So you want to take the first step towards being your own boss? Perhaps, you already have an idea—or there is a long time dream that you haven’t had the chance to pursue yet? Maybe, your skills and talent can easily set you off on a path of your own? If you tick yes to all these questions or at least one of them, then you are an entrepreneur in the making. All you need is some guidance or some inspiration to take the first step.
Here’s what you need to know before you become your own boss –
- Idea –You are on the right path if you can see potential in your idea even when others can’t. So it’s not always the product but also how you choose to do it matters and defines the future of your entrepreneurship journey.
- Market research – Even though you believe in your idea and the product, data never lies. Do your market research well and understand the demand or possibilities before jumping straight at it.
- Flexibility – You will succeed only if you have flexibility to improve your product or idea based on market research or user feedback. Being adamant in this regard won’t help.
- Legalities – Gather information about all the legal matters such as securing permits and licences, registering your brand or company, sorting your tax matter and also finding an accountant etc. This is one of the most crucial aspects that you cannot neglect.
- Preparations – Dealing with the changes that come from the switch is sometimes difficult to handle. If you don’t want to let go off your safety net, staying employed while working on the dream venture sounds like a good idea. However, there is a downside of losing your focus. Still you can work on some of the basics such as setting up a website or working on your personal brand while still being employed.
- Money – Figuring out the money matters takes more of your energy that you imagine. From sorting your finances to support yourself to securing funding or loans – there’s a lot to plan and figure out. Start by laying out a plan. For example, questions like ‘do I have enough to pay for a professional looking website or renting an office space etc’ need to be considered.
- Marketing – It always helps to understand the basics of marketing when you are staring out and on your own. Understand the basics of customer engagement, social media, ecommerce and analytics to get more insights about your product and target group.
- Personal branding – Even though your product should speak for yourself, creating a strong personal brand will always help in the long run. Building a strong network with your personal brand can do wonders to your news venture. Remember, word of mouth and personal recommendations always work!
- Failure – Consider your strengths and weaknesses. Get ready for success but also consider both emotional and financial fall back options when something goes wrong.
- Team – If you have the resources to have a team or a co-founder then choosing the right people is very crucial. They say, never go into business with your best friend but that is not always true. If you can see unwavering commitment, right attitude and great skills in a person, there should be no reason to doubt your decision.
Feeling inspired and ready? You can springboard your dream into an actual business through our upcoming 3- week entrepreneurship program B.Y.O.B (Be Your Own Boss). Applications are open now! Find more information here.
By Jutismita Hazarika – August 27, 2020