Quite often, when you speak with people about their career goals and what they want to achieve over the span of their lifetime, they will hint that they would like to work for themselves. The dream for people to become their own boss is a dream that more people seem to desire and are achieving today.
There are many ways to accomplish this dream, but ultimately, it comes down to the lifestyle that you want to achieve. This story is told well in Tim Ferriss’ 4 hour work week. And while the information that is told is good and very valuable, not everyone is ready to jump straight into the methods that he preaches in his book. Online TAFE courses offer modules that will allow their students to focus on specific areas for their entrepreneurial ambitions.
If you feel like you are ready to embrace entrepreneurship and to become your own boss, below are a few considerations to keep in mind:
Know Your Market
This goes without saying, but you need to know your market. Know what they want and give it to them. Otherwise, you will be on the path to disaster. Do the market research and test your product with the market to see if they will buy it. Should they go through with the purchase, then you may be onto a winner. If not, then it may be wise to move your focus onto another venture.
Know How Much Working Capital You Should Have to Support You
It is likely that you will be bootstrapping your business during the startup phase. You need to ensure that you have enough cash to keep your business afloat, either from savings or the amount of cash flow that you have with your business.
Consider Working with External Investors
If money is an issue, you may need to get the help of external investors. The business can leverage angel investors or you could borrow money from friends, family or banking institutions.
This can be the most intimidating since asking for money can be very stressful. You must be able to walk the walk, and talk the talk. If presenting to a potential investor stresses you out, consider taking a Storytelling workshop at a place like General Assembly.
Calculate the Equipment, Software, Hardware and Infrastructure You Need to Make It Work
It is something that may be underestimated prior to starting the business, but you need to forecast what infrastructure the business will need to invest in. This includes the software and hardware, as well as other things such as an office or warehouse.
Have a Strong New Business Strategy
The business won’t be able to take off if there is no new business generation strategy. You will need to develop a sales and marketing strategy that will allow you to generate leads and to get direct and indirect sales for your business over the long term. In the beginning, it is likely that you will have a small amount of capital; which you will need to use to get a direct return on investment. Marketing methods you may need to look into for your business include:
· Direct mail such as newsletters or leaflet drops
· Search engine optimization
· Search engine marketing
· Paid Facebook promotions
· Social media marketing
· Email marketing
· Retargeting
· Content marketing
· Editorial write-ups in magazines, newspapers and industry journals
· Public relations
Test to Make Sure Your Business Works
You don’t want to put yourself in the position where you have invested all of your resources into the business and you aren’t turning over any income or profit. To avoid this, you need to test your market to see what people will respond to. Are people actually purchasing your product? Or are they just showing an expression of interest into the product. Ultimately, you want to make sure that there is enough of a demand for people to purchase the product consistently so that it will generate the business an income.
When you decide to go into business for yourself, you need to commit to making it work. The points outlined above provide a strong idea of what is required in order to get your business moving in the right direction. Be wise in your business decisions and your business should thrive over the long term.
