5 Tips on How to Become an Entrepreneur

A major bank has carried out a survey and found that one in seven Britons is planning on becoming an entrepreneur. This is a rise of 50% compared with 2019, and it seems fairly obvious that the pandemic has had a huge effect. With people not feeling as secure in their regular jobs, they dream of working for themselves and taking control of their destiny. This is why I have come up with some tips on how to become an entrepreneur. 

I began my company in 2015 and have grown it since then, alongside my day job and raising a family. It is tough, there are many downsides, but it is also one of the most rewarding things you can do. Whatever the industry you want to work in, I hope these hints can help you out.

1)  Do Something You Love

Is the business you are planning to launch a passion of yours? You will dedicate so much of your time to it in the next few years that it is so important you do something you love and care about. This will drive you on through the tough times. Without that passion, it is all too easy for your work to feel like a millstone around your neck. If you enjoy your profession, you will be excited to get down and dirty to solve problems and prosper.

2)  Create Your Business Plan

Many people think they have the perfect idea for launching their own business, but you never really know how viable it is until you create a solid business plan. This process makes you really think about the firm details of your business, the important information that tells you whether there is a real audience for your product or service and whether you can realistically make a profit from pursuing your idea as it is.

You can work out how the business will run on a day-to-day basis and how you will grow at the beginning and over time. With this information at hand, you can finetune your proposition to take into account the realities that hit us all as entrepreneurs from time to time!

3)  Look After the Pennies

There is a temptation to splash the cash when you start your own business, wanting to make the most impressive start you can. Whether it’s something as small as stationery or as big as business premises, calculate the benefit of every penny you spend and check it against your business plan to truly understand whether the return on investment will be worth it.

Limiting your spending to the essentials will help you at the start and in the long term too. You can also achieve savings by negotiating with suppliers and finding the keenest price for the goods and services you require. This is a great tactic when thinking about how to become an entrepreneur.

4)  Use Free Marketing Tools

Marketing is key to your success. If people don’t know you exist, they can’t become your customer. Thankfully, there are a host of free marketing opportunities.

Social media is free to use, and essential in connecting with prospective customers who you can target through local groups and well-researched hashtags amongst other tools. Google My Business is a quick win. You add your details and then feature in regular searches and map searches with your opening times, contact information, photographs and more.

5)  Don’t Take ‘No’ For an Answer

You soon learn to be resilient as an entrepreneur. If people don’t know who you are, you will often face knock backs when trying to approach people you need to network with. If that happens, you need to take stock and work on a plan to get them to notice you some other way.

Persistence is key and you have to keep going to break down the walls in your way on the route to success.

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