Finding The Venture That Fits Your Skill
By Elena Stewart, a certified life coach specializing in career guidance & contributor to startingblockchattanooga.com. Visit her website at www.elenastewart.com.
When starting a business of your own, you may find the thrill of being your own boss is somewhat undercut by the anxiety and stress that goes along with the project. Choosing the wrong industry or business model can end your project before it ever starts, so it’s important to find a field in which you can excel and grow.
Assess Your Skills Before Taking Action
It’s quite likely that you already have some knowledge and abilities that will translate well into business ownership. Consider which of your special interests or past careers you have sufficient aptitude and passion for, and see how others are monetizing those skills. If you’re starting a company, chances are you already have something in mind, so build off the talents you’re already confident in.
If you truly don’t know where to begin, you might find value in pursuing a degree. An MBA program will not only give you the acumen needed to keep a company afloat, but the credentials you gain will be attractive to prospective talent, clients, and investors. It’s never too late to go back to school, and the prevalence of online college programs means you can study remotely and at your own pace, freeing you up to focus on your startup.
Plan Before Acting
Before you start making purchases and land offers, you should take a good look at your financial health, as more than half of all startups begin with under $25,000 of seed capital. Speak to a professional if necessary, but provide yourself with an honest assessment of what you’re able to afford, then seek out funding and investors if necessary. Potential sources of starting capital will want to see that your plan is viable, so draft a solid business plan to showcase your forethought.
You’ll also need to decide how your company will be structured, whether that’s an LLC, a corporation, or some other structure. One form an organization can take is an S-corp. This structure passes taxes on to the shareholders of a company, preventing profits from being taxed twice and allowing you to contribute less. Laws regarding S Corps vary by region, but a formation company can help you navigate that red tape for a lower fee than an attorney might.
Practice Informed Advertising
To find your customer base, you should conduct or refer to market research in your area. Sussing out what demographics are likeliest to utilize your services will point you toward the most effective methods of advertising. An online business should cultivate a social media presence and purchase targeted ads on websites. Physical storefronts can get by just fine with word of mouth and print advertisements.
One of the most important steps in attracting customers is developing brand recognition. An iconic and recognizable banner can help achieve this when displayed on websites and advertisements. Talented graphic designers can be hired to create a banner for you, or you can try your hand at creating your own. Plenty of online tools are available to help you make your banner, with customizable text, images, and even animations.
Finding an industry that fits your skills is the first step in starting a successful business. Use your imagination and common sense to build a successful company that suits your experience and sensibilities.
