How to Jump-Start Your Career as an Entrepreneur

Due to the layoffs during the pandemic, many people are questioning whether or not they were pursuing the right career in the first place. If you think you might want to start a career, as an entrepreneur, it’s important to familiarize yourself with the different steps you’ll need to take to get your business up and running — especially if you’re new to running a business and working for yourself. For most entrepreneurs, this means creating a solid plan, deciding on a business structure, and securing the financing needed to get a business up and running.

If you need some extra help determining your future career goals, Riveter Consulting Group can provide consulting services and advice for starting your own business.

Plan, Structure, and Fund Your Business Idea

As you get ready to dip your toes into the world of entrepreneurship, you’ll first need to check a few essential items off your to-do list. These items include:

  1. Selecting a business idea. Several great business ideas for beginner entrepreneurs include things like social media consulting and influencing, selling handmade products on Etsy, dog walking and pet sitting, freelance writing, and home contracting work.
  2. Outlining your business plan.To assist you, the U.S. Small Business Administration (SBA) has several business plan templates on its website.
  3. Funding your business idea.To turn your idea into a reality, you can choose to fund your business through bootstrapping (self-funding), venture capital investments, crowdfunding, or small business loans. If you apply for an SBA loan, for instance, your available options may include the SBA Microloan, 7(a) loan program, or CDC/504 loan.
  4. Choosing a business structure. Sole proprietorship could be the right business entity for you if you’ll be running the business out of your home, while a partnership may be best if you’re starting the business with one or two other individuals. Other business structures to consider include an LLC, corporation, and cooperative (you can register your LLC through a formation service).

Find or Create an Office Space

After you’ve completed the four steps above, you’ll need to choose a location for your business. If you’ll be working from home, your city, state, or county of residence may require you to obtain a general business license and other licenses and permits specific to your occupation or business idea. However, you’ll typically have fewer zoning ordinances to abide by.

As an alternative to running the business out of your home, you could buy, rent, or build a space if your budget allows you to do so. However, it’s important to keep demographics, foot traffic, parking, accessibility, and any local ordinances in mind as you search for a location for your new business.

Once you’ve chosen a location, it’ll be time to invest in the things you’ll need to run your new business and succeed as a entrepreneur — including technology, affordable office furniture, and any additional equipment and supplies. According to the U.S. Chamber of Commerce, several must-have tech tools include inventory management technologies, project management tools, and e-commerce software. Some tools you’ll have to pay for, while others are free to use. However, the tech tools you’ll need will depend largely on the nature of your business goals.

Form a Team of Professionals

Next, you may choose to hire your first few employees — or you could enlist the help of a freelancer or two if you can’t afford employee overhead costs as a new entrepreneur. For instance, you may need to hire iPhone developers if you’re planning on creating a mobile app for your new business — especially if you don’t have the programming skills you need to develop one yourself. However, online job boards can help you to find a freelance app developer and other professionals like content writers, web designers, consultants, virtual assistants, marketers, or anyone else you may need to get your new business up and running.

Enjoy the Many Benefits of Entrepreneurship

There are many benefits to becoming an entrepreneur, particularly if you enjoy learning new things and you’re looking for some variety in your career. It may take a few years before your new business reaches profitability, but getting to that point will be half the excitement.

There are many benefits to becoming an entrepreneur, particularly if you enjoy learning new things and you’re looking for some variety in your career. It may take a few years before your new business reaches profitability, but getting to that point will be half the excitement.

Riveter Consulting Group can help you get started in a career that you love. To learn more, call (323) 238-9594 or send a message.

Belle
gold@riveterconsulting.com
No Comments

Sorry, the comment form is closed at this time.