4 Tips for Becoming a New Entrepreneur
As millions of Americans faced furloughs and layoffs, and the nation began sheltering in place, many people made the decision to launch their own business. Despite the hardships of launching a business in the midst of a global pandemic, more than 1.1 million applications were filed for new employer IDs in 2020. This number marks the highest amount of new businesses launched in a year since 2007.
While launching your own business is a great way to deal with losing your job or fill your time while you’re stuck at home, it isn’t without its challenges. As a new entrepreneur, you’ll need to navigate the ins and outs of choosing, planning and launching a business, not to mention learn how to run it.
Whether you’re thinking about launching a business or have already done so, keep reading to learn three smart tips for new entrepreneurs.
1. Let Your Passions Guide You
When you’re thinking about launching a new business, it can be tempting to jump on the bandwagon of the latest trends that other entrepreneurs are peddling. But while chasing these trends may seem like the profitable option, that success is unlikely to last for long. And if you aren’t passionate and knowledgeable about the trend that you’re chasing, you won’t be as ready to pivot.
Choosing to pursue a business idea that you’re passionate about will not only give you a leg-up when it comes to researching and developing your new business, but will also help you stay motivated when things get tough.
2. Do Your Research
One of the most common reasons why new businesses fail is a lack of market demand. While it is important to follow your passions and pursue a business in a field that you’re interested in or already possess the skills for, ensuring that there is a demand for the products or services you’ll be selling is a must.
The best way to determine if there is demand is to research other companies in your area or in a comparable area that are doing the same or similar things. Look for information on sales and profits, and consider whether the market is already flooded with similar businesses.
3. Create a Business Plan
Having a loose idea about products that you’d like to sell or what you might charge for the services that you plan to offer is good when you’re first thinking of starting a business. But if you’re serious about your plans, you’ll need to take them a little bit further.
A business plan is a chance to get into detail about what your business will be like, how you’ll operate and what your future plans are to grow. Your business plan isn’t a concrete item you’ll carry with you for years to come; instead, you should update it as time goes on to reflect how your business is doing or any new trends that could affect your business in the future.
4. Invest in Your Security
The internet has made it easier than ever before to launch a new business from the comfort of your home, but if starting your own company has you spending more time on the web or has increased your online shopping as you stock new products, it’s time to consider your internet security.
Whether you have a dedicated work computer or use a single laptop, starting a business on the web often means putting your sensitive information out there for anyone with some hacking skills to access. From the credit card you used to purchase office supplies to your address and Social Security number that you had to provide to open a new bank account for your business, using LifeLock with Norton 360 can help ensure that both your information and assets are secure.
Becoming an Entrepreneur in 2021
Launching your own business and becoming an entrepreneur isn’t without its challenges. But if you’re willing to face them head-on and put in a little work, there are also plenty of rewards. From being your own boss to enjoying flexible hours and the chance to pursue your passions, now is a great time to finally take the leap.