The economy has been rough lately, but in the wake of challenges, many people have chosen to become entrepreneurs. If starting your own business has been your dream, now is a great time to pursue it. All it takes is an idea and a bit of hard work to find success as a new business owner. Read on for tips on how to get started.

Find an Idea

Before you become a small business owner, you need to come up with an idea for a business. Inspiration can come from anywhere.

• Don’t get hung up on being original. You don’t have to be the first to do something. Consider how you can do something better or differently.

• Consider your problems. Think of ways you can solve a common problem, and figure out how you can market that to others.

• Use your skills. Think of the things you are already good at. Can you offer these services to someone else who doesn’t have that skill?

• Make improvements. If there’s a business out there in which you are already interested, see how you can improve it. Can you lower the cost or provide the customer with a better experience?

Begin Your Business

There’s a lot of paperwork to do when starting a business. In a nutshell, you’ll need to register your business as required by state or local laws. Consider whether to become a sole proprietorship or an LLC. Usually, tax benefits and the limited liability associated with an LLC are worth it, and you can use a formation service to file necessary paperwork easily and quickly. 

You’ll also need to consider funding for your business at the beginning. Some entrepreneurs invest their own money, but there are also many small business loans and investment opportunities out there. Use any combination of these methods necessary, but be sure to track investments and spending carefully from the beginning.

Be Flexible

While you should definitely have a plan for your business and know what to expect, things don’t always go according to plan. As a small business owner, you have control and can pivot quickly as needed to keep your company successful. While you should never simply throw in the towel without putting in some effort, don’t be afraid to change how you’re doing things if it’s just not working out.

Start Marketing

You can have the best idea and amazing skills, but if people don’t know about you, then they can’t become your customers. This is where marketing comes into play. There are many free resources that can help you to create social media posts, and you can even use templates to create a website. Most marketing platforms are visually based, so you’ll want to gather JPGs and video files to post. If you have a great image, but it’s saved as a PDF, you can still use it. Follow these steps to convert PDF to JPG so that you can pull out some or all of the file to use in your posts. However, if you simply don’t have the time or the skills to make your marketing what it needs to be, consider outsourcing this role.  

Who to Hire

In the beginning, most entrepreneurs complete all the tasks in a business. However, as you grow and succeed, you’ll need to start hiring others to help you keep things going. If you need constant time and control over tasks, hiring employees should be your next step. However, if the help you need is more task-oriented, consider hiring an independent contractor. They should be your go-to resource for things like social media management, bookkeeping, and website development. As you hire and train help, remember to keep your focus on the business as a whole and try not to micromanage the tasks you hand off. 

Get Started Today

Whatever business you choose, you can’t begin until you take the first step. Do your research, gather the support of those who care for you, and use the tools that are available to you. Start with a solid business plan, and put your marketing into play to generate buzz. Then, take the leap and have faith that you can do this. 

Check out the Cherry Creek Chamber of Commerce for business resources and more help as you begin your new journey as an entrepreneur.