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Making the Leap to Entrepreneurship

“Love what you do and you’ll never work a day in your life”….sure. In your dreams, right?

You CAN become your own boss! Do what YOU want to do all day, and make money for yourself instead of CEOs!

But first, you need a plan to ensure your success as an entrepreneur (after all, once you quit the boring day job you can’t really go back!).

Here are 5 strategies to help you get started:

  1. Know Your Competition

Obviously this isn’t your first step. Your first step is to decide what your business will be. But as far as strategies, this is an essential one.

The good news for you is that there IS competition. So instead of trying to reinvent the wheel, look into what other companies are doing. What are they doing right? What are they doing wrong?

And utilize resources other than Google, such as SpyFu, to check into your competition. You can even get insight into their business strategies with additional resources like Keyword Spy, Reference USA, and Hoovers.  

  1. Be Frugal

  • Look into services like Regus, NextSpace, or ShareDesk  for inexpensive office space.
  • Perform your own market research. Eric Casubari, founder of RetroFitness, used to travel, watch foot traffic, and record his own marketing results.
  • Last but not least, live within your means.
  1. Know About Resources for Your Company

Eventually your company will grow (hopefully). So set up your business with progress in mind.

Start by setting up your files on a cloud. It would be embarrassing if you lost everything because your five-year-old laptop crashed. Look into options like Dropbox (you can use the free personal version until you’re ready to upgrade to Dropbox Business), Google Drive, Apple iCloud, or Microsoft OneDrive.  

  1. Value Customer Feedback

This one is kind of a no-brainer, right? But really. If every entrepreneur took this step seriously the rate of success for business start-ups would be way better.

Based on your specific line of business, plan out some key questions that directly affect your way of business. Work those into your interactions with customers.

If your interactions are mostly virtual, look into an email survey system like SurveyMonkey. You can use the basic free version. It isn’t fancy, but it will collect the data you need.

  1. Be Flexible

Because if something can go wrong, it will. It’s the way life is.

You may get customer feedback that throws you for a loop. Turns out, they don’t want what you thought they did. Time to adapt!

Or your competition may unexpectedly branch out into an area that was exclusively yours. You should immediately take action by researching how to make that area unique to you. Also, some extra marketing couldn’t hurt. People don’t care who came up with the idea first, they just care about who does it best.

Conclusion

Turns out, becoming an entrepreneur involves more than dancing out of your day job screaming “FREEDOM!!!” then starting a company in your garage. Although, Bill Gates seems to have done well.

The key is to strategize and be prepared. With a concrete plan in place, do you think you could ever take the plunge?

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