6 Ways to Take the Guesswork Out of Entrepreneurship

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Entrepreneurship can be thrilling. Who wouldn’t want to watch their idea grow, gain traction, and generate income? If this appeals to you, but the associated risk doesn’t, there are a few things you can do to minimize the level of uncertainty that you face.

Indeed, when you’re getting ready to make the leap to start a new business, you’ll need to follow a specific path with a clear trajectory. Today, we’re here to show you the way.

1. Get the right tech

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One of the most vital parts of any business — whether it’s brand new or well-established — is the tech that it uses. This includes your invoicing software, customer service management applications, and the computer hardware that you rely on every day, too.

To get the right tech, conduct an honest inventory of your business’s needs and invest in the tools that will best help you reach your goals.

2. Choose the right business structure

Choosing the right business structure is yet another important decision that’s often overlooked by new entrepreneurs. There are many benefits you can gain from forming an LLC, for example, including limited personal liability and overall flexibility.

Once you’ve reviewed the laws in your jurisdiction, you should read LLC service reviews and choose one that will help you start your LLC affordably.

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3. Establish a dedicated space

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Don’t dismiss the importance of having a dedicated space for your business — and don’t assume that you can’t have this at home, either.

Whether you rent an office or carve out a small corner for your company at home, you should be sure to create a space that’s calm, convenient, and conducive to your business’s success.

4. Find funding from reliable lenders

According to research, the average cost to start a business depends on the industry you’re in — but first-year costs can be anywhere from $30,000 to $40,000.

If you’re new to the entrepreneurial scene, you probably don’t have the capital to cover these costs, so you’ll need a financier to help. Look for a lender who has experience helping new entrepreneurs like you.

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5. Market your business smarter

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You don’t want to pour all of your time and energy into a new business venture only to watch it flounder. This could be the reality that you face, though, if you don’t invest in the right marketing scheme.

Marketing is essential to a new business, and you can make yours smarter by tapping into your customers’ unique needs.

6. Make an adequate business plan

Perhaps the most effective way to minimize the uncertainty of entrepreneurship is to create a plan that accounts for all of your business’s “what-ifs.” Indeed, when you have a plan in place that provides a blueprint for daily operations, you’ll know what to do if things go wrong. This, in turn, will alleviate much of the anxiety that surrounds the guesswork of entrepreneurship.

On a related note, a thorough background knowledge of business is obviously a great asset, so you might also want to consider going back to school for a business degree. If you’re looking for a flexible online program, here’s a good option that allows you to learn from home at your own pace, meaning you won’t have to take time away from work and family to attend.

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Plan in advance to eliminate entrepreneurship’s uncertainty

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Although entrepreneurship will always involve an element of risk, you can reduce this risk by creating a plan and investing in your business’s technology. Most importantly, though, you need to choose the right business structure and consider whether forming an LLC is the best option for your business. This will allow you to create a clear plan and dive into entrepreneurship.

Gauntlet Creative offers website development, podcast production, graphic design, audio engineering, and VHS tape to digital conversion to individuals, artists, small businesses, and large corporations. Contact us to learn more.

Published: Friday December 16, 2022

Guest Blogger: Tina Martin

Tina Martin operates Ideaspired and is the author of ‘Ideaspired: Put Your Ideas, Your Inspiration, and Yourself First to Make Your Dreams Come True’.

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