Issue 4 of The road to entrepreneurship
There’s an exhilarating feeling that goes along with building something from the ground up. You’ll be able to experience a unique sense of pride when you are able to call it your own. This “thing” I’m talking about is a business – your business.
Building a business may not have the same amount of security or predictability that comes with buying a franchise or an existing company, but that doesn’t mean it’s any less appealing. There are ways to minimize risk and fear when building your own business.
· Demand is key
It’s unlikely that you’ll find a product or service no one has ever offered before. However, your community could have certain products or services that are hard to come by or could use some improvement.
· Get a system in place
A start-up means you are not inheriting systems from a preexisting business, so it’s critical to get your processes in place as early as possible. You need to determine how you’ll keep track of inventory, schedules, customers, prospects and more in order to be as efficient as possible.
· Create a marketing strategy
Before you do anything, plan out how you’re going to position and sell your product or service. Be specific about which channels you’ll use for marketing: online, print advertising, direct mail, social media, referral programs, etc. The more detail, the better.
· Surround yourself with the right people
Hiring great service providers is vital when starting your own business. They might include a financial advisor, a business attorney, an accountant, or any other professional who can help you do things correctly the first time.
Checking off every item on this list will ensure your new business has a stronger foundation to stand on and a better chance of meeting the expectations you have for your entrepreneurial experience.
Take advantage of the additional information online about building your own business. As a business owner, there’s no such thing as having too much knowledge.