There are 5 steps critical for becoming and entrepreneur that every entrepreneur needs to know. Let’s go through them together and identify if there are any areas needed to improve upon.
1. Identifying your target market – This is a critical first step for any Entrepreneur. It will allow you to create the basis for your business and thereby ensure that the foundation for your business is strong and secure. Some questions that must be answered to do this are: Gender? How old are they? What do they do for a living? What is their biggest pain point? How can I (my business) help them solve that? What is their goal? Why would they use my service? Once you have answered these questions, you will have a good grasp on who your ideal customer is and be able to develop effective marketing strategies to reach them. The more you can direct your messaging to them, the more they will say “It’s as if they are talking right to me!”
2. Be Flexible – Allowing flexibility in the business is very important. One can and should readjust throughout their journey as a business owner. This may be a result of learning more information about the target market as well as yourself as an Entrepreneur. A SWOT analysis should be done early on – SWOT = Strengths, Weaknesses, Opportunities, and Threats. Based on the results of this analysis, adjustment may be needed, and that is okay. Careful analysis will go a long way in allowing you to “tweak” your business according to the results.
3. Be realistic – about the time that you have to commit to your business. Carefully look at yourself and your situation. Are you in a relationship? Do you have children? Are you working another job as you launch your business? How much time can you dedicate to your business? Will that change in the future, and if so how? This is extremely important to ensure that you have realistic expectations of yourself and your business. Otherwise, you will feel like a failure if you set unattainable goals/expectations and become quickly discouraged. Know what you can do and what you need more time to do.
4. Get a Business Coach – to hold you accountable and to work with you to accomplish your goals and even help you identify your goals accurately. Your business coach will be there and have an impartial input when you need encouragement or a “kick in the pants”. They will celebrate your successes with you and help you to identify your failures and learn from them. Remember there are no losses in entrepreneurship, especially during the start-up period. Instead of win or lose, it is win or learn.
5. Lastly, know your numbers. If this is not your strength, then hire someone to help you with this. It is essential that you keep an accurate knowledge of your expenses, profit, break-even point, etc. Careful tracking must be done because without it, the financial future of your business may be in jeopardy. How much did you spend last month? What would it cost you to hire someone? etc.
There you have 5 tips you need to know about when becoming an entrepreneur! What tip is your favourite? Join us in the Wellness Business Growth group and share.