Leaving your full-time position in an effort to launch your own startup is seen as admirable by some and foolish by others. However, if you have the ambition and drive to succeed on your own, then go for it. You may choose to stay within your current industry albeit in a freelance capacity, or you may wish to embark on a passion project. Either way, your main concern will be ensuring that you earn enough money to live and maintain your quality of life.
Being an entrepreneur is difficult. You will be entering an industry that is already competitive. However, to hit the ground running there are a number of hacks that you can employ. Read on to discover how you can make your entrepreneurial dreams a success.
The priority for you will be the funding that your startup can raise. To launch, the chances are that you will need to seek external investment. You could head to your bank manager and pitch with your business plan. If handing over your business plan for scrutiny, you must make sure that it is well constructed and makes sensible financial forecasts about the future of your venture. Ensure that you know your gross from your net and that you are ready to be questioned. Any bank lending you money will be keen to ensure that you are a responsible borrower. Ensure that you don’t buy any big ticket items just before you apply for a business loan, clear as much debt as possible and never venture into your overdraft.
If you are keen for mentor support and connections as well as financial investment, you might be keen to investigate business angels. These individuals are experts within their chosen industries and are investing their own cash to make money on lucrative ventures. Ensure that you are suited and booted, and that you now your figures inside out. A business angel will be investing in you as much as your business, so enthuse them with your idea and passion for your startup.
You also need to look at your own finances. When calculating your tax obligations, use a self-employment tax calculator to help hone your figures. This will give you a better idea of how much you can reinvest into your business and how much money you have to support your cash flow.
Don’t risk burnout. You might be tempted to work all hours under the sun in order to get your startup off the ground. However, this can quickly develop into a catch 22 if you let standards slip because of tiredness and lack of knowledge. You need to consider outsourcing some of your business functions to ensure that your marketing, social media management and finances are all of an excellent standard.
If you have no idea where to start when it comes to making your website appear high up in the Google search results, you need to outsource to an off site expert who will flood your site with SEO powered content. This will allow you to exploit greater visibility online and can help you achieve a global reach.
Social media feeds need to be updated regularly with relevant and meaningful content. If you don’t have the time to do this, outsource to an off site social media manager who will find your company voice and prevent your brand from appearing stuffy and corporate. They will respond to comments on your behalf, link back to your website and post links to your company blog. A social media manager will work with you to achieve your digital marketing goals. If you want more followers on Twitter, or greater likes on Facebook or a more utilized hashtag on Instagram, they will help you to achieve this. They will harness the power of analytics to ensure that your goals are met. Honing a digital marketing strategy is vital if you are to make a success of your entrepreneurial dreams in the twenty first century.
If you do have a staff team, outsource your payroll. This enables you to refrain from spending two days each month stressing over a calculator. No longer do you have to worry about human error when working out tax obligation and pension contributions as this will be done for you by an outsourced expert.
Launching a startup is about making mistakes and learning from them. Reflect and reassess throughout your startup journey. Follow this guide and you will soon be enjoying your foray into the world of entrepreneurship.