Get Organized If You Are An Entrepreneur
If you have finally decided that you want to embark on the path of launching your own business, in today’s post we give you the keys to organize and be clear at all times on what to direct your attention and be more careful.
1. Know yourself
Before starting a business you have to study yourself carefully. There are two key factors: what do you want to do and what do you know how to do well? Being self-employed sometimes involves dedicating more than 12 hours a day to your business, especially during the first years. Therefore, if you decide to launch, you have to be sure that this is what you want to do.
But it is also important to know what you are good at, analyze your strengths and weaknesses, since as Darwin would say: Only the best survive! Do what you are good at, even if you don’t know what your virtue is yet you will always be better than average at something.
2. Study the market
Study your potential competitors and find your niche market. Do not try to sell common products next to a shopping centre. As a freelancer you have to be aware of your limitations, surely you will not be able to compete in prices with large shopping centres or in opening hours. Therefore, add value to your product, make it unique in one way or another and go to a specific market segment, which others still do not satisfy.
3. Invest in your own business
In business, you not only have to invest time but also money. Try to make your fixed costs low (such as the rental of the premises and its maintenance). Instead, invest in marketing, on your website, in having a good brand image, in developing new products or services so as not to become obsolete. Invest in everything that can make you grow and get more and better customers.
4. Choose adequate financing for freelancers
Frequently, the self-employed have many problems when it comes to obtaining financing for their business, they are even forced to apply for personal loans, with the risks that this entails (guarantees that affect personal assets, that irregular income makes you look like a borrower of high risk and have to pay more interest).
Fortunately, private companies such as Spotcap specialized in this type of financing for freelancers, begin to appear. Before applying for a loan or a credit line, make sure you know all the options and their conditions, this will save you a lot of time and money.
5. Save up
While we are advising you to invest in your business, it is also important that you ensure a financial cushion for streaks in which not everything goes so well. You know better than anyone that income is usually very irregular, especially if your company is based on a seasonal product, which is acquired more or less depending on the time of year. It is important that you take action and predict these situations. Do not be discouraged at the time when the business is going bad and do not spend more than necessary when the business goes very well.
6. Reinvent yourself constantly
Do not settle! Even if your business is running and your product is a success, try to renew yourself, stay tuned for the latest trends, never stop learning! New competitors or new products/services may appear to replace yours. Ideally, you should go one step ahead and know how to deal with these situations.
7. Be organized and demanding with yourself
Make detailed planning with the objectives you want to achieve in the short and long term and think about the strategies to achieve it. Be sure to follow it, a plan is useless if we later forget about it. Being self-employed you will be your own boss for the good and for the not so good. While you will have independence and decision-making power, you will also have to have a lot of willpower to do what you have to do.
And above all, be realistic. Work hard and set realistic goals. This way you will ensure success in what you do for many years.