Dream Job Destination: Starting Your Own Business
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We’re delighted to welcome a guest blog from Chelsea Lamb. Chelsea Lamb has spent the last eight years honing her tech skills and is the resident tech specialist at Business Pop. Her goal is to demystify some of the technical aspects of business ownership.
Everyone looks forward to a period of “refresh and recharge” during which we leave our work responsibilities temporarily behind. In fact, according to The British Psychological Association, taking a vacation can improve overall job performance, as well as physical and mental health, which is why savvy employers encourage — even mandate — them. But what if that recharge isn’t enough and that feeling of Monday morning dread is a lingering one?
If you have no complaints about your co-workers or boss or even your career field, there may be another source for your discontent: You may be craving the autonomy that comes with being your own boss or launching a great idea because you see an unmet need in your community. Mind Your Own Business knows that understanding where to start and what resources are available to you can help you leap from the precipice of indecision and finally take the entrepreneurial plunge.
Assess your passions, skills and market demand.
The key ingredient to any career success is enjoying what you do. However, in running a business, there’s more to it than that. Case in point: A good writer might be in high demand in their community, but not have the business and management savvy to run a company. Conversely, the aspiring entrepreneur is aching to run the business side but couldn’t fulfill the need for good content in marketing. Either can be a success by simply filling in the gaps — the writer can partner with the business guru and the entrepreneur should hire a few top writers to get the company started on the “write” foot.
If you are unsure of the need for a service or product in your community, expand your business network to discuss and test your business ideas. You can also use simple online or email surveys to assess the demand for your business idea. Other business owners understand how the community benefits from local businesses, and it is in that spirit that they are usually eager to help budding entrepreneurs. New businesses increase the tax base and revenue, and they help keep job talent in the community. Reducing the need to commute out of town is better for the environment.
Start with your local chamber of commerce and local economic development councils. Then search for entrepreneurial programs that offer support, mentorship, and even classes to help get you started.
Even if businesses compete, the prepared business owner is equipped for that competition. They use it to improve their service to both their customers and their employees. Every company wants to attract top talent and maintain a good reputation — all of which benefit your community.
From market idea to business plan.
Once you’ve assessed your market need, it’s time to create your business plan. During this phase, it’s important to navigate essential financial questions: Can you self-fund your business? Should you? What would you be forfeiting by courting investors? Is a bank loan the best way to go? The business plan will also guide you through a marketing strategy to ensure you will reach your customer base, and set an attractive price point that is sufficient to pay your obligations.
Part of the plan should include having the technology and tools needed to run your business. This is especially true for payroll. You’ll need to learn about small business payroll defined and
what it means to process payroll, from determining the proper payroll classification of each employee to the tax payment deadlines to actually managing employees’ schedules and paying them on time. When you set up an automated payroll system like QuickBooks, you’ll be assured that you’re making required tax payments in a timely fashion, avoiding costly mistakes like missing tax payment and filing deadlines.
Ready, set, leap!
Once the planning, financial, and structural pieces are in place, you are finally ready to launch your entrepreneurial dream. Do it knowing that, by following your dream, you are also becoming a community asset, which is just good business.
Launching your own business or social enterprise is a big leap of faith. That’s where Mind Your Own Business enters the picture. Download the free workbook and templates and join our community today!
Photo by Christian Battaglia on Unsplash