Many of us dream of quitting our jobs to become our own boss. That dream may become a reality more easily than you might think. More and more people are leaving 9 to 5 jobs in pursuit of running a business. A report released by Global Entrepreneurship Monitor states that in 2016, 27 million Americans started and ran their own business. If you would like to hop on the entrepreneurship trend, there are a few things you need to consider.
Make a Business Plan
Take the time to write out a business plan. Sometimes it is tempting to jump ahead and get to work, but planning out the business will help you decide what you need to focus on, what milestones you want to hit, and what marketing strategy will be most effective.
Your planning needs to focus on how your business is serving your customers and how it provides a market opportunity.
Do Not Hire friends
As tempting as it is, do not hire friends for your new business. Running a business where all of the staff members are your best friends, can bring forth some tough situations. It can make firing that person a more daunting task, thus making you keep someone who may not be a good fit.
Hiring friends may also ruin your relationship. Just because someone is your friend does not mean that they will be a good worker. Friends may also take advantage of your kindness and in return do a half-hearted job.
Claim Your Name
When you choose a name for your business, claim it. Make sure that the name is available for a trademark as well as an Internet domain. You can use a trademark search online to find if the tentative name for your business is available.
Don’t Forget About You
Maintaining your own business can be a costly endeavor. While working on your business plan, do not forget to take into account your personal expenses. The capital that you make from your business will not all go directly to you. A good portion of it will go back into your business for bills such as rent, payroll, health insurance, maintenance, etc.
Another thing to consider is where you are in your life. Starting a business involves a lot of time and dedication. More than likely you will devote over 60 hours a week for the first few years. Most of your personal life will be taken over by the concern of sustaining your business.
While there is no guaranteed formula for success, keeping these tips in mind will help your business get off the ground and running in the right direction. For further tips to success in business and leadership make sure you revisit my blog in the future!