I am a business owner. A lot of people would like to have that title, but there are some very important steps you must take in order to accomplish your entrepreneurial goals. Now that I am entering my third full year as an entrepreneur, I hope that some of my experience can be of help to those looking to start a similar endeavor.
Here are few steps you can take to make sure that you are not becoming just a business owner, but that your business flourishes over time.
1. Select the right business
A very important part of starting a business is selecting the nature of the business itself. A lot of entrepreneurs or individuals looking to start a business do not do their research before jumping head-first into a business venture. If you can ensure you are jumping into a sustainable market, it will allow you to have a better idea as to what your potential revenue and average cost of acquisition will be, and more. If you don’t know anything about your industry, you can fall into a deep hole very early as an entrepreneur.
In my case, I own and operate a marketing agency. I did the proper research as to hourly rates for our services, strategic partnerships that will allow our company to bring in revenue, and any and every license that is needed in order to project the costs of operating. You do not want to hop into owning something like a restaurant if you’re not be aware of the nuances of the foodservice industry. For instance, in some industries you will be taxed differently, need to pay fees, need to be inspected and so on.
Beyond simply selecting the right business, make sure that you also set goals and benchmarks for your business.
2. Get the right system in place
Business is systematic. Make sure to create a system or use an existing system that will allow you to work on the business a bit more than working in the business. Make sure that you create a system that allows you to amplify your time and resources as a business owner – when you are not getting new clients, you are not generating revenue.
My most important tool was and still is my Google Suite, which allows me to connect to my devices and email, therefore organizing my business. You are going to want a one-stop-shop for all business needs.
A lot of individuals think that becoming an entrepreneur is easy or that it will allow them more free time, but this is untrue. Initially, you will have to not only be the queen ant, but the worker ant as well. Make sure that you are very organized and have the proper tools for success prior to engaging in a business venture.
I even made a toolkit for other small businesses to help them dodge a few of the hoops I had to jump through as an early entrepreneur.
3. Do great work
Great work is always the key. I have written about this a lot, and I feel that it is necessary for any business to truly do well.
I will always end with this: If you have an amazing product, it will sell and people will be happy to have it. If you are selling a bad product, then none of the above will matter. Have a product or service that will naturally garner positive feedback, word of mouth and return purchasers.
In today’s world, there are a lot of things you cannot fake. You cannot fake that you have a better product than others – only time will tell. Make sure to perfect your craft and have an amazing product or service first and foremost, and all of the rest will add to that value.
Remember, you are not the first person to start their own business, nor will you be the last. You will be just fine. Have faith in yourself and your skills and have a great support team and you will do well.
* Bureau of Labor Statistics (BLS), U.S. Department of Labor, Occupational Outlook Handbook 2021. BLS estimates do not represent entry-level wages and/or salaries. Multiple factors, including prior experience, age, geography market in which you want to work and degree field, will affect career outcomes and earnings. Herzing neither represents that its graduates will earn the average salaries calculated by BLS for a particular job nor guarantees that graduation from its program will result in a job, promotion, salary increase or other career growth.