Entrepreneurship is on the rise. A recent report estimated that each month, 550,000 individuals became business owners. Now more than ever, the world is set up for the success of people with good ideas. The online world allows for the creation and growth of a business from a home office, kitchen table or even a dorm room.
Just because a lot of people are doing it, that doesn’t mean that starting a business is easy. A good idea is just the start. This guide will help you take it from concept to kick-off.
Get Clear on What Matters
Before moving forward with an idea, it’s important to flesh out what matters to you and determine why starting a business is worth your consideration. This includes nailing down the services you might offer, what kind of problems it would solve and why you, above anyone else, would make a good owner for this business. This is the brainstorming phase, so there are no wrong answers, but prepare to refine these ideas in the next step.
Create a Business Plan
A business plan captures the specific goals of your business. It also outlines what it will look like to operate, from the cost of start-up to daily upkeep. This isn’t some one-page, rough outline — a business plan requires time and research. The Small Business Administration is a great place to start.
Seek Out Mentorship
A mentor can provide guidance in the overwhelming world of starting a company. A good place to begin is a startup incubator at your school or within your community. A local library may facilitate networking for small business owners.
When in doubt, reach out. Don’t be afraid to send an honest email to another entrepreneur you admire to ask if they’d be open to chatting over coffee. The worst they can say is no.
Get Funding
Finding funding for a small business isn’t easy. Considering turning to private investors over large banks for a small business loan. Minorities and women may be able to find additional funding for their specific demographics.
Have an idea that’s innovative or unique? Creative, new ideas might find success through crowdsourcing outlets like GoFundMe. Get the word out about your idea on social media to raise the most funds.
Entrepreneurship can be risky, but a good idea left alone is a waste. When inspiration strikes, don’t be afraid to chase it down and take steps toward turning your dream into a reality.
~Here’s to Your Success!
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