Just starting out but don’t know where to start? Here are 5 essentials to entrepreneurship that can help you get off the ground, and keep on growing.
1 – Concept
You know what you love to do, so be sure to do some thing that fits into that realm. Maybe it’s baking, and the area where you live could really use a retail shop making custom cakes and cookies that outshine any available in the local grocery store. Plus, with your new vegan and gluten free recipes, you are sure to attract an audience! Perhaps it is helping people get organized and simplify their home.
Many burgeoning seniors want to do this to help with their move out of the family-sized home; they are ready to live a less stressful life, and they need someone they can trust.
Start where you have a passion for the work.
2 – Plan
Have one. Write it down. Review it often. A new business start up can be complicated and it is easy to forget important steps that can slow you down. From financing to choosing the right suppliers, getting the right permits and licenses, and remembering to schedule installations for your internet access. Every step you forget might delay and push back your grand opening. Don’t let your advertising and word of mouth efforts go to waste by missing critical deadlines.
Follow the guide you set for yourself and adjust when needed.
3 – Customers
Identify your target customers. As you start a relationship with them be sure to listen to their feedback, learn what they like and what they don’t. Use a POS system to track their purchases, create a history of trends so that you can have better predictability for the future. This will also allow you to keep in touch with them. It is easier than ever to start with a robust Point-of-Sale and don’t settle for Square or Paypal – you deserve better, especially in the beginning.
You need to stay in touch with your customers and your followers.
4 – Team
If you can’t do it on your own as a solopreneur, then be ready to build a great team. Take the time to train them well and keep training them – it is better to over train and help them become confident ambassadors for your business. Remember to listen to their ideas, too. They might have great insight to the market, the products, and the response to services and your products because they are often the front line between you and your customers.
The right employees can help you succeed.
5 – Mentor
Find a mentor. Whether you do this before you open, or after, no matter what industry or area your business is in, there’s probably a networking group where you can find excellent advice, a sounding board and important insight. Whether it is one person who has been there, done that like the group of volunteers who make up SCORE, or a group of experienced entrepreneurs and business owners. Start the business with someone to challenge you into being even better. You could find that person (or persons) pretty quickly at a local BNI Chapter, Chamber of Commerce, Retail/Restaurant Association or Professional Society in your area.
You don’t have to go it alone.
Opening is just the beginning.
Of course, these are just the basics, there are many other important details that go into a new business venture, we went back through our library to find some more detailed guides in our area of expertise.
Below are some more detailed articles and posts with important information if you want to dive deeper and learn more. We cover a lot of topics in this blog, but here are four links that cover banking options, POS systems, and keeping your customer data confidential.
If you have any specific questions and you are not sure where to start, e-mail to schedule a call with us and we can offer you some additional, specific insight with absolutely no obligation.
TransAct is here for you to help get your new businesses off the ground.