Are you ready to start your own business? Many people who decide to take the big leap from being an employee to an owner worry about those crucial first steps. Fortunately, many have gone before and been successful, so we can learn from their experience. Whether you intend to start a micro company, a medium-sized, or a larger enterprise, there are four things you can do to make the journey a stable, less nerve wracking one.
The beauty of the four steps is that you can sit down right now and put most of the detail on paper, make concise written plans of action to guide your decision-making process as things move from concept to reality. Getting your personal finances in order is the priority. After that, it’s all about coming up with a branding plan, deciding how to market your product or service during the first year of operations, and cutting rent expense by working from a home-based office. Here’s more detail about each step so you can make your own outline and ease into entrepreneurship in a commonsense, hassle-free way.
Get Personal Finances Under Control
Your business life will not proceed well if you don’t have the personal side of things in order. That means getting rid of high-interest debt, having enough capital to cover your monthly expenses, and knowing how to finance one-time expenditures like major moves, a child’s wedding, or a special vacation. One of the best ways to eliminate high-interest credit card debt is by getting a personal loan. With personal loans, they have the unique ability to offer reasonable interest as well as higher borrowing limits than plastic. And, today’s loans are not complicated affairs. On the contrary, you can apply online quickly and easily. And in less than 60 seconds you’ll be matched up with a wide array of options and packages. There’s something to fit every budget and lifestyle. At that point, the decision is yours. Just pick the loan that suits you and move on to the next step.
Decide How to Brand a New Company
The second step of the preliminary phase is branding. Here’s where brainstorming comes into play. Sit down and research your competition, decide who your target audience is going to be, choose your company’s main focus, think about what you want the entity’s personality to be, name the organization, come up with a memorable slogan, consider the kinds of fonts and colors that will dominate your website and packaging, and finally, design a unique logo. Branding is hard work, but you have the luxury of spending as much time as you need. And don’t forget to enlist the help of experts and family members. Just be careful not to give away any trade secrets during the creation process. Remember, if you get this step right, the dividends will continue to roll in for years and years. That’s because a solid brand will stick in people’s minds and set you, and your products and services, apart from the competition.
Use Low-Cost Marketing Techniques
If this is your first foray into the world of entrepreneurship, cost-cutting and minimizing expenses is likely on your mind. So, when you start to market and sell your products, don’t feel bad about using frugal techniques. Networking should be at the top of your list. Bring in as many people as you can to bolster the effort. Join the local chamber, attend relevant seminars, and get involved with charitable events. Social media is another ideal way to get your product name and image before the public for no cost. Consider spending one hour per day on social media posts. Print business cards and use them wisely. Don’t hand them out to everyone you meet. Instead, try to give 10 cards per day to targeted people, like other business owners, potential customers, community leaders, and anyone who might bring customers to your doorstep (or website). Finally, do a few giveaways at local events, print a few half off coupons and strategically sprinkle them around the community, use email lists to bring in more clients, and do free speaking gigs to organizations that feature local entrepreneurs.
Work from Home as Long as You Can
Don’t give in to the urge to rent office space from day-one. Instead, use an extra bedroom or corner of the basement as your virtual headquarters for the first year of operations. You’ll not only save a ton of money but will find out if the home office setup can be a long-term way of doing business. Some entrepreneurs are pleasantly surprised to discover that working out of their homes makes sense on a permanent basis.