It’s not uncommon for guys of a certain age to become a little disillusioned with life.
While many joke and call this a mid-life crisis, there are often deep-rooted anxieties and worries that have developed within an individual’s life. The chances are that this can be down to disappointment with family life or a feeling like you are stuck in a rut at work.
Being professionally unfulfilled is the worst way to spend forty hours a week. This is a vast amount of time in your life, and you need to be spending it doing something worthwhile.
This is why more and more people are choosing to break the mold and go it alone. Take a look at these three simple ways that you can embark on a killer entrepreneurship strategy, just like the ones that Profitboss founder Adam Guild uses.
Naming your business
Naming your business is also a vital part of your strategy. It contains the value your company possesses and the passion you share for the product or service that you provide. The name symbolizes your brand, how you communicate with your customers and what makes you different.
Business Plan
Hearing people call themselves an entrepreneur can sound laughable and a little wishy-washy.
It can be a glorified way of declaring yourself unemployed or without work. On the other hand, being an entrepreneur can give you the freedom to embark on your own ideas for turning a simple notion into a money making venture.
The first thing you need to construct is a business plan.
This document should go into comprehensive detail regarding your funding, finances, vision, and concept.
You need to consult market research to make sure that your service or product is viable. Any feedback you receive must be acted upon to make sure that your startup is fit for purpose.
Ensure that you make realistic financial forecasts for your new business. How much profit are you due to make over the next thirty-six months?
Understand the difference between gross and net and start working out how you will keep your cash flow buoyant. Be thorough now, and your business will thank you for it in the future.
Take Baby Steps
If the idea of throwing in the towel and going it alone fills you with dread, why not work out a way you can take baby steps into your chosen path of entrepreneurship?
By owning a franchise business, you will still be investing your hard earned cash but you will have a lot more support along the way. You will have a big name and brand behind you, the equipment you need may already be available and your premises may already be leased.
This can give you a little more freedom to focus on making your business profitable rather than worrying about the minutiae details.
Funding
The most important aspect of any business is funding.
If you have large overheads from the get-go, it might be wise to pay a visit to your bank manager to apply for a business loan. Or perhaps you fancy trying to turn the heads of business angels to invest in your startup.
However, you go about securing funding, use your business plan as a backbone of your pitch and ensure that you know your stuff inside out.
Being an entrepreneur isn’t easy, but it can be a fun, thrilling, nerve-wracking and financially lucrative way to earn a living.
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