First things first, congratulations and good luck on your personal entrepreneurial endeavors! At Women Who Boss we love to see our bosses thrive in their passion. Check out these tips below to get your business idea into clear action:
Write your Vision
Starting a business is no easy feat. It takes preparation and action. A plan does not have to be a drawn out before moving forward. Having a clear vision about who you are and what you bring to the marketplace speaks volumes. Some people jump right into action mode. However, having a general idea about where you want to go will help you properly position yourself in the marketplace.
Determine your Legal Structure
In order to start your business the right way it is important to have a clear legal structure. Establishing a business is just like establishing a home. Great foundations render great results. The way that you set up your business structure will have an effect on the way that you pay your taxes, and name your business. There are other things to think about as well. Research the regulations of your local state in order to make sure that you are in compliance with your local laws. Make sure that you are also properly registered. Once your business has been properly registered to make sure that you apply for an EIN. This will give you the ability to open up a bank account and pay taxes. These are small things that make a big deal in the end. Another thing to consider is whether or not you need to obtain insurance depending on the type of business that you have. Many people debate about the need for a physical space. It really depends on the nature of your business. If you are just getting started you can opt to utilize shared office spaces. The cost is affordable, and it will give you the ability to have a legal address. Some shared spaces offer additional services like a receptionist and a business address.
Set your pricing and policies
If you are a service-based entrepreneur create a detailed outline of the products and services that you wish to provide. Take a piece of paper and write your overall vision. Next, create a list of all of the products and services that you have to offer based on your vision of the company. Having a clear list of your services will help you when it is time to build your online presence. It will also give you the ability to look more professional. People are more willing to do business with people that can clearly communicate what they do. If you own a product based business, price your product in order to render a profit. A lot of businesses make the mistake of not pricing items properly. This can result in a loss.
Policies are just as important as pricing. Having a documented system adds to one’s professionalism. It also protects you from mayhem. Take some time to think about your privacy and return policies. Setting up checks and balances in your business early on can help you in the long run.
Establish a clear plan to generate leads
Decide what you want to offer. This is an important step for service-based businesses, although, sales are important to every thriving business. If you are not good at sales, invest in training in order to become better. The goal is to get your business and services in front of new people every day. There are so many things that you can do in order to promote your business. Prospecting and pitching are essential. Take out some time to identify your target. Doing so will make it easy for you to position yourself to win. Once you have a plan to position yourself in order to make offers. Don’t be afraid to promote yourself. The world needs what you have to offer.
Find a Coach
We live in the information age. There are so many resources out there that can help you achieve your objectives. However, asking for help is the key to growth. A wise man once said, “If you want to be successful, find someone that is doing what you want to do and do it.” In other words, surround yourself with the right people. You can save time and energy by investing in courses, business coaching, conferences and so on. Don’t break the bank. There are dozens of mentors and coaches willing to work within your means. Build a team around your current budget. Find people who have found success in the areas that you struggle in. It will help you get to where you are going a lot quicker.
Have you started a business of your own or clearly envisioned one? Which of these tips is your favorite to help you get that business going? What other advice have you heard that was helpful in starting your business?
I am the co-founder of Elkins Family Enterprises which is an advertising and print broker. We specialize in designing websites, flyers, and marketing materials. I am also the founder of Digital Marketing Mogul which is a mentorship program and digital marketing boutique.
All of these tips have been instrumental in helping me achieve my business objectives.