In recognition of Independence Day here in the U.S., we’ve decided to use this month to explore ways that entrepreneurs can gain freedom in their business. What does that mean? Well, we’re going to look at a few ways entrepreneurs and small business owners can work smarter, not harder to achieve success by developing a proactive business strategy.
This first post is for all of you who have an awesome idea for a small business but don’t quite know how to quit your day job and start a business. There’s a ton of risk in leaving the safety and security of your current job in order to build your business. Some people are fine making the leap by quitting their job and then figuring out how to make their business idea a reality. Others are not quite that confident and want to get the business going before they leave the security of their current job behind.
This post lays out some action steps that entrepreneurs can take while still employed to begin establishing their business.
5 Ways to Build Your Business Starting Now
Getting the fundamentals out of the way while you’ve still got the security of your day job is a smart way to start on the path to entrepreneurship. Many of these action items are paperwork-related and take time to come to fruition, you may as well get the paperwork rolling while still working in your current job!
- Take Care of the Legalities. Once you have an idea for a company, come up with a name and get incorporated as an LLC or S-Corp as soon as possible. Even if you don’t have any customers yet, taking care of these preliminaries now means you won’t have to delay serving your customers when they do come knocking and it ensures you have protected yourself personally from the risks of owning a business. There’s another practical reason for getting incorporated early on – banks are far less likely to approve you for a business loan if you’ve been in business less than two years. For lenders, the incorporation date appears as the start date of your business, boosting your chances of getting approved for that business loan.
- Establish Credit. You’ll need capital for your business before you hit that two-year mark and can start applying for business loans. To help gain that credit, apply for credit cards while you still have your job. You’re far more likely to be approved for credit while you can prove employment. Even if you never use the cards, the more resources you have available to you, the better.
- Get a Logo and Business Cards. You’ll want to start making connections and handing out business cards ASAP once you make the leap (or even before you quit your job). Take some time now to create a logo, work on a business name, and order some business cards. This is the fun stuff about getting a new business off the ground so use the time while you’re gainfully employed to get it right. After all, your logo is the face of your business. Daydreaming and doodling logos are easy to do in your free time.
- Invest in a Website. Yes, that seems a little daunting, doesn’t it? But I’m not talking about a fully laid out website complete with ecommerce functions and a blog. There are plenty of DIY, free website tools out there. Google even offers a free basic website for businesses – no technical knowledge required! Take advantage of this to get your name out there!
- Build Those Lists. Now is also a great time to start building customer contact/email lists. Think about people or businesses that could become clients or those who you would like to do business with, gather contact information, and add it to your email database. When you have news or a product to share, your list will be ready and waiting for you.
Strategize With The Marketing Shop
If you are ready to start your own business and need help developing a proactive business strategy, contact The Marketing Shop! We can help you set goals, establish a plan for achieving them, and implement the steps to take when starting your own business.
Set up a strategy session and we can work together to get you out of your 9 to 5 and living your dream life!
Up Next: Creating a Marketing Plan