Today we continue with Part II of our blog post on Pete's take on how to become an entrepreneur!
Don’t miss Part I of The Start – Up!
Let’s continue with the step-by-step guide to creating the job you want!
Number four: Get Legit!
If you do manage to procure funding, put it towards all the legal documents you need to become a legal entity. Register the business, get an accountant, apply to be V.A.T registered …etc. These will stand to you in later months when you do start gaining clients.
A fully working premises isn’t crucial but always use your funding to best your own image and credibility, the more professional you look the more you will be trusted to do your job, if you have to take clients into your dirty bedroom with beer cans and dirty laundry everywhere they will quickly leave and all your hard work will be out the window so get a little office space to work from. Also always put aside some funding for advertising and web presence, this is crucial in today’s society to get noticed
Number five: GO! GO! GO!
Get pumped! You got this! Get out there and do everything in your power to generate business, buy adverts, cold call people, meet people who meet people and tell them to spread the word! Get a website, get on facebook, twitter, pintrest, everywhere. Now you’re in business you need the whole world to know you exist, shout it from the roof tops if you have to!
Number six: Reel ’em in
Once the words out and you start getting clients, make sure you do everything in your power to keep them. A lot of the time they don’t know exactly what they want so you have to be the captain and tell them what they want, that way they will always come to you for advice and services in your area of expertise.
That’s it. That’s a basic run down of how to do it but here are things to consider;
Be ready to adapt to changing markets, we set up DogsBody Productions as a corporate content agency but after a few failed meetings we quickly realised we had to adapt and now we also create websites to go with our core product.
Always stick to your core, if you do have to branch into other sectors like we did make sure they can also create business for your core business, if the core dies, you die.
Don’t ever be discouraged by clients who seem disinterested, it’s a know fact that 80% of your business will come from 20% of your clients so just keep looking, if your idea is good enough you will find buyers.
Don’t undersell yourself or your services to satisfy clients, this will only lead to you doing small odd jobs for very little pay and you will be know for being a push over with pricing no one will take you seriously, thus making the whole venture worthless.
Be proud of what you’ve accomplished as not many young people have the stones to do what you did, and remember businesses are most likely to fail in their first year, break even in the second and climb there on after in the third so if at first you feel it’s not taking off, give it time it just takes a while for the hot air to fill the balloon.
So why doesn’t everyone start their own business? I don’t know but I’ve come up with a reason why they might not.
Laziness and fear of insecurity, People are much lazier than we give them credit for, They’d rather go to their nine to five for minimum wage, come home and watch episode after episode of rubbish, go to bed and get up and do it all again just because they feel secure in that lifestyle. The thought alone of writing up a business plan, looking for funding and getting set up is enough to deter the average joe from ever progressing past their nine to five.
That’s where entrepreneurs differ, we have a drive to be better, stronger, richer than our peers, the thought of a nine to five grind for peanuts makes us sick. If that sounds like you its time to stop thinking about it and just go for it. In the grand scheme of life you have nothing to lose!