The Ultimate Guide To Newbie Entrepreneurship
If you have recently said farewell to your full time position, your excellent wage and wonderful promotion prospects, the chances are that you are a little daunted by the prospect of launching your very own startup. However, being your own boss can be one of the most life affirming professional decisions you ever make. You will be able to work from home, go freelance, establish yourself as an industry leader, and be the master of your own working destiny. Read on to discover a whole host of tips and advice to make your foray into entrepreneurship just that little bit easier.
Work From Home
Start small, and walk before you can run. It doesn’t matter what industry you have chosen to launch your new venture in, start by working from home. As a single freelancer, working from home is the ideal way to keep overheads at a bare minimum. You might be tempted to hire a whole host of staff initially and access hundreds of thousands in funds. This is a high risk strategy. If your startup isn’t viable, then you could end up personally liable for debt. Instead, go freelance, test the waters and take on small projects.
If you are a freelance designer, consider a high end cad workstation to streamline your workflow. Invest in this kit, and complete your projects on time and to an excellent standard. If you are a writer, guest post on some blogs and enjoy trying to attract new clients by setting up an online portfolio. As your workflow becomes busier, you can then consider expanding.
If you need a cash injection to launch your startup, make an appointment with your bank in the first instance and pitch your business idea. Make sure that you have constructed a detailed business plan to highlight the profitable potential of your venture. Ensure that you know your gross from your net and that you are prepared to be interrogated on your figures. You must demonstrate your ability to be a responsible borrower by remaining in the black, not venturing into your overdraft and by not purchasing any big ticket items just before you are due to apply for your business loan.
If you aren’t keen on the traditional bank route, think about heading to a business angel. Pitching to an industry professional with decades of experience means that you could secure knowledge, advice and contacts, as well as investment.
You must have active social media accounts if you are to hone a strong online presence and be visible to your niche. You need to find your informal company voice, post relevant and meaningful content, and be willing to actively engage with your potential customer base. Grow your following by linking to blog posts and your website. Direct more traffic to your site, get people familiar with your brand, and convert hits into sales.
By following this guide, you will be honing your entrepreneurial survival strategies, and you will see your new business venture thrive.