Starting a business is something more and more people should consider. The reality is that the pandemic forced companies to rethink how they operate. As we know, many people lost their jobs, and a lot of those jobs aren’t coming back. Also, business leaders have started to lean into technology. As a result, entrepreneurs could use tools that work more efficiently, at a much lower cost, and with minimal human oversight.
For whatever it’s worth, we’ve been moving in this direction for decades. Freelancing and new business start-ups continue to get created. The pandemic, recession, and technology (including artificial intelligence and machine learning) only push what’s happening to happen faster. So, if you’re thinking about starting a business, this might be the best time for you to do it.
Creating a New Business As a Result of the Changing Circumstances
After things settled down with the concerns about the pandemic, I saw a new business opportunity. As entrepreneurs know, there’s an opportunity when there’s a lot of disruption and change. I noticed that restaurants needed to do a lot of takeout business because of social distancing restrictions. In short, a light bulb went off in my head. I realized that there were a lot of takeout containers people were taking home.
The idea of Takeout Promos was born. Essentially, restaurants could advertise their businesses, but also other companies on the containers. Moreover, because I’m a social entrepreneur, I saw that there was an opportunity for social good as well. Nonprofits, schools, religious groups, and others could support their causes and raise funds by selling the ad space for fundraising revenue. It’s also a great corporate social responsibility opportunity.
Tips You Need to Consider for Becoming the Boss
I’ve been an entrepreneur for a long time, and I’ll say that it’s the most demanding but most rewarding experience of my professional life. One of the things I’ve learned is that I enjoy making money in ways that make a profit and help others. However, I’ll share that the most challenging time of my professional career was in 2020. When the world looked as if it was falling apart, no one—aside from other entrepreneurs—understood what it was to carry the weight of the potential loss of a business and jobs. That said, we came out more vital than ever. Again, what I realized is that creativity and agility are crucial to any enterprise.
So, what should you consider if you’re thinking about starting a business.
1. Are You Made Out for Being a Business Owner?
The very first question you have to answer is if you’re cut out to be an entrepreneur. Sure, as we know, there’s a lot of disruption for workers. But, you can’t want to become a business owner to run away from the idea you won’t have a job. You’ll never succeed. One of the reasons so many businesses fail is because business owners have a toe in the water. Candidly, you can’t go piecemeal into it. In other words, even if you have a job and decide to start freelancing, you’ve got to put in the time and effort consistently. To be successful, you have to really want it.
2. Realizing All the Details of Ownership
Starting a business or becoming a freelancer means you have to consider the tax and regulatory implications. For instance, what kind of structure is best for your company or situation? While corporate tax rates declined a few years ago and many entrepreneurs set up companies, it seems rates will again be on the rise. Moreover, if you don’t know how much money you’ll make as you get started on your idea, perhaps the most straightforward business is creating an LLC. Fortunately, many resources exist, including the Small Business Administration, also known as the SBA.
3. Going it Alone or With a Business Partner
Generally speaking, I prefer to have my businesses, of which I have several, as the sole owner. I like to have the full responsibility of making the decisions. And while there are moments where it could be tricky, I can make the decisions at my own pace for the most part. That said, that thinking works for me, but not for everyone. So, you have to ask yourself if you’re better on your own or in partnership. And if you go the route of a partnership, you always have to consider team dynamics. People and family could be great for you personally, but that doesn’t mean it’s good for business relationships.
4. Doing Your Own Thing Always Boils Down to Your Mind
If you happen to follow what I write on this blog or in my Forbes column, you know I often speak about your attitude. The reality is that how you perceive things makes or breaks the decisions you make. When you’re on your own, there’s no one to push you to do anything. So, one of the things you have to master is motivating yourself. As a business owner, you have to stay on top of the emerging tech in today’s world. There’s so much going on, and it’s continually shifting how businesses operate and compete. (Bonus tip: Take a read of Competing in the Age of AI: Strategy and Leadership When Algorithms and Networks Run the World).
5. Promotion and Getting Uncomfortable in it is Vital
One of the reasons I see so many businesses fail is because people have a passion for the work, but they don’t have a passion for selling. If you become a business entrepreneur or freelancer, your primary role is always to sell. One of the main things I do for my business brands, including my recent Takeout Promos venture, is to see innovative and creative ways to sell. So, if you happen to be an introvert or don’t like the idea of selling, you’re going to have to stretch and get comfortable in the uncomfortable.
I know that many people seem to have lost their social skills during the pandemic because they haven’t been doing too much socializing. But now that things have started to open up, it’s your opportunity to tune up your networking skills. Any business or freelance enterprise requires your personal touch. Digital marketing and social media are great, but ultimately sales get driven with the personal touch.
© 2021 Wayne Elsey. All Rights Reserved.