We live in the age of independent entrepreneurs. Almost everyone dreams of starting their own business, working independently and gaining financial freedom. Everyone talks about it and produces content. Considering the predictions that many services in the market will be provided by small private companies in the next 15 years, we can say that we are at the right time to start your own business.
Big companies, corporate structures, brands remain cumbersome in the active market of this age. For this reason, small, flexible and fast-moving boutique businesses can be profitable alternatives for the market. If you are one of those who want to start your own business to gain financial freedom, we recommend you to consider the following points.
1. Set Your Purpose
If you decide to start a business because of colleagues or supervisors with whom you have trouble getting along at work, the end of this story will not be very pleasant. Even if the bad neighbor makes the person the owner, it does not make a successful business owner. To start your own business, you need more plans than dreams. While your dreams keep your motivation high, your plans light your way....
2. Be realistic
Many entrepreneurs fall in love and dream about their own business. In the business world, there is no room for dreams. Math doesn't lie to you. Wake up from pink dreams and look at the world by shedding your prejudices.
3. Get Ready to Work Harder
Many people who own their own business work more within a company than people who work overtime. If you are the owner of your own business, you cannot have the concept of overtime. If you have to deal with all the intensity and difficulties alone, as there is no authority higher than you to forward your complaints.
Especially for a small business that is just at the beginning, the concept of department cannot be mentioned yet. For this reason, you will have to deal with many jobs, one independent of the other, such as sales, collection, accounting.
4. Get Ready to be Broke
When you work on salary, you are probably unaware of the firm's cash flow. The only thing that concerns you is your pay day. When you own your own company, all your income depends on your customers' payments. Since the customers and collections will not be lined up at the door on the first day of your own business, it means that you will be without money for a while.
5. Make a Small Business Plan
A business plan always works for you. Although traditionally we all have the mentality of "the caravan is flat on the road", the fate of the caravans on the road is not very pleasant. Run your business first with paper and pencil, taking note of important points such as your product, your target audience, your marketing plan, your sales pricing, your competitors. With such a brainstorm, you can have the chance to discover potential problems that may occur in the process.
6. Decide What to Sell
Will you be selling a product or a service based on your own expertise? These two are very different types of businesses. Selling a service always needs a business to set up with less cost. A business that sells products has costs such as product and storage.
In terms of marketing, these two businesses are different from each other. If you want to sell products, you will need a good decoration and display. For a business focused on selling services, what you need to save is satisfied references.
7. Determine Your Target Audience
Who will be your customer? Is there currently a demand and supply for your product or service in the market? Shape the framework of your target audience by answering these and similar questions in a realistic manner.
Focus on where your target audience spends time and how they buy your product or service. A correctly formed target audience definition provides comprehensive information about the target audience by containing demographic information such as age, location, and income.
8. Determine the Capital Required to Start
The day you open your business, there will be no customers lined up at your door. After opening, your business will not be able to generate enough profit to cover its own expenses for a while. Calculate all of these in your business plan and get your capital to start.
Before opening your business, you will have expenses such as legal documents, stocks, decoration. After the opening, marketing, advertising and operating expenses will come into play. Your business will not be able to reach the turnover to cover all these expenses at the beginning of the road. What you need to do is to include in the starting capital the operating expenses that will keep your business open until things are on track.
If everything is ready, you can go out and start looking for customers. What you need to do is tell people about your business and the added value you offer. People may be partially biased towards startups. Losing your motivation right away will be the biggest mistake you can make. It may be useful to listen to your customers' demands and add small updates to your business right at the beginning of the road.