Maggie Bloom
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3 Things to Know When Starting a New Business

Maggie Bloom

July 09, 2020

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Becoming your own boss has probably crossed your mind several times. Many people have quit their day jobs and succeeded in self-employment by starting their business. It has become more accessible nowadays, and you, too, can achieve it. However, there are also significant hurdles that you need to prepare well for because it is not going to be a breeze. But here are 3 questions that if you find correct answers to things will be easier for you.

Do you want to own your business?

Starting a personal business venture means a lot of things. For example, you get to decide when and how to work. Making such critical decisions without someone to oversee your action can feel great, but it is the most challenging thing to do. The success rate at a regular job is usually higher than when you employ yourself.

It would help if you found the reasons for starting your own business. There are good reasons that will push you to succeed and other reasons that may lead to a company's failure. The best reason to start your business and quit employment should be because you are passionate about what you want to do.

You'll then need to become a jack of all trades. In employment, specialization is critical since every employee has experience in something. However, you need several skills to thrive in self-employment because procrastination and lack of motivation are some of the challenges you'll face.

What will you sell?

Picking a niche may be a difficult task that you have to do. However, you can consider a few things like what you enjoy doing most of what you have been doing before as an employee. By starting your business in a niche, you find a hobby is one of the ways you can experience immense success.

You may also consider starting a business in the same niche you have been working as an employee. There is a high chance of succeeding in it because you already have the skills required for the job. Therefore, you will not get stuck, unlike when trying something for the first time.

If you have a specific skill that you want to monetize on, you can also pursue that and see if it would be something profitable to turn into a business. 

How will you find/attract your customers?

The question on who will be your customers and how you will find them is critical. Finding the right bunch of people who are interested in what you do can be a daunting task. It requires premium marketing skills now that you are doing everything by yourself.

However, there are easy ways you can use to do it. First, you can establish a website and advertise through it. You also need to add market links to your website and ensure it has the right content to help you sell.

Also, utilizing social media as a marketing tool will help you to find the right audience. Social media platforms have a lot of prospective customers who are always refreshing to see people that will solve their problems by offering them products and services.

If you own a physical shop, you will have to eventually think about signage and branding. Think about logos and signs for major companies. You know them as soon as you see them on a commercial, while you’re driving on the freeway, or walking down the street. Signs and logos are an important aspect of reaching a customer and persuading them to enter your business. You can find and support other local businesses in your area who print/design signs and logos. For example, if you live in Florida, you can check out custom business signs Jacksonville and see what they have to offer! It’s good practice to try and decide upon a logo for your company early on so you can ensure coherent branding across all of your social media channels, labels, logos, and signs. 

Starting a business is not for everyone, but if you put in enough hard work, dedication, and commitment, you can create something for your customers that they will love. As you continue to grow things can be tricky, but there are so many resources to help you while you are starting out! 


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