It's the dream of just about everyone: striking out on your own, working for yourself and doing what you love for a living! It's a great goal, and definitely possible, especially when modern technology makes reaching potential customers easier than ever.
But experience, drive and a dream aren't all it takes to be a successful entrepreneur. Planning and perseverance play a huge role in succeeding in a market full of other people with the exact same desire. With that in mind, here are some valuable tips you should know before taking that leap toward financial independence.
Start building your business before you give up your day job
You might have the greatest idea in the history of great ideas, but until you actually begin working, you won't know how your business will do. Performing as much of the groundwork as possible like building and optimising your website, setting up your business infrastructure and building up initial capital to put towards early expenses ensures that you have the greatest chance to succeed. It's always better to look before you leap!
Do your research and create a solid business plan
Learn everything you can about your industry: the market, the history and your target customers. Form a plan that you can refer to when you feel like you might be losing your way, but remember there will be changes. You can't predict all the obstacles you might face, so flexibility will be important.
Don't do it alone, and don't be afraid to get help
While you definitely don't want to overextend yourself with costs, it's nice to have someone else along for the ride - particularly someone whose strengths complement yours. You may be a whiz at dealing with people and making the big sale, but get lost on the day-to-day of the numbers. Freelance graphic designers, bookkeepers, virtual assistants and social media managers are all easy to find - and they allow you the time to focus on the big picture and work to your strengths.
Make sure you work out the technical details
The legal and tax issues you'll be dealing with when starting a new business can be daunting. Fortunately, organisations like Digit can help you make some of the big decisions - especially when it comes to setting up accounting systems and getting your financial management under control. Deciding business structure and finances before you start will keep your operation running smoothly when you inevitably get busy.
Owning your own business can be incredibly rewarding. With hard work and planning, you'll have the opportunity to live the life you really want to live!
