Whether you’re planning to start a side hustle while you keep your 9-5, or you’re going all-in with a new business that you’ll run full-time, there’s no question that starting your own business is a big deal.
While you’ll be your own boss, working your own hours and keeping control of every aspect of your business, this also means that you can expect the stress and sleepless nights that occasionally go along with this freedom.
If you’re ready to make the leap, here are some top tips to help:
Do your market research
Are there other businesses offering the products or services you’re planning to offer? If not, is there are reason why? Spend plenty of time researching potential partners an rivals. Do customer research and ask questions about what your customers are really looking for. Get a fresh set of eyes and utilize feedback. If you’re creating a product, make sure you push out a prototype, take on the feedback, and adapt before you create the next prototype or product.
Create a business plan
Business plans are written descriptions of how businesses plan to evolve from when they launch to the finish product. Include your company description, the problem you’ll be solving, and why now is the time for the business to launch.
Define your target market and ensure you know exactly how you’re going to sell to that market. Do a competitive analysis so you can understand the strengths and weaknesses of those competitors. Finally, make sure you include your finances- where are you getting your money from? What will you be doing with that money?
Purchase the things you need
If you’re planning to run a business as a copywriter or website developer, you may only need a laptop and desk. However, if you’ll be selling actual products in a store or office, you may need to do everything from renting that space to purchasing a company mascot.
Get the word out
It’s crucial that you understand how you’ll be getting your product or service in front of potential customers or clients. This means creating a smart marketing strategy. Include social media marketing, a user-friendly and attractive website, building an email list, pitching potential clients, influencer outreach, flyers, and anything else that’s relevant to your specific business. Keep in mind that what works for one business may be the wrong choice for you- the best marketing strategies are all about the customers.