If there has ever been a time to turn your side hustle into a bona fide business, it is now.
Many people may think that starting their own business in the midst of a global pandemic is a recipe for disaster, but the fact is many businesses have used times of economic chaos to develop and grow successful businesses.
If you are a budding entrepreneur who wants to take that next step into business, now is the time to leap into the great unknown and get things off the ground.
Here are four things you need to do before starting your own business.
1. Establish a plan
A detailed business plan is essential for a successful entrepreneurial venture. Many business experts will tell you that a key factor in a business launch is not when it launches, but how it launches.
Creating a comprehensive business plan is a great place to start, so make sure you include key deliverables such as opportunities, mission, targets, measurable goals and milestones. Your business plan may not pan out as envisaged, so ensure it can adapt to changing circumstances.
2. Find a mentor
Having the support of someone who has gone done this path before will be a huge help when starting your own business.
Find a mentor who can offer you the support, guidance and sage advice you need to successfully grow your business. Better yet, look for various mentors who each bring expertise in different areas – for example, a mentor who has launched many successful businesses or one who is an expert in the product or service you’re trying to sell.
3. Build the right team
Just as you need the support of the right mentors, you also need to surround yourself with the right team.
Network, advertise and enquire to find the right talent to fit your business needs. Keep in mind that now is a fantastic time to seek out quality talent due to company closures and economic challenges, with many talented, driven individuals out there looking for new opportunities at new businesses.
4. Get the knowledge you need
Sure, you’ll learn a lot along the way, but it is vital that you go into your entrepreneurial venture with enough foundational knowledge to successfully set up your business.
Why not consider enrolling in a business qualification to update your nous? The Diploma of Business from National Training is an industry recognised qualification that equips you with the fundamentals you need to know to start your own business. The flexible course structure and self-paced study means you can learn at your own speed. This diploma is currently on sale until April 30, so you’ll save yourself time and money by enrolling to learn the foundations of business today.
Want to take your business nous to the next level? Explore National Training’s range of business courses today.