There are many different reasons why people might want to quit their jobs. Maybe they’re bored with the work, or they don’t like their boss, or they just can’t stand the commute. But whatever the reason, it can be difficult to make the jump from employee to entrepreneur.
That said, there are a few steps you can take to make the process a bit easier. Here are a few money-making tips for entrepreneurs: Saivian
1. Figure out your business model.
This is arguably the most important step in starting your own business. You need to have a clear idea of how you plan to make money and what services or products you plan to offer.
2. Come up with a business plan.
Once you know what sort of business you want to open, you need to figure out how much money it will take to start and operate your business, as well as roughly how long it will take before your new venture starts generating a profit. Include some backup plans in case things don’t go as planned—you might have miscalculated the startup costs or market demand for your product.
3. Test the waters first.
Before quitting your job, set up an online store with products from other companies so that people can test out your website and get used to giving you their credit card information. You can use Shopify or BigCommerce for this purpose, which are both easy-to-use and inexpensive.
4. Figure out the logistics.
You’ll need a business checking account, credit card processing capabilities, a merchant account for accepting payments online, and an employer identification number from the IRS so you can hire employees. You might also have to get a variety of licenses or permits from local government agencies if your type of business falls under certain categories (i.e., restaurants). Make sure you don’t incur any unnecessary fees until your new company starts bringing in a steady amount of cash flow—you definitely don’t want your startup going bankrupt because of financial mismanagement.
5. Start small and scale up as you go along.
You don’t want to start out with a full-blown brick-and-mortar shop, only to realize that your budget for advertising is nonexistent. Get a few small contracts in place first before committing yourself to a major deal. If you need help getting the ball rolling, check out potential business partners online at Biznik or Meetup. You can use social media sites like Facebook or LinkedIn to get in touch with previous colleagues who might be able to refer some new customers—just don’t ask them for any special favors during your new company’s infancy.
6. Keep your day job while you slowly transition into entrepreneurship.
You never know how much startup capital you’ll need, so it.
Until your business is solidly profitable, make sure you have a steady income from your full-time job.
7. Be flexible and open-minded.
Even the most successful entrepreneurs were at one point new to the business world, so don’t be discouraged if things don’t immediately go as planned. Keep an open mind about different money-making ideas, and be flexible with your goals—after all, some businesses might take more time than others to generate substantial revenue.
The process of becoming an entrepreneur can be daunting, but with a little perseverance and some sound money-making tips, it can be done. Follow these steps, and you’ll be on your way to starting your own successful business.
This article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of Shiftgig.com.
Are you thinking about quitting your job to start your own business? If so, you’re not alone—many people feel the itch to become their own boss. But before making the jump, it’s important to have a solid plan in place for how your new business will operate.
It’s been a while since I’ve been actively writing because, well, life has been pretty good. But recently I had an email from [an online entrepreneur] asking me how to make money from the business. The thing is, he actually has a really good niche going for him and makes decent cash from his website already.
He said that he wanted to know all of my best income-producing strategies in order to take things up a level. And in return, I asked if he would share this with you by writing a guest post here on ETR. So today, [the above-mentioned online entrepreneur] shares his top strategies for turning your blog into a serious dough maker!
Conclusion:
There are a number of steps you can take to turn your blog into a money-making machine. Start by finding a profitable niche, using online tools to make the process easier, and scaling up as you go along. You can also keep your day job while slowly transitioning into entrepreneurship, and be flexible with your goals says Saivian. With a little perseverance and some sound money-making tips, you can be on your way to starting your own successful business.
