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5 Essential Steps to Becoming an Entrepreneur

5 Essential Steps to Becoming an Entrepreneur

Do you feel like you’re ready to move on from your 9-to-5, say goodbye to your days of being an employee, and become your own boss instead? Embracing entrepreneurship can completely transform your career, and anyone can become an entrepreneur, as long as you’re truly committed to your vision! Once you’ve come up with a great business idea and created a plan that will help you turn your dream into reality, these tips will help you take the leap and fulfill your entrepreneurial goals.

Finance Start-Up Costs

To start business operations, you’ll need to come up with funding to cover your initial costs. This money will likely come out of your own pocket, although you could apply for grants or start a fundraiser.

As you work to launch your business, it’s also important to look for resources that can help you continue growing your company in the midst of unexpected circumstances, like the COVID-19 pandemic. Over the past few months, many entrepreneurs have learned that it’s better to prepare for a crisis sooner rather than later! Bookmark information about government financial assistance, best practices for running your business virtually, and adapting your company to thrive in times like these to help set your business up for success should another crisis occur in the future.

Set Up Your Home Office

One day, you may need to rent out office space for your company, but for now, you can simply set up a home office! Having your own space will help you maintain your productivity. To reach peak efficiency, you may want to upgrade from a basic laptop to a large monitor, hook up a laser jet printer, or purchase a smart speaker.

As you invest in new digital devices, you’ll also want to take steps to protect yourself online. Make cybersecurity a priority when you run your business! You do not want to fall victim to identity theft, so avoid saving passwords on virtual accounts, and if you notice anything suspicious, contact customer support immediately to rectify the situation.

Design Your Website

In order to begin advertising your products or services and networking with clients, you’ll need to set up a website for your business. Your website is also a place to tell your story and showcase your previous work. Leadpages recommends making sure that your website is optimized for mobile browsing, too – you don’t want to miss out on valuable smartphone traffic!

Connect with Clients

Now, it’s time to start reaching out to clients and offering your services! Entrepreneur recommends cold pitching people who fit your target demographic – yes, you may get rejected a few times, but after a while, you’re bound to find a few people who are eager to work with you.

As you touch base with potential clients, you may notice that you have some skills gaps. So, you may want to seek additional training to address these gaps.

Choose the Right Business Structure

Finally, you’re ready to decide on the appropriate business structure for your company. For example, if you want to keep things simple, you may decide to register your business as a sole proprietorship. If you’re working closely with someone else, you could choose to form a legal partnership. Alternatively, you might want to establish your business as a limited liability company. Make sure to spend some time researching different business structures before making a final decision.

Becoming an entrepreneur is a major lifestyle change. Suddenly, you’re not just taking direction from your manager – you’re building your business from the ground up, and you’re the one in charge! By creating a plan and knowing what to expect, you’ll ensure that your entrepreneurial journey gets off to a smooth start.

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by Chelsea Lamb // Chelsea Lamb has spent the last eight years honing her tech skills and is the resident tech specialist and co-founder of Her goal is to demystify some of the technical aspects of business ownership and entrepreneurship.

Opinions expressed by contributors are their own.