By Bond Collective Staff
When you think about how to become an entrepreneur, it’s easy to get overwhelmed by all of the unknowns in front of you. Don’t let that stop you from following your dream. It takes diligence and hard work, but becoming a successful entrepreneur is within your reach.
In this article, our experts give you a step-by-step beginner's guide to help you build the business you want from the ground up.
How To Become An Entrepreneur
1) Examine Your Priorities
The first step in venturing out on your own to become an entrepreneur is to examine your priorities and decide how you want your work life and your personal life to look.
Ask yourself such vital questions as:
How much financial stability do I need?
Can I handle working long and variable hours?
If money were no object, what would I do?
What am I good at?
What am I passionate about?
Asking — and answering — these types of deep, personal questions will help you decide if you want to become an entrepreneur or if you’re better suited to work within an existing business.
If the former is true for you, these questions will help you identify what type of business to start, what your priorities are, and what type of schedule you want to work.
Resources:
Everything You Need To Know Before You Start Working For Yourself
2) Research What It Means To Be An Entrepreneur
Your perception of what an entrepreneur does may differ widely from the actual reality of the situation.
The only way to know for sure what’s ahead of you is to research what it means to be an entrepreneur before you start.
Talk to entrepreneurs who’ve been in the trenches for a while and learn from their experiences. Harness the scope and scale of the internet to amass as much information as you can about the entrepreneurial adventure you’re considering.
Resources:
The 17 Best Entrepreneur Podcasts To Master Your Business
The 12 Best Entrepreneur Books Every Startup Founder Needs To Read
3) Decide Which Type Of Entrepreneur You Want To Be
The different types of entrepreneur each have their own skillset and traits for which they are more disposed.
By identifying those skills — and putting a name to your entrepreneurship — you give yourself the insight and the ability to hone your talents, overcome your weaknesses, and understand exactly how you’re meant to work.
Resources:
The 10 Types Of Entrepreneurs And Why You Need to Know Them
Solopreneur: 11 Tips For When You Are Forging It On Your Own
Digital Nomad | The Complete Entrepreneur's Guide To Working From Anywhere
4) Choose Your Specialty
When you start exploring how to become an entrepreneur and examine your priorities, you’ll discover which business — which specialty — is right for you.
The business to which you’re best suited depends on a number of different factors, including:
Your knowledge
Your passion
Your skills
The way you want to work
Identifying your area of specialization will help you focus your time, energy, and money toward making your business a success.
Resources:
What Is The Difference Between A Startup And A Small Business?
5) Get To Know Your Market
Once you know what type of business you want to start, it’s important to get to know the market to which you’ll be selling.
Focus on questions such as:
Who are my customers?
How can I reach them?
What products do they need?
What influences their buying decisions?
What would they pay for my product?
This type of research will give you an intimate picture of your potential customers and clients and help you tailor your message directly to them.
Resources:
Estimating Market Size: The Complete Guide For Startups And Small Business
Market Research For Startups: The Ultimate Guide For Entrepreneurs
6) Find The Right Place To Work
Finding the right place to work is one of the cornerstones of how to become an entrepreneur. In fact, where you work can affect how you work more than any other step on this list.
An extremely basic work environment — like working from home — can save you money, but it’s isolating and uninspiring. Owning your own space can give you the image and flexibility you need, but it’s incredibly expensive and out of reach for most entrepreneurs.
The best solution is a coworking space, like Bond Collective, where you get everything you need at an affordable price without tying yourself to a long-term lease.
Resources:
Open Office Floor Plan: 6 Pros And 6 Cons To Consider
Working Environment: What Teams And Solopreneurs Need To Be Successful
Coworking: What Is It And Is It Right For You And Your Team?
7) Acquire The Best Tools For The Job
Acquiring the best tools for the job is paramount if you want your entrepreneurial venture to succeed. In most cases, that means a good computer and fast, reliable internet.
Don’t be afraid to spend money on this resource. Getting more power (and storage and speed) than you need starting out will give you room to grow as your business does.
Resources:
10 Ways Technology In The Workplace Is Transforming Business
How To Maximize Your Team's Work Productivity In 9 Easy Steps
8) Hire A Team
At some point, your workload will become more than you can handle on your own. Hiring a team of skilled, like-minded individuals will help you power through the work and keep your business on the road to success.
Resources:
10 Easy And Effective Team-Building Activities For Work In 2019
How To Manage A Remote Workforce From Anywhere With Internet Access
3Ps: Properly Managing People, Process, And Product
9) Raise Money For Your New Venture
You may have started out “boot-strapping” your business with your own funds. That’s admirable — and even recommended — in many instances. But, as your business grows, you’ll need to raise money from outside sources to keep everything running smoothly.
There are many different methods for obtaining money for your new venture, so don’t limit yourself to just one.
Check out the resources below for advice and guidance on bringing much-needed capital into your business.
Resources:
How to Find Investors For Startups And Small Businesses
The 14 Best Ways To Raise Money For Your Startup Or Small Business
Startup Funding: Different Funding Options And How To Secure Them
10) Work Hard And Develop Your Business
The steps on this list are nothing without hard work. That’s up to you.
Keep in mind that success isn’t automatic. But there’s nothing quite as satisfying as putting in the time and effort to create, grow, and develop your business into a self-sustaining entity.
Resources:
What Is Business Development And How Is It Different Than Sales?
Business Strategy: 7 Straightforward Tips For Building A Winning Business
How To Sell Your Idea | The Complete Guide
Establish A Professional Image While Learning How To Become An Entrepreneur
When you first start investigating how to become an entrepreneur, you have plenty of desire, drive, and energy. Money and image, though, are often in short supply.
Investment comes from outside sources, but your professional image is completely up to you.
Working from your dining room table or the noisy coffee shop down the street does nothing to establish just how serious you are about being a successful entrepreneur.
And don’t forget that your image — essentially, where you work — plays a significant role in raising money for your business and enticing talented team members to your door.
But, as an entrepreneur, will you be able to afford the type of work environment — and the image it creates — that is crucial for your success? You will if you partner with Bond Collective.
The coworking spaces at Bond Collective give you the flexibility and affordability to work the way you want without the extra headache of a long-term commitment. This gives your entrepreneurial efforts the best chance for success.
Work from a dedicated desk in July and August, upgrade to a private office in September, November, and December, and then downgrade to a first-come-first-served desk at the start of the new year.
This can help you deal with the ebb and flow of team members throughout the year and save your much-needed funds for building your business. You can’t do that with a conventional lease.
Plus, with a coworking space, you don’t have to skimp just to get ahead. A quality coworking space, like Bond Collective, gives you and your team everything you need so you can focus on the work rather than whose turn it is to clean the bathroom.
Whether you’re on your own or part of a team, you’ll enjoy amenities such as:
Conference rooms for 2 or 20+
Private meeting and phone booths
Guest reception and greeting
Professional image
Unlimited black-and-white printing
Fast, reliable WiFi and ethernet
Mail and package handling
Porter service
Nightly office cleaning
Fresh fruit, snacks, and weekly breakfast
Complimentary spa water, craft beer, and coffee
So don’t let office space destroy your dream of becoming an entrepreneur. Start your journey on the right foot by partnering with Bond Collective. We can help you reach your goals.
Visit any one of Bond Collective’s many locations in the United States, including workspaces in New York, Pennsylvania, Washington D.C., Illinois, Tennessee, and Texas. Or call us today to find out more about everything we have to offer.
And while you’re at it, schedule a tour to experience first-hand how the boutique work environments at Bond Collective can benefit your business.