Many professionals dream of starting a new business, but they don’t understand all that becoming an entrepreneur entails. Being your own boss, setting your own schedule, and making your own business decisions is enticing, but there’s a lot of hard work, self-motivation, and risk involved. Knowing when it’s the right time to start a business is tricky. Take a look at some of the signs that you’re ready to run a business and how to start your journey toward becoming an entrepreneur.
You’re passionate and believe in yourself.
Passion won’t run a successful business, but it’s a key ingredient to becoming a business owner. You have to have a unique business idea that excites you. More than passion, you have to truly believe in yourself and what you have to offer. Every first-time business owner will experience closed doors and barriers to market entry. It’s important to have a thick skin during the startup phase of launching your business.
The best way to succeed personally and professionally is to be passionate about what you do. It’s amazing the opportunities that present themselves when you truly believe in yourself and what you have to offer. Malliha Wilson is a Tamil Canadian lawyer who specializes in human rights, Indigenous, constitutional, corporate, and labor law, as well as complex litigation. She formerly served as the Assistant Deputy Attorney General of the Ontario government as well as the former Special Legal Advisor at the Investment Management Corporation of Ontario. Malliha Wilson was the first visible minority to serve as the Assistant Deputy Attorney General. She is a great example of how passion can result in a rewarding career that allows you to affect change.
You have a plan for a great brand with a marketable product or service.
The success of your business hinges on having a marketable product or service that represents your brand. You know what skills you do and don’t have to get things off the ground. Make sure that you know how and where to outsource tasks when necessary. A smart entrepreneur has a solid business plan that includes a marketing strategy, business goals, financials, and plans for future growth. Creating a memorable brand is essential to attracting potential customers, your marketing efforts, and establishing market competitiveness. Make sure you know who you are as a brand and how to connect with potential customers before taking the next steps.
There are several best practices to keep in mind when thinking about working for yourself. Some entrepreneurs opt to run a side hustle rather than running a small business full-time. Others choose to use existing business models, such as those offered by franchise businesses. A great way to start and run a lucrative new business is to consider a resale business model. The potential profit that comes from running a liquidation business will pique anyone’s curiosity.
Liquidation merchandise comes from businesses that are closing who sell goods at steep discounts. Major retailers and resellers often purchase liquidation pallets of a certain product category and sell them to customers. Liquidation pallets often contain customer returns of defective new products. Working for Change highlights the best ways of selling return pallets to turn a profit.
The best place to source liquidation merchandise and return pallets is a reputable wholesaler that has the product category your buyers are most interested in. Wholesalers should always provide a manifest of the retail items on the pallet, so you can calculate the best price to generate a profit. Use the analytics and visibility offered by effective OKRs to track the organic growth of your business. Running an online liquidation marketplace is a great example of doing something you enjoy that serves a market need and demand while taking a degree of risk.
You’re comfortable taking risks.
Launching a business is a gamble, but if you’re comfortable taking risks, fear of failure doesn’t hold you back from trying your best. You have to understand the risk of success and be willing to embrace uncertainty. A smart business owner knows their boundaries and how to push them and how to set expectations without compromising personal relationships or responsibilities.
A successful online store hinges on an effective marketing strategy that generates organic traffic, reaches your target audience and increases brand awareness. Following a traditional marketing model will only get your business so far, especially since COVID-19 has forced consumers to make their purchases online. Discovering the best ways to attract new customers to your online store may require some experimentation.
Shoot for the Edit presents some creative approaches for growth marketing that will increase lead generation, customer acquisition, and retention. The best growth marketing strategy starts with careful planning and ensuring all of your growth marketers are on the same page. One of the best growth marketing tactics to implement is live-streaming videos on social media sites, such as YouTube, that engage your target audience.
Social media offers a lot of creative solutions that increase brand awareness. Rather than working with a traditional marketer, you should consider collaborating with an influencer. Think of social media influencers as creative content marketers who can make the first introduction of your brand to new customers. With so many new ways to reach your target audience, sustainable growth is at your fingertips.
You’re eager to learn and see new possibilities.
A successful entrepreneur sees a learning opportunity in all aspects of business and is willing to learn from them. You should be able to see the potential in all opportunities and be able to keep the big picture in mind no matter how well sales are going. Running a new business is a numbers game, which means you need to be able to work under pressure and managing your time effectively.
A strong quality is understanding how to apply a willingness to take risks and see new possibilities in everyday life. Many people who struggle with anxiety disorders have a fear of flying or a phobia of airplanes. The thought of boarding an aircraft, being guided by flight attendants, fear of turbulence, and irrational thoughts of engine failure during takeoff will trigger a panic attack in no time. You may think that air travel is the only way to reach a destination, but there’s great news for nervous flyers.
Working for Change has the answer to how to get to Hawaii if you’re afraid of flying. Rather than endure a long flight in the sky, you can opt for a relaxing cruise to Hawaii. Sipping mai tais as you sail around Honolulu, Maui, and the other islands is a better alternative for nervous flyers. This ensures you don’t miss any of the best sights and that you enjoy a well-deserved vacation. Just as those with a fear of flying adapt to other means, you’ll have to be willing to adapt to all kinds of situations with your business.
The most important thing to remember as an entrepreneur is that you are responsible for creating your own success. When you have the passion to take risks, the ability to see new possibilities, and believe in the uniqueness of your marketable product, you are well on your way to success.