Are you an entrepreneurial woman looking to transition to her own business? Do you have that million dollar idea but lack the funds to make that dream a reality? Do you yearn to leave your boring day job and start something new, but you’re afraid of the consequences of failure? Do you secretly hope to be the next Sara Blakely (founder of Spanx) or Gisele Buchden ( of Sejaa Skincare) ? Well, then read on, as we give you some tips and advice to make your entrepreneurial dream a million dollar reality!
Get The Blue Print Ready: Firstly, before you say goodbye to your 9 to 5 job, you need a proper business plan. Start planning. Think about the type of business you want to start and why you want to start it. What will be your business’ selling point? What will make it unique and innovative? How will you face the competition from other markets? Jot down these preliminary impressions in a notepad as they will be very important for later.
Once you have a clear and coherent idea of your business, it’s time to consider the practical aspects of it namely a. how much revenue you will require and b. how you’ll fund it. When you estimate the revenue, add a 10% extra on top of it for emergency expenses. Then when you’re confident about the amount of money involved to kick start the project, it’s time to worry about how you are going to kick start it. From your savings? From family? Will it be a group venture or will your friends agree to buy some shares? Will you need to take a loan?
A note of caution: As exciting and brilliant your idea might sound, there’s still the possibility that the business might, god forbid, fail. So don’t spend your entire life’s savings on this. Rather keep a comfortable sum in the bank for a rainy day and use the rest. Before taking a loan, think about how and when you will pay it back. If your funds are too scarce but you’re sure your idea is unique and can change the world, try means like crowdfunding or pitching it to business professionals.
Setting The Stage: Rent/buy the office. Start hiring employees. Get the government deeds signed. Since it’s a business, you have to consider effective marketing and branding strategies. Try to get someone who works in the HR or Public Relations department. Contact an ad agency for the copywriting and graphic designing parts. Contact a finance consultant to help you with the budgets. Once you build an effective “brand”, it’s time to market it on social media. Facebook, Twitter, Instagram. Leave no stone unturned. Engage your clients directly. Tell everyone you own a business. Have a fancy website and a glamourous press release. Make sure the world knows about your business.
Be An Effective Manager: Once the profits start pouring in, look for an accountant or consultant who will advise you in investing the money wisely. Give your employees a pay rise. Always be up-to-date with the current affairs and market fluctuations. Keep reinventing your brand.
Speak to other entrepreneurs too. Support each other. And remember “the best way to predict the future is to create it”. Good luck!