It’s time for you to put your words into action and start your own business. Whether it’s because you are tired of singing to someone else’s tune, or whether you have seen a gap in the market that needs to be filled, the reasons for starting your own business are varied, but the outcome is the same: you are now going to be an entrepreneur. Here are 5 tips to turn your entrepreneurial dream into your reality.
- Start small
You may have big plans, but you don’t need the unnecessary expense of renting an office space or splashing the cash before you have even made a dollar. Your kitchen table is an adequate office space for you in the early days. You need to keep your overheads as low as possible when you are starting out. Nobody can tell that you are making that business call from your kitchen, as far as they know you are in a premium office block!
- Get online
Your business will not thrive unless you have an online presence. You need to have your own website, which not only is a storefront for your products or services, but is also a vehicle for you to promote your brand. There are many inexpensive options for web hosting, and there are resources online that outline how to create a website, but you must ensure that everything you include on your site is well considered. You can even use a free banner creator to enable you to strengthen your brand across your site and the different social media platforms.
- Cashflow
Never assume that your invoices will be paid on time. It is always best to assume that they won’t be. You must plan your business expenditure so that you avoid going into debt as you wait for an invoice to be paid, so reduce the risk of a cash flow problem by having very clear payment terms from the outset. Try to reduce the opportunity for cash flow issues by having more than one client – you do not want to put all your eggs in one basket.
- Network
Do not be shy about networking. You can network online by joining networking groups and forums, and even provide advice on areas that fall within your industry – this is a positive and free way to raise your business’s profile. Take advantage of face-to-face opportunities to network, and always make sure that you have a business card to give to your new contacts.
- Be a provider
It can be very easy to think about your business just in your terms, but your business can only be a success if it is providing something that people want. You need to keep up to speed about what your customers want and what they need. Your social media is a great way to communicate with customers and potential consumers of your product or service, so be prepared to adapt what you provide to what people want. You may need to adjust your business plan slightly, but by being flexible to market changes, you will succeed with your enterprise.
