The path to entrepreneurship can be tough. According to Failory, nine out of ten startups fail. If you're thinking of starting a company focused on project management or other business fields, those stats can be pretty scary. Don't stress. With careful planning and strategizing, project managers and small business owners can build thriving companies.
Read on for top entrepreneurship tips for small business owners and project managers.
Clarify your focus area and define your brand.
A well-defined target audience will help you achieve success, whatever industry you work in. Before you found your business, create a detailed concept. Ask yourself what products and services you'll offer and who you will cater to. Ideally, you will fill an unmet need in the marketplace. Oberlo explains that a competitive analysis can help you research what your competitors are doing, helping you identify possible gaps in the market.
Get the educational credentials and licenses you need.
If you're planning to start a business in a specific field like project management, you likely already have some experience in your chosen niche. Getting additional credentials to back up that experience can help you stand out in a crowded market. Luckily, it's easier than ever to get the education you need thanks to online learning. For example, PPC Group’s Project Hero Academy teaches project management fundamentals and can set you up for a Certified Associate Project Manager® position. It's free to join.
Register your business as an official entity with your state.
Once you have your business concept set and have obtained any necessary credentials, consider registering your startup as a formal business entity with your state. While it's not necessarily required, it offers benefits. For example, this will distinguish you as a person from your business. So, if your company ever gets into legal issues, you and your personal assets will be protected. Toptal has a guide to company structures, from C Corp to LLC.
Implement the tools you need to maintain efficient operations.
Technology will make your life easier as a business owner in many ways. For example, project managers can use digital project management tools to track deliverables and communicate with employees and clients. Technology can also ease administrative burdens. Take payroll, for example. You don't want disgruntled workers because of late payments.
Your guide to happy employees: a payroll calendar. Quickbooks makes it easy to manage staff hours and ensure prompt pay. If your business isn't large enough to warrant investing in this kind of high-tech tool, you can at least save time using a payroll template. A template can work with a program like Excel and also easily integrates with other tools like employee schedules, invoices, and time tracking.
Start attracting customers with on-brand marketing.
With your company's logistics in place, it's time to start growing your customer base. A comprehensive marketing plan will allow you to successfully target your audience. Articulate Marketing explains how you can use your marketing strategy to bolster your brand. For example, it's important to maintain a consistent tone of voice and visual presentation across all of your marketing materials.
Make networking part of your everyday routine.
Networking is another valuable means of connecting not only with potential customers but also possible business partners or employees. You can network in person by joining your local Chamber of Commerce and attending community events. You can also network online. Small Business Bonfire provides tips on how it's done, from leveraging social media to following up on in-person contacts digitally.
Establishing your own startup in project management or a similar business field is an exciting career move. The above tips can help you figure out how it's done.
For more resources like this, check out The Accidental Project Manager blog. This is your one-stop shop for tips on entrepreneurship, project management, and more.
Guest post by Stephanie Haywood, owner of MyLifeBoost.com. Personal development and self-care gave her a boost when she needed it most, and now she is here to share the gift of self-knowledge, self-care, and self-actualization with our readers.
Subscribe for Our Project Management Resources, Best Practices, and Tips
Confirm your subscription to receive an email with immediate download access to Project Manager's Resources, a valuable list of books and web sites.
Get the latest tips and updates sent directly to your inbox monthly.
We hate SPAM. We will never sell your information, for any reason.