Updated: Aug 19, 2022
If you've recently decided to take the leap into entrepreneurship, you no doubt know that there's a lot to consider. This leap takes plenty of courage, but it can also cause plenty of stress. This is why careful planning is such an integral part of launching a new venture. Read on for some tips and tricks from Positive Tutors to get you started as an entrepreneur.
Finding Your Niche
Your first step in becoming an entrepreneur is finding your niche. Ideally, your new business centers around something you love. Whether you're making and/or selling a product you truly believe in or providing an IT service you know is valuable, your business needs to reflect your interests and commitments. That said, do some research to make sure you don't have too many direct competitors in your area and that there's a demand for what you sell or do.
Setting Up Your Budget
If you've determined that your niche is likely to work well for you, your next task is to take a close look at your budget. You must determine your start-up costs, anticipate expenses, set prices for your products or services, and look for funding sources to help you get started. There are several small business start-up grants, so do some research online to learn about those. A loan may also be an option, but study all the terms and requirements, so you know exactly what you have to pay and when as well as how much you may need to put up as collateral.
Structuring Your Business
Also, consider how to structure your business. You can find details in this ZenBusiness - Start a Business Guide. Typical choices are a sole proprietorship or a limited liability company (LLC). An LLC is often the better choice as this may give your new company some tax advantages, and it also provides limited personal liability for you just in case things don't work out. LLCs are also more flexible overall and often require less paperwork. Be aware that rules and regulations governing LLCs vary from state to state, so research Indiana’s requirements before you proceed.
Creating an Office Space
As you move closer to opening the doors of your business, you may actually need to have some doors to open. In other words, you need office space. Consider renting a room or two in a local office building, or start out using a co-working space if you’re a solopreneur. Either way, these places provide separation between your home life and your work life, and it may offer a more professional atmosphere that makes meeting with clients easier.
On the other hand, though, setting up an office in your home may be more convenient and cost-effective. If you go this route, create a designated workspace that's free from most distractions and large enough to accommodate your needs. If you're selling products, you may also need to rent a storage space if your home is too small to handle your inventory.
Marketing Your Product or Service
Marketing should be a key component in your business plan, so come up with some initial strategies to market your product or service. Create a website and social media accounts for your business, and take out an advertisement in your local paper. Also, don't neglect the influence of happy customers and their recommendations.
Have a Plan to Get Paid
Whether you’re running a store, an IT consulting service, or a restaurant, you need to get paid. For a restaurant or store, your point of sale (POS) system. The ideal system provides inventory management, has robust reporting tools and is easy to use. As a consultant, you’ll need a different approach, however, and will likely need to submit invoices to clients. When first starting out, a fancy accounting system can be pricey, so look for low-cost or free solutions instead. For example, a free online invoice generator offers both customization and a quick and easy way to create invoices that you can then send out as PDFs.
Gain More Experience
You can become an entrepreneur if you plan carefully and reach for your dream. If your business idea is still in the planning stage, and you want to gain more experience working in IT, check out English for IT Job Interview classes from Positive Tutors. Learn how to nail your next interview through their curriculum that focuses on both soft and technical skills interview questions and how to answer them with confidence, ease and clarity. Written by: Elijah Dawson | Look For Jobs Here