As a budding entrepreneur, you control your DESTINY. Turing your passion into a profitable business and being able to work from home or live by your own terms is turning out to be the new American dream. Now don’t go and quit your 9-5 just yet or turn in your 2 weeks’ notice (even though it could be TEMPTING)!!
As an entrepreneur you will have more time to spend with your family and have the freedom in your schedule. If you LOVE what you do, you will never WORK a day in your life. Do something you absolutely love so much that you would be happy to do it for free. You’ll find that the financial rewards will follow. I have outlined a step by step guide that will assist you in attaining your DREAM.
- What is your purpose? Make sure your business is something you love and are passionate about and isn’t something that will be just another “hobby”. Ask yourself these questions: What motivates you to start your own business? What problems have you solved that you know what to help others solve? What is your business mission?
You already have an idea or purpose in mind or you would not be reading this. Try not to limit yourself to ideas that you believe will make you a lot of money just because other people have been successful with them. The more unique your business is, the less competition you’ll have.
- Find a mentor-Find someone who is the same niche as you and someone you admire and spend time with them on a regular basis. You should be clear on what your intentions and business plans are so that both can benefit from the sessions and that you don’t waste each other’s time. You should never stop looking for opportunities to grow. You should continue to seek out various avenues that are in your niche, such as seminars and business conferences.
- Decide on how much you can spend-Don’t make the mistake of thinking you need a ton of money to get started either or listen to anyone who’s pushing you to spend way more than you feel comfortable with. It’s great to have savings along with an emergency fund set aside solely for your business. Billionaire David Green started Hobby Lobby with only $600 (WOW). Just imagine what you could do, with what little you have!!!
- Research Your Target Market-Do some market research on your target audience to determine their habits and spending trends. You can even create a Facebook or focus group with a few individuals to get more feedback and determine your target market better. As a rule of thumb, before you launch your business, it’s crucial that you have a clear understanding of who you will be serving and how to reach them. When you create a profile of your ideal target market, it will be easier to figure out how to sell your business to them.
- Write A Detailed Business Plan-Your business plan should be thorough, clear and include a detailed summary of the purpose of your business along with your mission statement. Be sure to define your target market and how you plan to sell to them, your marketing strategy and your overall plan for launching and growing your business. When you are ready to take your business to the next level, you should have an editor or lawyer look over your business plan to make sure everything sounds clear and correct.
- Time to Set up SHOP!!-After you’ve completed steps 1-5, you’ll finally be ready to rent out a location for your business or set up your home office. I initially created my business cards through Vista Print and set up a website on GoDaddy. If you’re going to be running a brick and mortar business or working out of an office, secure a rented space in an ideal neighborhood where your target market can reach you if needed.
Lastly, social media is a FREE space where you can advertise your business. Make sure that you market and promote it to others so you can get off to a great start.