How To Become An Entrepreneur Without Losing Your Mind
By Elijah Dawson
Elijah is the creator of Look For Jobs Here http://www.lookforjobshere.com
With many still looking for work, his site can assist and motivate job seekers as they look for their next big opportunity.
It’s almost impossible to avoid stress when you’re growing a business, especially when you’re still working a full-time job. Making the leap to entrepreneurship is not for the faint of heart! You have to be prepared to face failure without any guarantee of success. But when you finally achieve success, you’ll quickly realize that all the hard work was worth it—you might even want to do it again!
There are a number of things you can do to curb stress as you work to build your business. Research and planning can settle some of your uncertainties and take a lot of guesswork out of the process. If you’re ready to get started, check out the following guide written by Elijah Dawson for the ImageMakers & Influencers Magazine.
Understand Your Legal Responsibilities
Legal concerns can create a lot of stress for new entrepreneurs. What if a client or customer files a lawsuit against your business? Are your assets at risk? What steps do you need to take to hire employees legally? What about taxes? How should you structure your business? Since these questions can be difficult to answer on your own, it may be worthwhile to consult a lawyer so you can avoid costly legal mistakes.
If you plan on hiring employees, make sure your business is set up to pay them properly. You will need to obtain an EIN (Tax ID Number) so you can handle payroll taxes. An EIN will also allow you to open a business bank account and separate your personal finances for easier management.
Determine Your Funding Needs
Financial stress is common among entrepreneurs. It can take months to years for your business to turn a profit. Until that happens, how are you going to stay afloat? Look for different ways to raise money before you run into financial problems. For example, Bond Collective suggests offering pre-orders on your products before you launch, crowdfunding, connecting with angel investors, or getting involved with a business incubator in your city.
Of course, you can always bootstrap (self-finance) your business if none of these funding channels work out. Because this can put a lot of strain on your personal finances, bootstrapping makes the most sense for working professionals building a business on the side. Keep in mind that bootstrapping tends to lead to slower business growth—which is not necessarily a bad thing!
Learn to Market on a Budget
Marketing can eat up a large portion of your business budget. Right from the start, get familiar with budget-friendly marketing strategies so you can get the highest possible return on your marketing dollars. Believe it or not, you can market your business without spending much money at all! Here are some ideas:
Start collecting emails on your website and sending out newsletters about your launch.
Improve your website SEO to drive more traffic from Google search results.
Engage with your existing customers to encourage repeat business.
Use social media to build a recognizable brand that feels relatable to your target audience.
Publish quality blog content packed with useful advice.
Host online contests and giveaways to encourage customer referrals.
Participate in online forums and communities specific to your industry.
Know Your Target Audience
Before you even get started with marketing, make sure you have a solid understanding of your target audience and what they want. Marketing should not be a guessing game! Effective marketing requires careful planning and strategizing. Researching your target audience will enable you to produce content that aligns with their needs and resonates with your prospective customers on a deeper level. Think about who your audience is, what their biggest problems are, where they go to seek information, and how they develop trust in a brand.
Consider Your Work Environment
Your work environment can have a direct impact on your stress levels. To keep your stress under control, set up a clean and calming work environment where you can really focus on your business. Battling constant distractions puts unnecessary strain on your attention and can lead to feelings of burnout. If you’re working from home, set yourself up in a spare room or a quiet corner. Keep your office organized and minimal—clutter can demand some of your attention and make it more difficult to focus. If you don’t have a comfortable place to work at home, consider renting a desk or office at a coworking space!
Leverage Helpful Technology
Technology will make your life a lot easier as you build your new business. You can use tech tools to save time, money, and reduce common human errors. Look for apps and software tools that will streamline your startup, like team collaboration tools, digital marketing apps, and accounting software. Certain tools can help you build a cohesive brand, automate your social media posts, stay on top of industry trends, access free stock photos, and more! Whatever problem your startup is facing, there’s a good chance you can find an app to fix it.
Remember to Make Time for You
It can be hard to make time for yourself when you’re working to build a business, especially if you’re also working a full-time job or juggling kids. However, carving out space for yourself on your schedule is essential for maintaining your mental well-being during this challenging time. Without regular self-care, you’re going to eventually reach a point of burnout. According to Shopify, self-care can involve a number of calming and restorative actions, from practicing yoga to getting out of the house and seeking human interaction.
Do you want to be an entrepreneur? Once you get a taste of the freedom that comes with entrepreneurship, it’s impossible to go back to working a traditional 9-to-5 job. Of course, there’s a good reason why many people don’t pursue their dreams of starting a business—it’s really hard! Try not to feel overwhelmed by the path ahead. Take it one step at a time, do your research, and you’ll reach your goals in good time.
Are you looking for inspiration as you make the leap to entrepreneurship? Check out the ImageMakers & Influencers Magazine to read amazing stories from influencers all over the world.