Steps for Starting the Business (of your dreams)

Steps for Starting the Business (of Your Dreams)

Jenny had a great job at a manufacturing firm in Oklahoma City.  All was going great until the company started downsizing. Next minute, Jenny found herself sitting in the Oklahoma Unemployment Office.

Jenny was devastated at first. Until a delicious idea came to her. What if, instead of looking for another job, which she could lose, through no fault of her own, she started up her own little empire.

Jenny was a brilliant seamstress. She had made all her children’s clothes when they were little. She had made tiny dolls clothes.  She had made costumes for School concerts.

Maybe this was her moment to turn her passion for sewing into a business.

Just one problem. Jenny had no idea where to start.  Not to worry, Jenny, we’ve got your back.

Here are some essential steps for starting the business of your dreams.

Have job cuts found you jobless? How about using this as an opportunity to start the business of your dreams? Here are the initial steps to follow. #stepsforstartingthebusiness #workfromhome #entrepreneurshipStep 1:  Find a Niche

Get really clear on what you’re most passionate about or what you love doing.

And then find a niche that will work, which simply means finding a gap in the market or something you do exceptionally well.

Think about who might need your products or service.

Are there any problems you can fix?  Do you have a unique solution to a problem?

For example, Jenny could focus on making costumes for Theatre productions. Or she could alter and fix existing costumes. These are niches that could provide business for Jenny all year round.

Step 2: Do a Feasibility Study

This doesn’t have to be as complicated as it sounds. Really this is just when you test your idea out on the market.

The best way to do this is to ask questions.

  • Google businesses in your area that are in the same niche and see whether they are thriving.
  • Go to business networking meetings, join your local City Chamber.
  • Visit or call potential buyers and determine whether there’s an interest.

Jenny could focus on costumes for School Plays and ask whether she could leave her flyers at all the Schools and Nursery Schools in the area.  Jenny could also approach Theatres or Performing Arts Schools and see whether she could make some costumes for Theatre productions or help them with alterations.

Step 3: Choose a Name

Now that you’re clearer on your niche and your market, it’s time to choose the perfect name, something that will make you stand out from the crowd.

Ideally, you want a choose a unique name, something that hasn’t been chosen before.  The shorter the name, the better. Because you’ll also be setting up a website and some social media profiles for your business.

You also want your name to describe who you are and what you do.

And if your business is local, like Jenny’s, you might want to add where you’re based as well.

*Affiliate Link up ahead. At no cost to you, I will earn a commission if you decide to join Wealthy Affiliate to take advantage of their expert step-by-step training and tools. You can read my full Wealthy Affiliate Review here.

I buy all my domains at Wealthy Affiliate because their pricing is brilliant and their SSL (security) certificates are free. You can join free and search for available domains in Websites – Site Domains like I do.   By the way, Wealthy Affiliate also teaches you how to build your own niche website.

I did a quick search for some Domain Names for Jenny. Here’s a screenshot:

CostumeDesignsOKC

https://costumesbyjennyOKC.com is also available for $13.99 a year.

The shortest option I found is  https://costumesOKC.com, also available for $13.99 a year.

Once you’ve chosen your Domain Name, go check if this name is taken in your favourite social media platform, e.g. Facebook, Instagram, Twitter, Pinterest etc.

If not, you’re good to go. Ideally, you want to show up as the same name everywhere on the internet.

Step 4: Set Up Your Business

Now that you’ve settled on your niche made sure it’s profitable and chosen the perfect name for your business and website, you’ll need to learn how to set up your company.

The easiest way is to become a Sole Proprietor or start an LLC.

For expert, step-by-step technical advice on setting up a company in Oklahoma click here.

Step 5: Marketing

The best way to market your business at first is by word-of-mouth.

Tell everyone you know that you’re starting your own business and you need their support or referrals.

  • Network with other business owners.  Make sure you have business cards or flyers handy to give out at networking meetings.
  • Build a website (even if it’s just a Home Page)
  • Build a profile on social media and look into social media advertising. I recommend trying LinkedIn Ads.

Job cuts can mean job loss or loss of job security.  Starting your own business gives you the chance to take your future into your own hands.

Step 6: Start Slow

Give yourself time to get your business off the ground.  Make sure you don’t over-extend on credit by starting with the minimum overheads.  Most businesses start with a single owner.

Work from home if you can, even if you just start out in your dining room or a little corner of your living room. Only buy what you need to buy for your next job.  In time, you can build some stock, rent space and hire staff.

And be patient. It takes time to build an empire. But it’s worth it.

Job cuts can mean job loss or loss of job security.  Starting your own business gives you the chance to take your future into your own hands.

Have you been laid off from work?  Are you going to go back and look for another job or set up your own company?

About Lauren Kinghorn

Visionary Digital Entrepreneur ► Mompreneur | Content Creator | Affiliate Marketer | Influencer | * Come join me at Wealthy Affiliate * inspiringmompreneurs.com/WA

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