What are you waiting for? You’ve got loads of untapped knowledge and more expertise than you know what to do with. Tap into it, and your desire to be an entrepreneur, and start your own business already! There’s no time like the present, so go ahead and take the first step toward fulfilling your hopes and dreams of being your own boss.
With a strong plan, plenty of motivation, and loads of passion, your success is limitless!
Here are important tips to help get you started:
1. Know your purpose
Introspection is key. Take a look inward and answer these questions:
• Why do you want to be a business owner?
• What are your greatest skills?
• What are you passionate about?
• What do you most enjoy doing?
• Are you ready for a new lifestyle?
• Are you prepared if your company fails?
Answer these questions in the most honest and vulnerable way possible.
2. Bright Idea
You probably already have an idea about the product or service you want to sell, or at least the market you want to enter. Now would be a great time to identify other companies in your industry and figure out how you can differentiate yourself. What does your product bring to the table that is better or more convenient for customers? Maybe your service isn’t available at all. That’s a home run if yours is a service that fills a gap! Many successful companies get started by identifying a problem and offering a solution. Be sure to support your bright idea with additional research and feedback. Backup those assumptions!
3. Plan It
A business plan helps make your business idea a reality. It gives clarity and insight as to your company’s potential, what it will take to sustain it, and how to overcome difficulties. This is your road map to reaching your goals, detailing exactly how you plan to achieve them. A simple plan is typically sufficient, however, if you’re planning to borrow money, banks will require a more in-depth business plan. The U.S. Small Business Administration provides great insight for how to approach drafting a plan.
4. Let’s Talk Money
Running out of money is the reason most new businesses fail. You can avoid this by overestimating the amount of capital you’ll need to get started and keep the business afloat. Until you’re well established, be careful not to overspend on unnecessary things. There are a variety of ways way to go about funding:
• Cash on hand
• Personal loans
• Business loans
• Friends and family
You’ll want to know which option is best for you based on your circumstances and available resources.
5. The Legal Stuff
An important aspect of a new business is determining the entity’s structure. How you set your company up affects how you file taxes, and what your risk or liability is should something go wrong over the course of doing business. Your company’s structure can be a sole proprietorship, a partnership, a limited liability company, or a corporation. This is also where you get to choose your company name, register it with your local government and IRS, decide whether a trademark or trade name is important, open a separate bank account and choose your accounting system. Fun stuff!!
6. Make it Real
You’ve made it this far! Now the fun begins with branding to fulfill your dream of becoming a full-fledged business owner. Before you open the literal (or figurative) doors of your business, you’ll need to advertise, build your brand, and create a following. Your new logo should be easily identifiable and consistent with your brand. Advertise and spread the word about your new company on social media. Invest in a well-designed, robust website and, if applicable, an e-commerce portal that is will grow and evolve with your business. In today’s digital age, an online presence is essential to starting out strong.
From a public relations perspective and increased exposure, you might consider “cause marketing” or partnering your new company up with a charitable organization or volunteering your time to local or national non-profits.
Opening for business is just the beginning. In order to make a profit, your company will always need to be growing. This might mean finding new markets, rolling out additional products or services, or somehow evolving with the marketplace.
It definitely means silencing your mean-spirited, inner critic as she starts speaking a little louder in your head. Or halting that imposter syndrome that has you believing you don’t deserve success. Many women struggle to go from “I have a great business idea” to running a self-sustaining company because their limiting beliefs get in the way before they’ve even begun!
Do you need a little support to silence your inner critic or crush that imposter syndrome and jump in to opening your new business? Feeling stuck or otherwise doubting your capabilities? Sign up for my first-ever, one-day event: UNLOCK Live in Denver on September 21, 2019! I promise, it will be an action-packed day of high-energy, interactive excitement, as you learn the tools needed to take the next step in your personal transformation and create a life—and business—you absolutely love!
GRAB TICKETS TO UNLOCK LIVE TODAY!
Create the life you love!
Unlock your purpose, power, and possibility! This life-changing event will teach you the tools you need to get out of your own way and take inspired action towards manifesting all that you hope for in life!