
Being an entrepreneur gives you the freedom to set your own rules while also boosting your earning potential if you succeed. However, if you don’t have a clear vision of your business idea yet, you can’t take any steps toward making your dreams into a reality.
If you don’t have your idea set in stone, think about what solution you want to provide for the world. Perhaps you have a particular talent and want to build a client base who will use your services. Or, maybe you’ve got an idea for the perfect product that no one knows they need yet.
Whatever your vision is, Entrepreneur.com recommends sticking with just one idea rather than trying to start a business that encompasses too many angles. Not having a clear purpose can confuse your potential clients and customers.
If you aren’t entirely sure of your idea for a product or service, doing a little market research is a good way to get a feel for how successful your idea might be. Seeking feedback takes some time, of course, but it doesn’t usually require that you spend much money, if any. Plus, taking the time to hone your idea and get feedback will give you more confidence before you invest any serious time and money into your business.
Make a Business Plan
If you plan on seeking a loan or other funding for your business, the Balance explains that having a business plan is a must. However, even if you don’t need investors, having a plan helps you fine-tune your ideas and make them concrete. There are a few different business plan formats. Traditional business plans are the most comprehensive and are most commonly used if you want to secure financing to start your business. However, lean startup plans are a good alternative if you have a simple idea or want to get started more quickly.
Know How to Pitch Your Skills
Depending on the type of business you have in mind, you may want to start building a client base before devoting your entire life to your endeavor. This is especially true if your business entails offering a professional service such as writing, editing, design, web development or other similar ideas. Job and staffing boards such as Upwork are great places to offer a specialized talent that you provide. Having your own website and using social media is another good way to connect with potential clients and sell your services.
When you have your own website or create a profile on a job board, you can accept as much or as little work as you desire. This lets you maintain your nine-to-five job while also forming relationships with clients who may require your services. Once you gain enough clients or customers, you’ll have much more peace of mind when you take the leap to quit your day job.
Learn How to Keep Financial Records
When you’re first starting out, you’re probably excited about how much money you might earn once you’re completely self-employed. However, there’s a lot of work involved in tracking your finances and paying taxes as an entrepreneur. You can simplify things by opening up a dedicated business account, setting aside money for quarterly taxes and setting up a business emergency fund. As an entrepreneur, it’s easy to get focused on the business side of things while letting your personal finances slide. These tips from Due.com can help you juggle your business and personal finances better.
It’s perfectly okay to take things slow when you’re just starting out as an entrepreneur. There are a lot of risks involved in starting a business, but with these tips, you hopefully won’t let fear get in the way of achieving your business dreams.
Derek Goodman
Inbizability.com + info@inbizability.com
