From Idea to Home Business in Five Steps

Do you ever feel trapped in a job you don’t find rewarding? I’ve been there and while leaving my 9 to 5 wasn’t an option, I had to find a way to fill my wage and promotion gap. So, I turned to entrepreneurship. I was searching for purpose beyond the 9 to 5 and now I’m fulfilled. The key to living a more fulfilling life is to go after your passions. Being someone’s employee often requires you to put these passions aside so you can work towards their vision – not yours! But I’m here to tell you that you can do both.

Becoming an entrepreneur is not for everyone. There are many obstacles between you and your dreams, including coming up with the willpower to get started on your project, finding the confidence to get through multiple mishaps, and devoting many hours of hard work to building your vision.

Being an entrepreneur is hard work and can be disheartening at times – but owning your business can be a very fulfilling and freeing experience.

Follow these steps to follow your passions through your own business: 

  1. Find your calling. You could base your business on a skill or talent you have, a hobby you love, or your desire to make a difference in people’s lives.
  • There is a popular belief that it takes 10,000 hours of work before one can be considered an expert in any field. This belief may not be true, but it shows that expertise requires time and hard work.
  1. Register your business and apply for necessary licenses. Registering your home business is a very simple process. You don’t need to hire someone to do this for you, simply google register my business and you will find all you need to get started.
  • All you need to do is register your business name through the U.S. Small Business Administration and apply for a tax ID.
  • You will also have to register your business through state agencies. Applying for licenses is necessary if your field is regulated – for instance, if you prepare food, work with dangerous chemicals, or provide services that require special qualifications such as legal advice or accounting.
  1. Create your business plan. Creating a business plan is a systematic process that provides a blueprint for your business and will help you obtain funding for your project. You don’t need to create an extensive plan. Start with a basic plan, click here to download your simple business plan guide.
  • Start by explaining what the purpose of your business is and how you’ll achieve it.
  • Explain what kind of products you want to sell or list the services you’ll be providing.
  • Define your target audience in as many details as possible.
  • Create an outline for your marketing strategy and include your expected prices as well as how much profit you expect to generate.
  1. Explore your financing options. Go over your budget and business plan carefully to assess how much money you will need to operate your business for at least 6 months to 1 year.
  • Look for investors among your friends and relatives, or angel investors through local business associations. Borrowing money is usually your best option if you cannot find investors for your project.
  • Search for small business grants, there are so many private and public grants available to women of color small businesses. Just be sure to read the requirements, see if you are eligible for a HerRise MicroGrant offered here to community members.
  • The U.S. Small Business Administration is a great place to get started with financing, but you could also contact your financial institution to learn more about the business loans they offer.
  1. Get to work! Becoming a successful home business owner requires time, hard work, and real dedication. It may seem impossible to run a business while working your full-time job but I am doing it and many of your SuiteMates are doing it as well.
  • Besides spending some time on developing your products or services, promoting your business, and providing excellent customer service, it’s also important to work on acquiring more skills that will help you become a better business owner.
  • Divide the large goals from your business plan into smaller goals you can accomplish on a weekly or daily basis. This division will also help you assess your progress.
  • Keep in mind that your goals might have to shift if your market changes.

The best way to launch your business and achieve financial stability is to put together a detailed plan with a series of small, manageable steps that will lead you to your goals. Use these five steps as a broad template for your project and add any additional steps that are relevant to your business.

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