The prospect of being out of a job can be a very terrifying idea for many. An even more alarming idea can be starting your own business when you’re unemployed. Starting your own business in an unemployed state may seem like an extremely risky move for some, but for others this just might be the way to overcome unemployment.
Starting your own business is just like beginning a new job. Except this time, you’re working for yourself, instead of working for someone else. The benefits of having your own business include building your own confidence, learning how to be a savvy entrepreneur, and forging new connections. The ultimate benefit? You’re finally doing something that you love, something you’re passionate about and you’re making money from it.
How to Get Started
Instead of just jumping into a business for the sake of overcoming unemployment, what you need to do instead is to try and solve a problem within your community. Identify a need that needs to be filled. That’s where your opportunity is going to be, by fulfilling this need through offering a product or service that meets the market demand. How quickly you can make a profit however, would depend on several factors. This includes the type of venture you’re getting into, the amount of capital you have, the skills, connections and the type of resources you have at your disposal. Some businesses may be seasonal too, where you could be making a decent profit almost overnight. There are a lot of factors to contend with.
Factors to Consider for Incorporate Company
If you want something long-lasting however, here are the factors to consider before incorporate your own company:
- Identify Your Specific Market: This should be an area where you have great insight into, have personal knowledge, strengths and skills to contribute. More importantly, it should be an area you’re interested it for it to work.Conducting Due Diligence: Once identified, you need to investigate and conduct thorough research into every inch of the market so you know full well what you’re getting into.
- Prepare a Business Plan: A business that launches without a plan is one that is doomed to fail. Do not skip this step of the process. Spend as much time as needed carving out your business plan down to the finest detail.
- Identify Specific Demands in Your Target Market: What is it that your niche target needs? What can you do to improve and help meet those needs?
- Identify Your Competitors: Get to know the competitors in your segment to see what you could offer that would be better than your competitors. Research campaigns that they have done in the past, observe their strengths and weaknesses so you can gather information before you launch your business.
- Building Your Network: There’s no room to be shy when it comes to running a business. You must be bold and put yourself out there. Identify the key contacts that you should build a relationship with, start making connections because they have help you take your business further.
- Conduct Campaign Test Runs: Start with a small campaign at the launch of your business to test the response from your target audience. Gauging their responses and how receptive they are towards your campaign will give you a good idea about whether you’re on the right track to success.
- Get a Mentor: Especially if you’re just starting out in the entrepreneurship world. A mentor can be a great source of guidance and inspiration, and at times they could even give you the support you need to succeed further.
This article was first published on 3E Accounting. Information is correct at the time of publication.