Who´s the Boss? How To Start Your Own Business

Posted on August 14, 2013
Image via Flickr by AnnieAnniePancake

Image via Flickr by AnnieAnniePancake

Starting your own business can be a very exciting time in one’s life. You are not only claiming independence, but also gaining a ton of responsibility. You may be a blogger starting to realize you can start a business related to your hobbies, interests, previous job or your blog itself! Let us help you turn your business mind-set in the right direction!

Before starting this transition, there are a few questions below to ask yourself when figuring out where to start and what to consider. Knowing these things can create less stress on you, and a successful business.

The key questions about your business to help it run…

Do you love your job?

If you are thinking about starting a business related to your blog, you need to be sure that this is something you can commit to in the long-run! It´s not going to be a hobby any longer, when your basic income depends on it. You will have to put in the hours and energy so make sure, it truly is something you believe in and has substance!

By substance we mean: What do you want to be, what is your business? Do you want to be a freelance blogger (find here a detailed post on pros & cons)? Are you specifically looking to become a major blogger, strictly writing for your own site? Do you want to be a stylist, makeup artist, designer, photographer or open up your own shop? In that case, a blog can act as a great base from where you can start managing your portfolio, customers, fans and management.

Start thinking like a business person right from the start!

Even while you are still employed somewhere else or still in school, utilize your blog! The first months on your own are going to be the hardest! Without regular income life is hard. If possible, try to start small on the side while employed otherwise, so you can work on it with a backup plan. Don´t leave out these monetizing ideas for your blog and videos! Also find here a post on how to start a shop on your blog!

Where can others help you implement your vision?

There are a small number of responsibilities which you alone can do. These responsibilities usually focus on setting the company’s vision and objectives. You are ultimately accountable for where the business will go, which means you must set the company’s direction. You might not have a big team right from the start but you will need a support system to bounce ideas off and talk problems. Support groups for self-employed or young start-ups are a great alternative, if family or friends aren´t quite the fit! Consider a profile on LinkedIn to network within your area of expertise!

Do you have a plan?

A business plan that is! Money is the key issue here and a structured plan to show how, when and why will help you stay focused, organized and secure. Usually it takes a couple of months to really implement all the aspects of running a business including a 6 month upfront financial plan. Go over your ideas with as many people as possible to get feedback! A plan B also never hurts! Find here ideas on how to write a business plan!

Have you done your homework?

You think because you are a fashion blogger, becoming a stylist or opening a fashion boutique is easy? Biggest mistake of many failed business people is the lack of research! Do you know how many other people, companies there are in your exact field? What is your competition up to? What is their strength and weakness and how do you compare? What is the newest trend in your market? Do you have a marketing strategy? Do you know how to do your taxes as a business owner? Do you know how to hire staff and handle insurance, legal matters? You will have to become an industry professional on all aspects of your field! You are the business owner afterall, time to step up your game!

How you can improve your efforts and start thinking business….

  • Track your time! Pay attention to your daily tasks, including work-related and personal activities. Decide what’s necessary and what satisfies you the most. Cut or delegate activities you don’t enjoy or can’t handle and maybe it´s time to employ an internTime management is key!
  • Build Your Online Presence! Once you establish your area of expertise, invest quality time in growing your online presence. To be considered an expert and knowledgeable in your topic, you can develop your credibility by networking online.
  • Identify short-term and long-term goals with reasonable milestones and timelines that can be matched with your current investment and spending plans.
  • Based on your research and feedback, frame a value proposition that identifies your target customer and what you do for them better than anybody else. Think of a mission statement!
  • Think early on about your marketing strategy. Clarify and articulate your value proposition, and defendable points of differentiation (talking about a blog niche). Integrate this strategy into every aspect of your business!
  • Think financially smart! Consider target investment to build a business infrastructure. (That can be Facebook advertisement, TV commercials, investing into a new makeup up kit, blog design, etc.)

We recommend reading more on The Daily Muse – career advice on entrepreneurship, soft skills and much more!

Are you in the transition of starting your own business?  Share your experience and let us know in the comments below.

Have you heard about the iFabbo Social Media Conference? Join us in San Francisco on October 12th, 2013, for an exclusive one-of-a-kind experience. Click here for more details!

One Response to “Who´s the Boss? How To Start Your Own Business”

  • There are so many things that I learned from this website alone… I have started blogging only recently so there’s so many things that I’m still not quite sure. I will work on the points above – like working on a plan first and so forth. Thanks ifabbo…

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