Are you drawn to the idea of starting your own business, but worried about the financial risks and possible failure of your endeavor? You may be concerned about your lack of capital, insufficient skills, or a number of other perceived barriers that could stop you from becoming a successful entrepreneur. If you’re hesitant to take the plunge, here are three steps you can take to get you closer to your dream:
Create a Business Plan
Coming up with clear directions before you start out on your entrepreneurial journal can greatly help alleviate some of the fears you may have, and a well-thought-out business plan can also help you attract investors that will get your venture off the ground and running. In your business plan, you will be defining your company goals and how you’re planning on achieving them. Your document should include your marketing strategy and your financial projections, as well as a presentation of the team you’ll need to reach your objectives, with a clear description of each role. Since most small businesses and nonprofits have to start their plans from scratch, take time to research your competition: instead of drawing up a list of maybes and wishes, you will be able to come up with a more realistic outline for your own venture, based on real facts and actual numbers.
Set SMART Goals
The acronym “smart” stands for Specific, Measurable, Attainable, Relevant, and Time-Bound.
And setting achievable, or SMART, goals for your business will lead to fewer uncertainties when it comes to the success of your future endeavor. Instead of vague and lofty dreams and aspirations, coming up with realistic objectives will help you stay on track and motivated, and you’ll be less likely to give up once you start seeing positive results. You can set goals for the long term – what you hope to achieve within several years in terms of revenue, clientele, etc. – as well as for the short term, that is, what you want to accomplish within a week or a month, like designing a logo, finding new vendors, or installing CRM software. Setting smaller goals can take some of the fear out of launching your business into the world as you see yourself crossing those items off your list and moving closer to your target.
Look for the Right Software
Many small companies start off as a one-man show, with the owner being in charge of all aspects of the business, from production and marketing to bookkeeping and accounting. Being in charge of all those different tasks can quickly become overwhelming, and some businesses never even see the light of day as many would-be entrepreneurs fear that they won’t be able to handle it all. Thankfully, there are technologies available on the market that can simplify and streamline the day-to-day operations of a small business or nonprofit. For example, you can use accounting software for your bookkeeping, and organize and store all your receipts in one place; that will come in handy when it’s time to file your taxes. Accounting software lets you get insight into your cash flow, which in turn allows you to make better-informed decisions for your company, and you’ll even be able to process payments and manage your inventory all in one spot. So take advantage of small-business apps and software to simplify your life as an entrepreneur.
Don’t let fear and uncertainty stop you from realizing your dream of owning your own business or launching your nonprofit. Take time to draw up a solid plan of action, and look at your competitors to see what works and what doesn’t. You’ll soon feel confident enough to become an entrepreneur.
At brandingcreatively.com, we help busy entrepreneurs market their business with creative branding, graphic design, website design, video production, and more! Connect with us and keep up-to-date with the latest marketing trends and technologies.
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