In today's economy, having a steady job means that one can budget and put away money into a savings and retirement account. Depending on net income, it means that one can start a family, create a home, and work toward paying off school loans. This is a great option for those of us who are able to make other people happy and stick to a strict budget. Knowing how to please other people, namely, bosses is what leads us to higher pay positions with more important responsibilities. But, what about those who can't seem to keep their boss happy? This article directs those kinds of people toward the option of becoming their own boss.
5 Steps to Becoming an Entrepreneur
1. Know what you're getting yourself into
2. Monetize what you're good at
3. Research your market
4. Build your empire
5. Don't give up
The 5 steps to Becoming an Entrepreneur Explained
Before deciding to become your own boss, you must reflect on what your life is like now and what it will be like one month from now. Dig into your soul and find out whether or not you will be able to work non-stop toward your goals. Are you content with working 80+ hours per week? How will you respond to taking three steps forward and two steps backward in order to make progress? These are only some of the questions that you will need to ask yourself before committing to this endeavor.
Your next step is to figure out what you have to offer. This step is the meat and potatoes of your business, so you need to tread carefully during this step. You need to figure out what you do well and find a way to offer it as a service. Have you spent the last ten years fixing musical instruments? Are you mechanically inclined with engines? Perhaps you have a degree in what you're good at and you can more easily convince people to come to you for your services. No matter what you choose, make sure that it is something that you can do over and over again. Make sure that it is something that you don't mind doing for free at first.
After deciding what you want to monetize, research your market. If there are a million other businesses out there that do the exact same thing as you, reflect on whether or not the market has room for one more. Also reflect on whether or not you can do the service or make the product better than the competition. Complete simple calculations to see if you could offer the service or the product cheaper than the competition. If so, then you are still in good shape. If you've done research and there isn't a company already doing it, then figure out if it is because you're the first to think of the idea or if there isn't a niche for your service or product. Maybe somebody has already tried offering your service or making your product and there just wasn't a need for it. Keep in mind that success is what you make it. Maybe the income that the previous owner was making would be suitable for your lifestyle, but not theirs. If you come across a company that offered your service or product, the best thing to do is to setup a meeting with the previous owner to see what happened.
Now build your empire from the ground up. Choose to create a business model that will be successful for you. This is the step where you will have to cover startup costs to get your product made or your service listed. Get your company name out there using social media. If you have a small-time business, then put an ad on social media and in local newspapers. If you are targeting a much larger population then you may focus on social media, commercials, and ads wherever you can get them at a great price. You will want to setup a website for people to look up what you're about and maybe even order your service or product via credit card and PayPal. This is the stage where you will want to gain followers and loyal customers by offering discounts and maybe even do the first service for free or offer free samples of your product.
Lastly, don't give up! There will be times when you will want to throw in the towel. There will be times when you wish that you hadn't started this business. Keep going and stay positive. If you want it bad enough, then it will happen. Keep in mind that your company will most likely take a few years to spread and hold its own in the market.