Being a first-time business owner can be scary, there’s no doubt about it. But, if you arm yourself with the right information, you can start off on the right foot. You’ll want to make sure you do the following:
#1 Show your Target Audience Why They Need You
What sets you apart? What void can you fill that no one else fills yet? If another company offers your product or services, what makes you better? Do your research and finesse your product or service so that you come out on top – showing the world your target audience that they NEED you. Make them wonder how they ever lived without what you have to offer.
#2 Sell Yourself not just your Company
Consumers have a finite amount of disposable income so they’re going to be choosy about where they spend it. Why should they choose you? What makes you different? What’s your story? In other words, what do you have to offer that sets you apart from the competition? Let your audience in to see the real you – their emotions will then guide them to purchase your new business. If they buy into you, they will buy what you are selling.
#3 Choose the Right Business Structure
Before you even get going, know how you want to structure your business. Will you be the sole owner? Do you want to offset some of the liability by forming a legal entity or do you want to take on the full risk and operate as a sole proprietorship? If you’re joining forces with someone, know how you’ll structure the company. Take this step seriously as it affects your business now and in the future.
#4 Create a Business Plan
Once you have the answers to the above, create a business plan. This puts the decisions you’ve made in writing and gives you direction. You are in charge here, but let’s face it, you can easily get lost in the overwhelming process of starting a business. Having it all in writing when your head is clear and your business isn’t up and running yet keeps you on the right path to execute.
#5 Know your Risk
Starting a business is risky – we all know that. But what risks are you taking? What risks can you protect yourself from? In other words, what insurance do you need? Do your research – think of every worst-case scenario and figure out how you’ll get around it. Do you need liability insurance? Errors and omissions insurance? Or another type? Keep digging and asking questions until you know for sure.
Starting a business may be one of the best decisions you make in your lifetime. Take the time now to do the research and get your questions answered. Do the work before you open up your doors. You’ll set yourself up for a brighter future from the get-go and be better prepared to handle what life throws your way.
Are you thinking of starting a business? What’s been your biggest challenge? Hit reply and let me know.
Keep making those business moves.
P.S. When you’re ready…here are a couple of ways I can help you manage through the icky side of business success…
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