Becoming an entrepreneur is not for the weak of heart. Launching a successful start-up is a journey that happens in multiple stages and comes with ups and downs. Starting a business can be rewarding, and with the right guidance and perseverance, the road to success is obtainable. Follow these five pieces of advice for the new entrepreneur to learn what it takes to start a business.
Do the Research
Starting a business requires passion, energy, time, and money. Start a business that plays to strengths and interests. Having the drive to follow a passion is the key to success. After thinking about an ideal business, research what it takes to start it. This is the time to think about who your target will be, would the business be profitable in your location, and if there is any competition in the local market.
Write a Strong Business Plan
A business plan is a blueprint for a successful business. It defines the concept, the marketplace fit, and outlines financials. Investors will want to see a business plan as proof that the idea is well-researched and thought out. It’s also a useful tool for a new entrepreneur to see how the business will succeed and predict any obstacles that may come up.
A strong business plan has projections for one, five, and ten years out. The first year outlines how to get things up and running, from administrative tasks to finding a location. Set practical goals to achieve in the first year. The five-year projections should reflect progress and growth. Do the same for a ten-year plan. Setting goals every five years will measure success as a business.
Be Practical with Money and Understand Taxes
All start-up businesses require an initial investment of capital. Be practical when coming up with a number and think about how to generate funds and manage profits. Think in the present about money, don’t just focus on future financial goals. The biggest concern for new entrepreneurs is knowing that the basic expenses will be covered for the first year. Know that money going out will be replaced with money coming in.
Get creative with finding the money. Online resource databases like Go Look Up allow users to search missing money. Run a search to find any unclaimed or missing money that is owed or waiting to be collected and find out the process to claim any rightfully owed funds.
When considering financials, remember to include tax obligations. Be as thorough as possible in the planning stages and create a plan to stay ahead of taxes. Hire a professional to help understand tax obligations.
Put in the Hard Work
Starting a business is a big commitment. Be willing to put in a lot of effort and time to get things off the ground. Focus creative effort on the right activities that will build the brand. Make a personal commitment to be devoted to all things business.
Time management skills are essential. Think about how much time is practical to spend working, and hire help, if needed. Entrepreneurs play multiple roles at the beginning, from sales and marketing to operations management and HR. Use online call center software to handle inbound and outbound calls. Cloud-based omnichannel contact center software from Bight Pattern allows businesses to engage with customers across multiple channels and keeps a cohesive history of all client interactions.
Failure is Not an Option
Make a personal commitment to see things through no matter what obstacles come. Think about the plan after achieving the ten-year mark. If the business is strong, is it ideal to carry on or will it be time to consider a buyout? Have an exit strategy in mind if and when the time comes to leave the business.
