Striking out on your own as an entrepreneur might seem like a great idea in theory, but the realities of making a go of it are not for the faint of heart. From choosing the right avenue to pursue, to making it financially viable, it’s a road fraught with obstacles—having said that, it can also be one of the most satisfying adventures you will ever undertake.
Let’s look at some of the ways you can assure your entrepreneurial success right from the start:
Is entrepreneurship right for you?
Entrepreneurship is not for everybody. You’ll need to determine whether you have the stomach for the risk as well as the work that’s involved. By its very definition, an entrepreneurship is a solo endeavor, so you need to ask yourself:
- How much risk are you willing or able to take on?
- Can you accept trading in a steady paycheck for an unknown?
- Are you willing to wear the many hats required to head up your venture?
- Are you truly passionate about your business plan or idea?
- Do you consider yourself to be a good decision maker?
If you answered positively to these questions, you might be ready to dive in. If not, perhaps you should take a step back so you can better understand where your idea fits in with the rest of your life. In business, timing is everything. If you don’t feel like you’re ready, you probably aren’t.
Being passionate
Passion goes a long way to ensuring your entrepreneurial success. After all, you’ll be expected to pitch your product or service to a lot of people, both to attract funding and to attract customers. If you see yourself moving toward entrepreneurship, look closely at your business idea, and ask yourself these questions:
- What do you love doing?
- Does your business idea tie into this passion?
- Can you see yourself living, eating and breathing this topic day in and day out?
- What are your strengths?
- Is there any topic or subject that you are considered to be an expert on?
Look closely at your answers to these questions. If your business model falls within the scope of your responses, you might just be on to something really satisfying.
Decide on your direction
If you’ve made it this far, you’re probably ready to zero in on your niche. To further define what direction your entrepreneurial bent is going to yield, let’s look at the categories of business you will need to consider:
a. Physical products
There are many things that can encompass physical products, but basically, a physical product is anything that can be shipped from door to door. You’ll need an eCommerce enabled website, and you’ll need a fully fleshed-out plan to market this product online. Look at what you’ll need to make that happen, whether it’s logistics, distribution, or a strategic partnership with a company that makes a complementary product (such as if you’re marketing an accessory for the iPhone, for example).
b. Digital products
For products that can be delivered digitally, such as eBooks, webinars, or online courses, the most important thing you’ll need is a way to get the word out to your intended audience. Consider using a range of digital marketing techniques, such as content marketing, digital advertising, social media, AdWords, and perhaps look into a good marketing software suite like Marketo or Salesforce to enable your sales funnel.
c. Services
If you have marketable skills that are in high demand, there are a number of ways you can strike out and make a splash. Skills that are in high demand, such as web development or network security can be leveraged towards a profitable solo business, but if you really want to take it over the top, consider hiring others like you to multiply your earning potential. Many successful agencies began as a solo endeavor and grew through customer demand. In this instance, it is even more important to establish your brand and what it stands for: excellence, customer service, expertise, and being able to save your clients money are just a few of the ideals you can hang your entrepreneurial hat on. Even Google started with just a couple of guys working out of a garage. If your service is in demand, the sky’s the limit.
Heritage Office Suites in Round Rock and Georgetown, TX
If you live and work in Williamson County, drop by Heritage Office Suites today. We enable entrepreneurs and small businesses with flexible office space and business support-services that can help make your venture a success.
