Almost 30 percent of the US workforce, or about 44 million people, are self-employed. Some people start their own business and manage it in addition to their day-job. Others are entrepreneurs and work for no one but themselves.
Wondering how to join the ranks of the entrepreneurial class? This guide goes over the steps to becoming an entrepreneur.
Come Up with an Idea
Before you wonder how to become an entrepreneur, you should think about what you want to do. You can be an entrepreneur in almost any area.
The key to success, though, is having a good idea for a business. Maybe you want to design a new app, or perhaps you just want to offer people a better way to shop for cool t-shirts. Either way, having an idea of what the goal is will help.
Next, you’ll want to do some research. Has anyone else attempted this idea? Who is your competition?
If someone else has tried this, you may want to study what they’ve done. What’s your unique spin on the idea? If the other business failed, what would you do differently to ensure success?
Evaluate Your Skills
Once you have an idea, and you’ve done some research, you might feel ready to leap into action. There’s a fundamental question every entrepreneur needs to ask themselves, though. Always ask, “Am I the right person for this job?”
If you want to build an app, but you don’t know much about programming, you might not be the right person.
That doesn’t mean you can’t still launch a business or become an entrepreneur. One of the most crucial skills for entrepreneurs to master is that of delegation. You might not be the right person to build the app, but you can probably find a team that can do it.
Your own skills might lie in the area of marketing or even leadership. An accurate assessment of your skills will help you find the right people to help you bring your idea to life.
Financial Steps to Becoming an Entrepreneur
Before you quit your day job, you should take some time to set yourself up as an entrepreneur.
That doesn’t mean you need to have a huge savings account or lots of money before you strike out on your own. It does mean you should be aware of your financing options. You should also have a budget for getting your business off the ground.
You should also be sure to file the appropriate paperwork. As a self-employed person, you’ll need to create and file your own Form W2, for example.
You should be aware of the technology that can help you manage these financial tasks. Think about the accounting software you want to use. For handling taxes and forms, you’ll want to be aware of the most recommended W2 creator on the market.
Inspire Your Own Success Story
These steps to becoming an entrepreneur will help you as you begin your journey. With the right tools, the right team, and the right idea, you’ll be well on your way to a successful business.
Looking for more entrepreneurial tips or stories to get you inspired? You’re in the right place. Check out all kinds of advice and inspiration right here in our archives.