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Become an Entrepreneur – Your Resolution for 2021.

become an entrepreneur

New Year is fast approaching and the traditional new year resolutions are being considered.  Many people, after a chaotic 2020, are seriously considering going their own route as an entrepreneur, to become an entrepreneur.  Unfortunately, for many, the option has been forced upon them by the Covid-19 fallout and how it has put a wrecking ball through the retail and leisure industries.  Whilst many employees were ‘furloughed‘ this safety net is now being taken away.

become an entrepreneur

Become an entrepreneur in 2021

For others, setting up your business has been a perennial option to be considered as each year draws to a close.  Perhaps you have been putting off the decision until things change in your personal life.  Maybe the kids have left school or have finished their expensive university years.  Perhaps you have inherited some money which could help tide you over, during the necessary period of transition. But, for whatever reason, you have made ‘become an entrepreneur’ your resolution for 2021 we would like to show you a useful business model that will make the decision easier for you, at least when you startup.

For entrepreneurs, start-ups and small companies, leasing a physical workplace isn’t always financially or logistically feasible; with working at home or at the local coffee shop or pub often seen as the less expensive and easier alternative.

But if you want to be taken seriously in your new, independent role there are aspects you have to bear in mind.  You need to set up your suppliers, market your services and goods, consider the competitors, work out logistics on how to deliver your products and services and crucially find a base for your workplace.  Not just to work from, but a work address that provides the right ‘look’ for your new enterprise.

With office rates still uncomfortably high in the UK, discovering a cost-effective service for your office requirements can represent a tough and challenging task.

For those among you who have made a start on the route to become an entrepreneur, a virtual office can act as that initial step towards getting developed in a physical location, however without the commitment of leasing a real desk or room in an office building. It is the seductive element of not having to make a long-term rental commitment that makes a virtual office such a great option for a startup.

The #1 essential benefit of the virtual office, and frequently what eventually drives business owners to adopt one, is that they cost much less than leasing a conventional workplace or coworking space.

 Virtual workplaces aren’t strictly the domain of only entrepreneurs and sole traders– it’s equally possible to handle a team of remote employees through your virtual office. 

Think carefully about your essential business requirements: A telephone or telephone system for handling and taking customer calls (your smartphone may well be all you require for this but there are many software options that can provide some very sophisticated telephony for the WFH entrepreneur. so what are the essentials that you will need to run your fledgeling business through a virtual office?

  • A powerful laptop
  • A cloud-based email service such as Outlook or Gmail, so you can check out and send out messages from any connected device
  • A cloud-based file sharing and storage system such as Google Drive or Dropbox, so you can access essential files anywhere Productivity software application (if you’re directing a group)
  • Video conferencing software (if not offered by your virtual workplace supplier)
  • For home-based business owners and start-ups aiming to gain a more expert image, renting a virtual workplace could be the perfect business solution.
entrepreneur multi tasking

Multi-tasking can be made easier with a virtual office

Now, let us add to this list the services that a virtual office such as Hold Everything can add to the mix:

  • A mail forwarding service.  Mail can be addressed to your central London registered office address and then be forwarded to your home or shepherd’s hut on a regular basis.  That way, your new business and your personal life can be elegantly separated.
  • A telephone answering service.  Having a professional voice answer your business calls on a dedicated London phone line goes a long way to establishing you as a serious company which is what you need when you become an entrepreneur.
  • A meeting room for client conferences.  why pay for fixed office premises when top virtual offices can provide you with a stylish boardroom to impress your visitors, all you need to add is the coffee and biscuits.
  • A legal registered business address.  Having your office address correctly registered will give you peace of mind and full business status.  It is a service we offer our clients so you look professional ‘right from the off.’

 

Tips To Evaluate Your New Business Idea.

An idea isn’t enough. First, ideas aren’t businesses; they’re just ideas.  It is all too easy to confuse an idea with a result.  We all make this mistakes sometimes.  We have a great idea and then daydream it though to fruition.  But then as we start working the idea we often realise that it is impractical, unprofitable or a Google search reveals too much competition . in the market.  You might also realise that there is some piece of legislation that prevents the project coming online or being scaled.  It is then that you realise why no one else is doing this business.

No matter how good your idea is, success is a matter of execution.

Businesses take hard work, persistence, cash management and all the other things that go into the day-to-day running of a business.

Solid business operations beat great business ideas every day of the week. An idea is just an idea until you do something with it. Execution is key. Psychologists always say that we fall into different business personalities – the creative and the practical, a successful enterprise needs both.  So if you are great at ideas but can’t use a spreadsheet you need to look for someone to join your team who can provide this expertise.

You don’t need a great new idea to be successful. In fact, most good, profitable businesses are developed from existing, rather mundane ideas.

Nestle did great product innovation when they launched the Nespresso machine but many companies are flourishing selling compatible coffee pods online. Apple invests vast amounts in product design but many entrepreneurs live very well importing and selling Chinese accessories for Apple phones.

Who are your customers?

A healthcare product might be targeting standalone health clinics or large hospital systems.  Your product might be suitable for both markets but maybe not.  The distribution channels might be very different, so time spent honing your target market is time well spent.

If your product is a football-oriented mobile game catering to 18- to 24-year-old “gamer” males, be clear in your planning,. Stating that your potential customers could include anyone with a mobile phone is too broad and nonspecific be targeted!

What is your customer’s unmet need? The original iPod made music portable and personal. The need was met and fortunes were made. From the need to budget flexibly, the spreadsheet was born.

Ask how are your customers addressing this need today? For example before antilock braking systems, drivers pumped their brakes manually.

 

Your idea can be too new. It’s easier to get a piece of an existing market than to create a new one. many venture capitalists, prefer investing in companies that were “second” because creating a new market is risky, difficult, time-consuming and expensive.

Remember, the person or company who first invents a new product or service spends a lot of time and money figuring it all out. You’ll find it much easier and cheaper to get established if there’s already an infrastructure — such as suppliers, distributors, trade organizations and solid historic data.

Do your research. This is why savvy businesses run focus groups before launching their product or service.

Entrepreneurs, especially those creating new products or new technologies, often become so excited about the product that they aren’t focused on the realities of their market. So test it first before committing serious funds.

Staring out with a virtual office rather than an expensive office rental could be a good move. Talk to the team at Hold Everything.