Nowadays, most people believe that entrepreneurship is the best way to attain success. But are you one of those planning to become self-employed or set up their own business?
The fact is that so many young entrepreneurs have already proved that becoming self-employed is the best way to go.
Now we have several young people who have become self-employed and have subsequently attained success in their chosen professions.
But how do self-employed people use their working time and what challenges do they face? Additionally, how do they survive during the first 2 to 3 years of the business?
How do they balance business planning, administrative tasks, sales and marketing, and paid customer work?
Is entrepreneurship the best way to attain success?
Table of Contents
No doubt about it, the feeling of being an entrepreneur is one of the best feelings ever. However, entrepreneurship is not as straightforward as some people think.
The fact is that there is more to entrepreneurship than just launching a startup or becoming your own boss. In essence, entrepreneurship is not just for everyone as the main task is in your ability to make your startup successful.
Some people just don’t have the courage and strength to weather the storm when faced with uncertainties in entrepreneurship.
But in all honesty, entrepreneurship is all about the windows of opportunity. It’s about understanding when to launch your startup business and the proper knowledge of the market in which you are operating. Without this, it is challenging to anticipate where to put focus in the early stages.
What to consider before you become self-employed
We acknowledge the fact that your personal experience may differ slightly depending on the industry you operate in, but we still believe that the small business community overall is confronted with similar challenges.
So, how do you successfully become self-employed? Below are the top 3 essential things you must consider before you become self-employed:
#1]. Test your business plan early
In the very early stage, already before you have officially registered your business, your working time is dominated by business planning and market research.
Don’t overdo the planning. Instead, test your ideas as early as possible with real people and update your draft business plan based on the feedback.
Beware of what we call the eternal planning mode, i.e. entrepreneurs that fill their day planning for every possible future scenario and try to solve challenges that they may encounter years ahead.
It is important to realize that not everything can be planned for in advance. This is why the best way to proceed is to create a good enough business plan with concrete goals and deadlines for the business over time.
What you really need to do is get out there and test your products and services in the real world. The best way to develop your business plan is to ask potential customers if they are willing to buy your products.
If not, ask them why and they will tell you what you need to change. It is easier than you think.
#2]. Marketing and exceeding expectations
The second phase is crucial for developing and growing your business. It is really about learning how and what to sell and getting to know your target market and potential customers.
History shows that few entrepreneurs get their products, services and pricing right on their first try. The first months are all about gaining visibility for your business.
There are hardly any silver bullets in small business marketing, the key objective is to make sure as many people as possible hear about your offering to them.
Start with approaching your own personal networks, either offline or online using social networking tools such as Facebook or LinkedIn.
Approach them, tell them about your new business and ask them for help in the form of referrals, recommendations, or possible sales leads.
If you are hesitant to approach your friends you probably need to re-evaluate if you really believe in your own business. In addition, you should talk about your business whenever you have an opportunity to.
Ensure you have a proper online presence as most people do a Google search on you before buying from you.
When you get your first customer orders, make sure you serve your clients extremely well. Listen actively to your clients, don’t over-promise, and always aim to exceed their expectations.
Use the feedback you receive to further improve your services. Happy customers help you build a good reputation for your business and are more likely to recommend your services to their friends.
Your own clients recommending your business to others provides the absolute best marketing channel for you.
#3]. Minimise amount of non-paid work
Your working day is limited and it easy to fill your calendar with tasks related to non-paid work when you really should try to maximize paid client-related work.
Some online researchers have shown that entrepreneurs already work almost 20% more than regular employees on average, partly due to administrative tasks. Never do too much non-paid work.
There are great business tools available for self-employed on the web that also people with fewer computer skills can use with ease. Some of them are even free to use.
Take a few moments to find these tools already in the early stage when you have time to do research.
The best tools offer a wide range of functionality such as time tracking, invoicing, expense management, and financial reporting.
Understanding the financial situation of your business is often underrated. You’ll appreciate financial insights when you need to invest in your business or want to take a few days off.
Another common mistake is to rely completely on manual tools such as Excel and Word templates. These are perfectly viable when you have just a few customers and a lot of spare time during your working day.
The situation changes quickly when you become busier serving customers. The required effort using manual tools will become a burden for you. Working late nights and weekends can easily turn into a habit without you even noticing.
Keeping a good work and life balance is key to your well-being, your friends, and family, as well as the long-term success of your business.