A recent study shows that the average person spends about 90,000 hours of their life at work. Day after day, we dutifully wake up, go to work, and come home exhausted after 8 to 10 hours.
Most people have accepted this as a way of life. After all, we need money to live.
But what if your job makes you miserable? What if you get absolutely no pleasure or fulfillment out of what you do?
Why not start a business of your own? Wouldn’t it be better to commit all your time to something you believe in, something of your own design?
I think so.
If you’re ready to redefine your life and pursue your passions, keep reading for everything you need to know about how to start a business in 2021.
First, understand that whatever your business idea is, you’re probably not the first to have it. However, that doesn’t mean you don’t have something unique to bring to the table. Identify your niche within whatever industry your business falls under.
Your niche is what makes you stand out from your competitors. It’s what makes your brand special. Your niche also helps you identify your target market.
Your target market will be the specific demographic of consumers who are most likely to invest in your products or services. All of your marketing messages should be directed towards them.
Starting a business responsibly means educating yourself. Look into the current market for your industry:
Based on your market research, develop a professional business plan. Your business plan will be viewed by banks and other lenders to determine whether or not they will grant you startup funding.
To start a business off on the right foot, I recommend starting with minimal startup costs to avoid getting in over your head. Nearly 20% of small businesses fail in the first year, typically because they start off too big and can’t keep up with the costs of staying open.
Furthermore, getting approved for startup funding will be easier if you’re keeping costs low and are starting off conservatively. One of the best tips for starting a business is allowing your customer growth and sales to dictate your business expansion.
Once you have the funding you need to get your business off the ground, you can start thinking about your business goals. Where do you want your business to be in the next six months, after the first year, two years, etc.?
Create practical short-term goals that lead to a long-term goal. To reach these goals, you need to learn how to draw consumers to your brand and generate leads. Mostly, this comes down to digital marketing.
Start by building a user-friendly website and learning how to use search engine optimization to increase your online visibility. Then, look into the various methods of online marketing.
If you’re wondering “Should I Start a Business?” the answer depends on how willing you are to commit to your own successes. Being a small business owner takes a lot of work. You don’t have the luxury of safety nets or guaranteed paychecks.
However, if you’re dedicated, hardworking, and willing to learn, a small business can be incredibly rewarding. I want to help make your business a success. Contact me today to learn about my professional coaching services and find out how I can help you succeed.