Thinking about becoming an entrepreneur sounds good to the ear but it can be challenging as well as rewarding.

Research, conducted by Groupon, found almost a quarter of 16-24 year-olds were interested in starting a business and 53% wanted to be their own boss.

The business market is volatile and it is important for anyone desiring to launch a business, in the New Year, to be fully prepared.

If you are passionate about wanting to start a business and not sure how to do so then follow this guide to becoming a first time entrepreneur.

Passion

Start a business you are passionate about because it will help you handle the difficulties such as paperwork, dealing with customers and all the legal aspects that comes with running a start-up.  

Market Opportunity

Having the idea is not enough to be successful – You need to back it up with in-depth research as you’ll need evidence to prove to investors that your business product/service will be profitable with the scope for growth.

Finance

You need to make a plan detailing the over-head costs associated with running your business and how much revenue you’re looking to make. This will help avoid overspending and also help you to re-invest back into the business to maximise your profits.

COMPETITION

Monitor your competitors and study their activities, which will help you pinpoint the areas they’re not performing well. This gap in the market can be the opening you’re looking for to start-up your business by filling in the blanks.

ADVICE

Talking to established business owners will provide you with insight and knowledge about the area of the industry you’re hoping to specialise in. Seeking out advice from those that have been down this route will prove to be valuable so don’t pass on the opportunity.

NETWORKING

The rule is to never stop networking with another entrepreneur – There is no expiration date on networking. If you’re not the socialising-type then this will prove difficult but if you are hell-bent on making it to the top, then you need to come out of your shell. Networking offers entrepreneurs the chance to boost their presence and build a positive brand image. 

GREAT SERVICE

Providing great customer service will make everything above meaningful and a happy customer will always come back. Tailor your service to meet the needs of your customers and encourage feedback to help you improve your offerings. It is important to get this aspect right from onset or your business foundation will fall apart.

Inspired By Mazonai – Sales and Marketing firm based in Watford