Taking Your First Leap Into Entrepreneurship

Want to start a business but not sure how to? Not exactly sure what a good niche is? Do you not even know what a niche is? Relax grab a nice cool lemonade and read my guide from start to finish, and starting your business won't seem like an impossible to do. This guide will give you an easy process on how to become a self-made entrepreneur as well as examples and experiences of my own for reference. No need to be scared, entrepreneurship is becoming everyone’s go-to to start adding those extra funds in the bank. Whether you want to start your business just to survive or if becoming a multi-millionaire better suits you this guide is for you.

GETTING STARTED

First things first you'll need a WHY. You may be asking yourself what’s a “why,” well your why is the reason you need to start a business, and never stop until you have franchises all over the world. So do some soul searching because this will be your motivation, the reason you never quit, how can you grow a thriving business if you’re not even sure it’s something that you absolutely have to do? You can quit on the drop of a dime and lose all of your progress. Once you're sure that you found that reason now you can go on to find a niche. A niche is a specific category in which your business falls into. This will set you apart from your competition in that industry. Try to be creative and think of something that's in high demand.

Examples

Industry-Beauty/Mink Lash Extensions

Your niche in this category could be that you only sell extra-long mink lash extensions. Your brand may only provide 27mm lashes as well as dramatic styles.

Industry-Food/Restaurants

Your niche in this particular industry could cater specifically to people who are on a vegan diet.

Some other key points in getting started would be to come up with a brand name, your brand name should have a meaningful background. Something with a story behind it, this grabs attention and also helps to give your brand a theme. For example, I created a mink lash company called Black Sheek Minks. I used a play on words with sheep and chic because I oftentimes feel like the “black sheep” of my family because I went on the route of entrepreneurship unlike the rest of my family who are nurses, doctors, and teachers. Hopefully this would put you on the path of finding a name for your business. After getting a business name you’ll need to register it with your state. Depending on what type of business you’re looking to open you will also need to look up what licenses and certifications you may need in order to open.

MAKING THE MONEY

Now that you know exactly what you’re going to do and why you’re going to do it, you need to create a product or products. With certain businesses, you can go online and find vendors relating to the product that you’re trying to sell. Maybe you’re making food, you can go to local grocery stores and markets and source from there. Once you figure out where you’re getting your product from you want to create a budget, how much can you afford to risk right now and how much can you spend before you don’t make a profit?Even though the success of your business is based solely upon the effort you put into it, there’s still a risk factor involved. But from my own experience, I can tell you it doesn’t have to be expensive to start a business. I started two. My lash business start-up cost totaled to less than 300 dollars. I also went on to create desserts and treats in mason jars for under $500. Each one had great reviews and eventually I was able to take my profits and invest it in my business. You price your product based on the quality and how much money you spend and you want to make sure that’s balanced. You don’t want to spend too much on a crap product and price it at a ridiculous amount because you spent more than you should have. That’s why you have sampling make sure in your budget you make room for sampling. You should be buying samples from multiple vendors before deciding who to source from as well as giving out your first products solely for testing. When allowing customers to test your products make sure everyone you gave your products out to does a review, take the reviews, change what you need to, and make your product bulletproof. Once you know you have a fire product it’s on to promoting.

Simple ways to promote your product

* Word to mouth- This is the best way to get out there and tell people you are here and you have something they need. A simple pitch could be created and now you have a conversation starter.

* Social media- This is the easiest way to promote your product to create business pages on Facebook, Instagram, Twitter, and etc. Make a YouTube account, whatever you have to do it can usually be done on the web.

* Business cards- These tie into word to mouth but you have something physical that they can walk away with and refer to.

Using all three techniques and I guarantee it will work. If you have a grade A product and you tell 100 different people about it and you’re personable presentable and respectable somebody is bound to spend their money with you. You do this every day and you get at least two people out of the 100 people to spend $10 a piece you could make 600 dollars in that month. That's only two customers a day. I hope you have a lot bigger goals than that but that’s just a start. That’s how you make the money, now I’m going to tell you how you grow your money.

MAINTAINING AND GROWING YOUR BUSINESS

Remember that WHY we talked about, yeah always keep that in the back of your mind whenever things get hard in your business. Things will get hard entrepreneurship is not for the weak. Maybe your expenses went over your profits and you decided to quit over one bad week. It’s a terrible horrible thing having to start and restart your business, you have to feed on the momentum you get from starting up. So once you get a clientele, the people who buy from your business, add on things based on them. So look around who’s buying from you women, men, older people, or maybe even a mixture of groups add things that they might like and don’t be cheap when it comes to your business. The more money you spend the better you're likely to profit because your business gained appeal. So continue to do this until you can open up multiple businesses at different locations and afford to hire additional help. That's where the real money comes from. Follow this general guide and you should have an up and running business in no time.