If you have a business idea of your own but don’t know how or where to start, these tips will help you to put a plan into action and make that final leap into entrepreneurship.
There are approximately 582 million entrepreneurs globally, according to recent statistics from MARKINBLOG. And while some people are natural-born entrepreneurs, other skills and abilities are taught over time with the right training, mentorship, schooling, and experience. But with all the time, research, money, and ambition that goes into putting a business plan into action, it’s no wonder why so many would-be entrepreneurs never take that final leap into launching a business.
If you have a business idea of your own but don’t know how or where to start, these tips will help you to put a plan into action and make that final leap into entrepreneurship. Now let’s dive in!
Your Business Plan
As an aspiring entrepreneur, the single best thing you can do when starting out is to draft a detailed business plan. A business plan will include each and every detail of your business, like your target market, the products or services you’ll offer, how you’ll sell them, and how you’ll fund and structure the business. Your business plan should also include an executive summary that discusses your mission statement, leadership team, financial information, and other pertinent details about your business.
When writing your business plan, you’ll need to put careful consideration into the legal structure of your business — as this plays a role in how you’ll protect your assets, pay taxes, and launch your business. The simplest legal structure in America is the sole proprietorship, followed by a partnership. Married couples and solopreneurs often structure their businesses as sole proprietorships, while partnerships are owned by two or more entrepreneurs who are not married to one another.
In addition to sole proprietorships and partnerships, other legal structures in the U.S. include limited liability companies (LLCs), cooperatives (co-ops), and C, S, and B corporations. However, legal structures vary depending on where in the world you live. Under Austria company law, for instance, Austrian entrepreneurs can choose from legal structures such as LLCs, stock corporations, Societas Europaea, and several types of partnerships.
The right business structure for you will depend on factors such as the following:
- Business goals and objectives
- Personal liability
- Tax obligations
- Funding needs
- Number of entrepreneurs involved
Your Budget
Once you’ve written your business plan, you’ll need to calculate the cost of putting your plan into action. You’ll need these cost estimations in order to request funding from banks, peers, and investors. And while startup costs vary by business, several of your initial expenses may include:
- Office space, licenses, and permits. Depending on where you live, run your business, and the type of work you’ll be doing, you may need to obtain one or more required permits and licenses.
- Technology. At the very least, small businesses need a laptop, all-in-one printer, reliable internet and phone service, a well-designed website, and tools for tracking social media, time, projects, inventory, and passwords.
- To protect your business from security threats, online safety concerns, identity thieves, and other types of cybercrime, it’s important to invest in things like cybersecurity and cloud computing.
- Marketing and advertising. Typically, you’ll need to budget for marketing campaigns, paid advertising, market research, and production costs for things like videos, graphics, and photography.
- Employee or contractor salaries. Unless you’re starting a solopreneur business — like virtual assistance, freelance writing, or web development — you may need to hire other employees or freelancers to assist you in running the business.
Once you have an idea of how much your startup costs will be, you can begin to look for funding. From bootstrapping and loans to angel investing and venture capital (VC), there are many different methods of funding a small business. However, it’s important to do plenty of research and comparisons to find the best option for you.
Your Office Space
As you prepare to launch your small business, you’ll also need to create or find an office space that aligns with your entrepreneurial goals, needs, and budget. Many U.S. entrepreneurs launch their businesses from home — and this could be a great option for you as well, depending on the nature of your business. Entrepreneur shares some helpful advice on establishing a home workspace, equipping it with everything you’ll need to run your business from home, and showcasing your home-based business in the most positive light.
If you’re looking to build a business outside of your home, you’ll need to consider your demographics, budget, parking needs, and preferred office layout when choosing a space for your business. Members of the target="_blank"Forbes Real Estate Council offer some expert tips on how to do it.
Your Team
As discussed above, you may need to hire one or more freelancers and employees to assist you in running your new business. However, this will depend largely on your budget, goals, and the nature of your business. And in some cases, the best addition to your team will be a co-founder — especially if you don't already have a business partner.
Whether you’re looking to add a co-founder, employees, or freelancers to your team, there are a few places to look for potential candidates. To hire freelancers, for instance, you could use online job boards like Upwork, Guru, Toptal, and ProBlogger. As another option, you could work with a recruitment agency to find freelancers, temporary workers, and full- or- part-time employees — or you could post job listings to websites like Indeed, Google for Jobs, Jora, and LinkedIn. Even if you start out by working with freelancers, you could always choose to hire them as employees in the future.
Final Words
There are so many things to consider before making the final leap into entrepreneurship — like how you’ll structure your business, obtain the funding you need, and whether you’ll work from home or elsewhere. However, this is where your business plan comes in. Your business plan will help you to put your idea into action, run and grow your new business, and achieve success as an entrepreneur.
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Read More: 5 Simple Rules To Become A Successful Entrepreneur
