A Simplified Plan for New Eagle, ID Entrepreneurs to Start Strong
The first step to becoming an entrepreneur is developing an idea. When you’re ready to run with that idea, the next step is to put it into action. Many new entrepreneurs start out excited, but the thought of all the steps involved becomes overwhelming. With that in mind, this is your no-nonsense guide courtesy of the Eagle Chamber of Commerce to checking off your new business to-do list and swapping that stress out for excitement and energy.
Start with a Business Plan
You may think that only big companies need a business plan, but as Growthink explains, this is not true! Writing a business plan helps you gain clarity and focus when you’re starting out. A business plan is really about strategizing: you’re fleshing out who you are as a company, who your target audience is, and what it takes to reach them. It’s like creating a map that will help you reach your goals.
This is when many entrepreneurs start to absorb how large their task is. If you feel overwhelmed, one way to bolster your confidence is to take some business courses. This can be accomplished conveniently through online programs, which you can adjust to your personal schedule and needs.
Another idea is to find a mentor. NPR suggests looking for someone who has been in your position before, since that person can provide you with invaluable advice and support relevant to your situation. Insights from someone who has “been there and done that” is priceless when you’re first starting out.
Focus on Marketing
Developing a marketing strategy is another key component of your business plan to focus on in the early stages. This is because your company needs a clear brand image before you can attract customers. This is essentially the umbrella message that will shape your overall outreach, from your company name to your logo to the website and email blasts.
Start by determining what problem you’ll solve for your target audience, and build on that. If you feel lost, your best bet is to hire a freelance marketing agency to help you get your plans off the ground. While it’s a little expensive at the beginning when funds are probably tight, good marketing is the key to drawing customers to your venture.
Invest in the Right Tools
With a solid marketing plan in place, the next big step for launching is to set up everything you need for daily operations. First, decide whether you need to rent an office space or establish a home office. If you plan on working out of your home even part of the time, creating a designated home office is a must. Wherever you choose to work, the space should offer you the privacy you require, as well as any equipment you need for communicating with suppliers and customers and for creating your product or service. Don’t wait until you’re established to get a good computer, the software you need, and apps that help streamline your work.
According to Business.com, the best tech tools can help you increase productivity, manage finances, promote your products, and provide excellent customer service. Having the right tech tools and strategies will also help you reach and keep customers. But there are also tools you need to have in place for your employees, like payroll software and collaboration tools. While many come with hefty price tags, some are free. Take advantage of those free ones when you can find them, like editing tools. Try out a free online PDF editor to help your teams collaborate on important documents even if they’re not in the same physical spaces. They can use tools like highlighters, pens, markers, and sticky notes to provide feedback directly on the document.
You can also find products that can help you ensure that your customers’ online experience is all you dreamed about. Think through what is most applicable to your circumstances, and make a few additions to your tools arsenal.
Many new entrepreneurs don’t realize how many options are available for financing. One option is to self-finance using a combination of savings and credit. If your personal resources are limited, however, you may want to seek out alternative financing, such as microloans or even borrowing from friends or family.
Strategize for Success
Just like your idea, every small business strategy is unique. But even though the details are different for every business, the basics outlined above can help any entrepreneur start strong. Think critically about what your business really needs to get off on the right foot, and then seek out quality tools that can help you accomplish these tasks on a budget or, better yet, for free. With these planning strategies under your belt, there’s no need to let fear or stress get in the way of making your dream of entrepreneurship a reality.
Grow your business by building relationships with other local entrepreneurs and accessing unique resources offered by the Eagle Chamber of Commerce. Join us today!