Perhaps you realized that you were unsatisfied in your professional life during the COVID-19 pandemic. Or maybe you even lost your job in a round of lay-offs, and now, you’re wondering what your next career move should be. If you’ve ever considered becoming an entrepreneur rather than looking for another 9-to-5 position, it’s time to take the plunge! And with the help of Trademark Lawyers, you’ll be able to navigate your legal responsibilities as a business owner. Here are a few steps you can take to achieve your entrepreneurial dreams.
Define Your Business Idea
If you haven’t quite settled on a business idea, it’s time to clearly define your products and services. Consider which problems your target customer is facing and how your business could help address these issues with your offerings. When you thoroughly understand your customers’ problems, you can tailor your offerings to ensure that you will meet your needs.
As a business owner, you will have to fulfill certain legal responsibilities. NerdWallet states that you will need to choose a business entity, obtain proper licenses and permits, and protect your intellectual property with trademarks and patents. In order to ensure that you’re not overlooking any requirements, you may want to work with a lawyer who specializes in helping business owners. Getting a patent can take up to five years, so don’t wait to start the filing process.
Some business owners cover their initial startup costs purely with their personal savings. But many entrepreneurs need funding for their startup phase. If you plan to seek outside funding, make sure to put together a business plan first. Nationwide recommends using crowdfunding websites to raise money, applying for a bank loan, or presenting your business plan to angel investors.
Build Your Team
You do not have to run your business solo. When you’re financially ready, you can begin hiring part-time or full-time employees. You can also start working with contractors as needed, like investing in the services of a bookkeeper during tax season.
How can you find the right candidates for your open positions? You can start by networking. Not only can you connect with potential new hires and get referrals through networking, but you can also learn about reputable suppliers and get in touch with new clients. Don’t hesitate to reach out to people in your industry, even if it’s been a while since you talked. You can also use online platforms to look up their contact information.
Additionally, Gusto recommends using online job platforms, advertising the position on social media, and even working with a recruiter. During the interview stage, make sure to ask candidates for examples of their previous work. For example, if you’re hiring a web designer, check out websites they’ve already designed. If you need a content manager, request their previous writing samples.
Market Your Business
Marketing your business effectively requires creativity! In your early days of business ownership, you will likely want to rely on marketing strategies that won’t stretch your budget. Look for low-cost marketing methods that will help you reach new customers and provide a good return on your investment. For example, you can create social media profiles for your business on different platforms and promote your offerings, host a giveaway to draw in new customers and reward people for supporting your business, and start a referral program to encourage your customers to refer new people to your company.
Becoming an entrepreneur after working for an employer for years is a big pivot. But if the pandemic prompted you to rethink your professional trajectory, there has never been a better time to make this decision. These suggestions will help you get your business up and running with ease!