Six Steps to Starting a Startup Successfully
Everybody has a unique skill set, and if yours happens to be marketable, you’ve probably thought about starting your own business. You may be discouraged to learn about the general success rate of such ventures, though — according to research, about 90% of startups fail. If you aspire to join the other 10%, there are a few things you need to know and do. One of the most important of these is honestly considering whether starting a business is the right choice. Find out why it might be—or might not be—with the following six steps for starting a startup.
Establishing the Framework for a Business
1. Identify your marketable skills. There are many ways to start a business, but you should start by identifying any unique skills you have that could potentially be monetized. If you’re a skilled woodworker, for example, you could start a custom carpentry business. This skill is marketable, unique, and likely in demand.
2. Assess your experience. Your skills aren’t the only trait that matters. You should also consider the experience you’ve gained throughout your career and assess how to use it as you transition into entrepreneurship. Past professional experience can always be used to pave a new path.
3. Research the market demand. It’s also important to assess the demand that exists in your local market and consider whether there’s a niche for you. If you live in a town that already has eight carpentry shops, for example, your woodworking skills may not be the best path towards a startup. Work with a professional to do market research to better understand your prospects.
Exploring Other Entrepreneurship Options
4. Think about your other obligations. If you have few life obligations and lots of time on your hands, you’re the perfect candidate for starting a startup. Unfortunately, though, this describes very few people, which means that you need to think about other obligations such as family or a full-time job. Weigh these responsibilities against the time commitment a new business demands.
5. Consider going back to school. If you realize that your existing obligations may prevent you from giving a new business your full attention, you should think about other options, including going back to school. Returning to school gives you an opportunity to study economics, business, and other subjects relevant to entrepreneurship.
6. Find a program that supports your goals. If going back to school is the right choice, it’s important to find the right program. You can enroll in an online business degree program that’s flexible and affordable. This will allow you to continue pursuing your goals without sacrificing your ability to focus on family or your job.
Discover the Rewards of Starting a Business
Starting a business is an exciting opportunity, but it’s also a massive time commitment. If you have plenty of free time, a startup might be the right opportunity for you — but if you have obligations like a full-time job or a family to take care of, other options may be a better fit. One of the best alternatives is enrolling in an online master’s program from an accredited institution. A program like this can easily fit into your life, and with competitive tuition, it’s a wise investment, too. Find out how a master’s degree can help you get closer to your goals.
Establishing the Framework for a Business
1. Identify your marketable skills. There are many ways to start a business, but you should start by identifying any unique skills you have that could potentially be monetized. If you’re a skilled woodworker, for example, you could start a custom carpentry business. This skill is marketable, unique, and likely in demand.
2. Assess your experience. Your skills aren’t the only trait that matters. You should also consider the experience you’ve gained throughout your career and assess how to use it as you transition into entrepreneurship. Past professional experience can always be used to pave a new path.
3. Research the market demand. It’s also important to assess the demand that exists in your local market and consider whether there’s a niche for you. If you live in a town that already has eight carpentry shops, for example, your woodworking skills may not be the best path towards a startup. Work with a professional to do market research to better understand your prospects.
Exploring Other Entrepreneurship Options
4. Think about your other obligations. If you have few life obligations and lots of time on your hands, you’re the perfect candidate for starting a startup. Unfortunately, though, this describes very few people, which means that you need to think about other obligations such as family or a full-time job. Weigh these responsibilities against the time commitment a new business demands.
5. Consider going back to school. If you realize that your existing obligations may prevent you from giving a new business your full attention, you should think about other options, including going back to school. Returning to school gives you an opportunity to study economics, business, and other subjects relevant to entrepreneurship.
6. Find a program that supports your goals. If going back to school is the right choice, it’s important to find the right program. You can enroll in an online business degree program that’s flexible and affordable. This will allow you to continue pursuing your goals without sacrificing your ability to focus on family or your job.
Discover the Rewards of Starting a Business
Starting a business is an exciting opportunity, but it’s also a massive time commitment. If you have plenty of free time, a startup might be the right opportunity for you — but if you have obligations like a full-time job or a family to take care of, other options may be a better fit. One of the best alternatives is enrolling in an online master’s program from an accredited institution. A program like this can easily fit into your life, and with competitive tuition, it’s a wise investment, too. Find out how a master’s degree can help you get closer to your goals.
About the author:
Cecelia believes good deeds power the world and she loves bringing attention to those deeds on her website, Recognition Works recognitionworks.org. recognizing great work.
Cecelia believes good deeds power the world and she loves bringing attention to those deeds on her website, Recognition Works recognitionworks.org. recognizing great work.