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Do You Have the Entrepreneurial Mindset?

What sets entrepreneurs apart from other people is their unique mindset. They’re passionate, dedicated, and they think outside the box. These unique traits aren’t something you’re born with; you can learn the mindset you need to become a successful entrepreneur.

Welcome challenges

Entrepreneurs see fear as a challenge. To be an entrepreneur, you need to love challenges. Overcoming challenges are part of growing and becoming successful. If you’re new to this, then take baby steps and move just a little outside your comfort zone bit by bit. Remember the first time you got up and gave a presentation or sang in front of other people, it was terrifying at first, but once you did it the first time the times after that, it wasn’t so bad.

Learn from everything

Entrepreneurs see absolutely everything as a learning experience, both successes, and failures. Errors and mistakes teach you much more than your successes do. When you fail, you can analyze the failure and figure out what went wrong so that you can do it right the next time. A successful person gets their ego out of the way. They know that if a launch flops, it’s not because of them but something wrong with the product or service or the marketing.

Focus on problem-solving

Entrepreneurs focus on solving problems. It’s how they’re able to create such great products and services. They listen to people and grasp the challenges they’re facing, and then get to work looking for solutions. A customer facing a problem will happily pay for a product or service that solves it.

Network all the time and everywhere

A successful business owner needs to know many different people in many various fields. These valuable contacts can offer you their expertise and help when you need it.

Entrepreneurs talk to everyone everywhere they go and see every person as a potential contact, including people outside of their industry. You never know what kind of person might be valuable to know. If you want to grow your business, get in the habit of getting out of your orbit and meeting new people.

Think beyond the weekly paycheck

Workers get paid for their time or what they produce, but entrepreneurs take a longer-term view. An entrepreneur doesn’t work for their pay. They build a system that generates revenue. To be an entrepreneur, you must break out of the “working for pay” mindset.

Action, not words

Finally, entrepreneurs are action-takers. They’re planners and plan very well, but when it’s time to act, they act decisively. An entrepreneur knows that you learn as you go and do it, not as you sit at a desk.

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How to set up the business basics

Many people get so excited and wrapped up in starting a business that they might forget logistics such as costs of running a business, paying taxes, setting up a legal entity, obtaining insurance, protecting intellectual property rights, creating terms and conditions and privacy policy documentation, and getting paid to complete the process of getting started.

Once you have laid down a foundation for your business that you can build on, an important step is to get down to the nuts and bolts of starting a business. Here are eight things you have to do to set up your business.

Figure out Costs. It doesn’t have to take a great deal of money to start a small business, but there’s usually some investment, and you’ll have to figure out where that money will come from. Costs include things like licenses and permits, legal fees, insurance, marketing, rents or rental fees, event funding, and so on. Create a spreadsheet and brainstorm every single expense you might need.

Set up a Legal Entity. Your business needs to exist as a legal entity. Setting up this part of your business depends on the location where it’s based. Each country and municipality has its own rules for doing this. Part of this step is choosing an official name for your business.

Paying Taxes. Depending on where you set up your business, you’d need to have a plan in place for paying taxes; it can include setting up a tax ID. You’ll need to add filing taxes into your business operations and outsource to a specialist if necessary.

Take Care of Insurance. You’ll have insurance liabilities you’ll need to take care of, such as business premises and any staff that you employ. For a service like coaching or consulting, make sure you have insurance against professional negligence.

Intellectual Property Rights. Secure intellectual property rights over any products you develop and any content you create.

Terms and Conditions. Write out your Terms and Conditions or Terms of Service and prominently display them on your website and other important materials. These should cover areas such as ordering, pricing, delivery, returns and refunds, risk, and confidentiality. Include everything your customer needs to know before buying from you.

State your privacy policy. Write a statement that tells customers how you protect and use their data. Include all the data you gather, store, or manage; it’s an important legal requirement. Regulations are getting progressively stricter, and consumers are increasingly aware of privacy issues, especially when dealing with companies online.

Get paid. Figure out how you’ll get paid for your products and services and set everything up you’ll need for taking payments.

It’s easy to overlook these logistics so be sure to include them on your to-do list as you plan and prepare to launch your business, regardless of what you’re starting.

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10 Tips to start and run your side business

You’ve decided that you’re ready to start your own business, but you’re not quite sure where to start. Entrepreneurship can seem very overwhelming with so many things to consider.

Instead of going into panic mode, use these tips to help you get your start-up started!

1. Be Clear on Your Plan

Clarity will get you far in your business. Be sure to have a plan in place to ensure your success. How will your business operate? How will you make an income? What kind of clients will you work with? These are all decisions you should make in the early planning stages of your business.

2. Set Goals

Once you have a plan in place, you’ve got to measure your success. Set up some goals that you’d like to accomplish, it’ll not only help you understand if you’re heading in the right direction but also gives you something to strive for!

3. Market Yourself

When running the day to day operations, expanding your business through marketing can fall to the side. If you want growth, you must get your business out there. Create a marketing strategy and set funds aside to promote. What ways will you advertise? What social media channels will you be visible? Who will create your promotions? When creating a strategy, consider all of these questions.

4. Keep Track of Your Tasks

Having some sort of daily planner is going to work wonders for you! In the mix of clients calls, client work and managing the business itself, you will need something to keep your tasks in order. Invest in a planner or calendar that has all your to-dos in front of you.

5. Manage Your Finances

Money is a big issue for a business. It determines your success, it’s needed to get started, and it might be the reason you want to get started! As a business owner, you need to be able to keep track of expenses going in and out of your business. Tools like Quickbooks make it easy for small businesses to do so. An accountant is also a smart investment for anyone!

6. Connect with other Entrepreneurs

If you’re a solo entrepreneur, you might be spending a lot of time alone in front of a computer. Surrounding yourself with other like-minded people has multiple benefits. You have the opportunity to learn from others, can brainstorm ideas, and have someone who understands your entrepreneurial journey.

7. Network

Having connections is like having gold, especially in the entrepreneur world. A person in your network can lead to speaking opportunities, clients, mentors and more. Be sure to spend time networking and making connections!

8. Learn and Research

When you’re starting out, there is a lot you don’t know. When you’re five years in, there is still a lot left to learn. Always spend time learning about your field and researching new trends in your industry. The more you know, the more room to grow!

9. Work on Your Mindset

One of the biggest roadblocks to success is our mindset. Without a healthy state of mind, we tend to stifle our growth with doubt. When going into business for yourself, the mindset is the one thing you’ll constantly have to work on to survive the challenges of being an entrepreneur to be able to break barriers, shatter doubt, and overcome obstacles.

10. Get Help

As a business owner, you’re taking on a lot of roles. You’re the accountant, salesperson, marketer and everything else. However, you don’t have to do it all alone. Outsourcing and hiring out can help fast-track your success instead of trying to learn it all yourself.

While starting and running a business is not an easy task, the outcome and rewards can make it all worth it. Let’s work on getting you to those rewards together.

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How to Plan Your Marketing Successfully

Marketing isn’t simple, but it can be. To do it right, it requires a great deal of planning. Entrepreneurs and small businesses without massive marketing budgets have to handle this aspect of their business themselves, and for many, this is no easy task.

Therefore, businesses create a marketing plan. A marketing plan is a detailed document that includes the data you need to make marketing decisions and set a course of action that you can implement immediately. Drafting a marketing plan takes a great deal of time and work, but here are a few questions to get you started.

Who Is Your Target Market?

If you’re already selling, look at your existing customers. Who are they? What do they like about you sell? Try to recall any positive feedback you’ve gotten from them. Naturally, if your brand resonates with these individuals, it will resonate with others like them.

If you don’t already have customers, defining your target market may take a bit more work. Look at companies that offer similar products to yours. Who is buying from them? Who could benefit from your products? Try doing some market research to glean some idea of who your target market is.

What Makes Your Products Unique?

There are bound to be other companies out there selling services and products like yours. So, what makes you different? Why would someone buy from you and not your competition? Remember here that ‘products’ means your offering, which includes services as well. The term refers to whatever people buy from you.

If the unique qualities of your services or products don’t come to mind immediately, it’s time to do some work. Do some soul searching and look for the strengths of your products. If, in the end, you find that your product, unfortunately, resembles everything else on the market, how can you change it to make it unique?

What Do You Want Your Marketing to Achieve?

Every business takes for granted that it needs to market, but why? The ‘why’ is critical. You need to identify what you hope to achieve through your marketing because this will guide your efforts and help you choose which tactics are most appropriate.

Once you know who your target market is, what’s unique about your product or service, and what you want to get out of your marketing efforts, you’re ready to get started with your marketing plan.

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