You wouldn’t buy a house that didn’t have a strong foundation, so why take risks with your startup? Laying down a solid foundation as an entrepreneur gives you a better shot at success. Before you make the jump into owning a business, work on these crucial building blocks that will provide the structure and support you need to thrive.
If you want to be a successful business owner, you have to be comfortable with staying busy and productive. While using online tools and best practices can help, you may also want to outsource some jobs to keep yourself from getting overwhelmed.
For example, you can hire a freelance data entry specialist to take care of tasks like inputting information in spreadsheets and transferring data from physical to digital files. Ideally, the candidate you hire should be proficient in researching, typing, and paying attention to detail.
IDENTIFYING KEY STARTUP TASKS
There’s a difference between planning your business and potentially wasting time on a business plan. If you spend too much time writing out an extremely detailed business plan for your startup, you could be missing out on more crucial steps for success, such as fine-tuning your products or creating a pitch for investors. So focus your efforts on those small details that tend to matter more, and then worry about a business plan, if needed, at a later date.
SECURING RELIABLE FUNDING
While you may not need a business plan to succeed as an entrepreneur, you likely will need some reliable funding sources. Credit cards and business loans are the most traditional funding methods for startups, but you can also think about trading services with other businesses, joining a small business accelerator or even crowdsourcing your startup funds.
DETERMINING A BUSINESS STRUCTURE
As you think about the details and budgets you will use to create your new business, you can also apply those elements to deciding which structure is best for your startup. Understanding liabilities, industries, and tax responsibilities can all help you figure out whether your business can benefit from being a corporation, LLC, limited partnership, or other business structure.
FINDING OR CREATING A SUITABLE WORKSPACE
No matter what type of startup you have planned, you need somewhere to work. That means deciding whether a home office is more suitable for your startup needs. While working from home can be less expensive, it can also provide more distractions that can reduce productivity, especially without a home workspace. If you don’t want to work from home but can’t afford your own office space, you can also look into coworking spaces to help you concentrate.
CREATING A COHESIVE MARKETING PLAN
No matter what services or goods your startup will offer, you need clients or customers to invest in them. Attracting those customers takes a solid marketing plan, which can be put together by asking yourself some key marketing questions.
For example, who will your target audience be, and why will they be interested in the offerings of your new business? Answer these questions and you will have a good foundation for building effective marketing strategies for your business.
MANAGING PERSONAL AND PROFESSIONAL STRESS
Being able to handle stress can be even more important than following any other steps in your career and keep you from burning out before you get to experience any real success. While you are focusing on the hustle needed to get your business going, also focus on the personal habits that will keep your brain and body going. Get some regular exercise, get some decent rest and stay connected to friends, family, and fellow entrepreneurs who can help you thrive in your professional and personal life.
Managing your way through the steps above will enable you to succeed more as an entrepreneur. Once you’ve mastered these steps, setting up your startup for success begins to feel more like pursuing your true passion, instead of maximizing your stress and effort.
About the Author
Erica Francis writes for ReadyJob and thrives on helping young people prepare for the working world. She aims to help teens develop the career skills needed to be successful in the workplace.
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