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With a new year comes endless possibilities! It’s a clean slate to try out a new hobby, forge healthier habits and even become your own boss! And let’s be honest, who doesn’t want to be their own boss? You get to call the shots and can take off Fridays if you like—sounds like a dream, right? While starting your own business might be a fantasy at the moment, with some careful planning and clever thinking, you can launch into self employment without a hitch. Here’s how:
Step 1: Find a problem and solve it
Before you can quit your day job and start your business, you first need to figure out what you’re going to do. A good place to start is to find a daily struggle or common problem people battle with and solve it. This will ensure there is a need for your product or service and that your business won’t fizzle out after a few months.
Step 2: Use your skills
When starting a new business, see what skills you can bring to the table and utilise them to cut costs and bolster your business. If you have experience in sales or a knack for design, see where you can bring these skills in. This is also an important step to analyse what skills you’re lacking or where you can improve. See if there’s a short online course you can do after hours, or get someone on board who has the skills and experience you need.
Step 3: Research your customers
Next, it’s time to do your research. This is one of the most important, if not the most important, steps of becoming your own boss. You need to understand who your customers are, their likes, dislikes, interests and what would attract them to your product or service. Conduct extensive market research with surveys and sample groups.
Step 4: And your competition
Keep your friends close and your competitors closer! Conducting an analysis of your competitors is key to crafting a business with a competitive edge. It’s also an easy way to see what works and what doesn’t, saving you from making the same mistakes down the line.
Step 5: Be prepared for the transition
Starting your own business is never simple. If you have an existing job, you’ll need to prepare for the hit on your salary and get used to the idea of not earning an income for the first few months. Cut down on unnecessary costs where possible and, if you can, work a part-time job to cover your monthly expenses.
Step 6: Start small
Always, always start small. Many first-time entrepreneurs think they have to grow exponentially in the first year, but that’s not the case. Starting small and keeping it simple will ensure you don’t take on more than you can handle and end up in a bunch of debt. Be modest with your spending and outsource staff if you need a specialised skill set.
Step 7: Grow sustainably
Lastly, scale in a way you can sustain. One of the ways small businesses do this is with self storage. With a wide variety of storage units, short-term leases and convenient locations, renting a storage unit can help you grow affordably and without risk.
With top-quality units ranging from storage lockers to 300 sq. ft units for warehousing, Nesta has your business storage needs covered. To learn more, give us a call on 1800 77 22 33 or visit https://www.nesta.ie/business-storage-dublin/.
