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Tips for Aspiring Entrepreneurs

Updated: Jan 11

Here are some tips for any aspiring entrepreneur!

1️⃣ Do your research

Consider these questions: Who will be your customers? Where will you obtain supplies? Are you able to make a profit with this type of business in your area or do you have to be strong online? Take an honest look at your new business idea before investing everything you have into it. This is especially important if you're trying out something new. You should have a lot of material from the parent company if you are buying a franchise.

2️⃣ Develop a business plan

The next step is to develop a business plan once you have run the numbers and are confident it's a good idea. Business plans are what guide a business to success. Describes how you will finance your business, your position in the market, and how your concept fits into the market.

You'll need a business plan if you need investors or a bank loan because they'll want to see that you have thought things through. Business plans are essential for any new venture, whether you need financing or not.

3️⃣ Have a plan

Most businesses spend their first year getting up and running, from getting licenses and paperwork from the government to finding their premises (if necessary). There are very few businesses that get off to a flying start once they open. That's okay. Make a list of the goals you would like to reach in the first year of your business. Be realistic, but optimistic. You may make mistakes in the first year of your business. As December approaches, you can assess your business plan and determine whether you're on the right track. Also consider creating a five-year plan and a ten-year plan.

4️⃣ Consider your time management

Take a moment to consider the "self" in self-employed. Working for a company may involve punching in and punching out - it's straightforward. You work these hours; the rest of the time is yours.

Being an entrepreneur is different. It can be easy to lose track of your time management and get sucked into your business 24/7 when you are building your passion into a lasting business. Keep your family in mind. Think about your friends. Do you have any other obligations? Determine how much time you can devote to your business and, if necessary, hire help.

5️⃣ Hire cautiously

Poor quality employees can sink a business faster than anything. If you must go short-handed for a while, it is better than to hire haphazardly. Make sure you carefully examine an applicant's credentials, research them online to see if there are any red flags, and make sure they can embrace your passion for your business. You don't want them to be the face of your business while you are away.

What about friends and family? That's fine as long as everyone understands what's expected of them and how they'll be compensated. However, only bring them into your business if they are a boon to you. Do not hire people just because you are related or friends.

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