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December 6, 2017

5 Steps for First Time Entrepreneurs to Launch a New Business

When you’re battling morning traffic or dreading another meeting at the office, stop dreaming about being your own boss and make it happen. In today’s economy, it's easier than ever to create your own business opportunities with low start-up costs. The online marketplace and sharing platforms now make it possible for you to provide products and services to people who want them. If you’re ready to hit the ground running, follow these five simple steps to create the successful, home-based business you’ve always wanted.

1. Find Your Niche

Finding your niche means choosing something you enjoy or are already familiar with and turning it into a business opportunity. Handy with a camera? Become a freelance photographer. Love cooking? Offer food preparation and catering services in your community. Do you love quality products that help people care for themselves and their homes? Consider becoming an independent business owner for a company like Amway. With Amway, you can build your own business offering a variety of products from nutrition, to beauty products, to safe and effective cleaning products. When you believe in your product or service, you’ve got the foundation to create a successful business that you are proud of.

2. Educate Yourself

Learn as much as you can about your business so when you present yourself to potential customers, you position yourself as an expert. Write down any questions you have about your business and find the answers. Keep a log with your questions and answers to refer to them as needed. Learn as much of you can about your business and know your competition. Identify what makes your business stand out and why it is better than the competitors.

3. Find Your Audience

Before you launch, know who your audience or target market is. These are the people you will be contacting and networking with to find customers. If you’re selling products through a direct marketing company, you can focus on people who are looking for quality bath and body products, or businesses who need safe, high-quality cleaning products. Once you pick your audience you can begin reaching out and sharing your business with people who need you.

4. Set Your Goals

Determine what you want your financial and productivity goals to be. Know what you're working toward. Setup long-term and short-term goals. How much income do you want per month? How many hours will you spend each day focusing on your business? How many people will you connect with each day? Knowing what you want to achieve before you start helps guide you along the way. Another popular technique is to set SMART goals.

5. Make Your Business Visible

Create your website and get your social media accounts up and running. Share your website on Facebook, Twitter, Instagram and LinkedIn and tell people about your business and what you have to offer. Interact with your online community and show how you can provide solutions for them. For help getting started with new accounts on social media, take a look at this checklist.

Opportunity is everywhere in today’s economy. Following these five steps will help your new business hit the fast track for success. Stop wasting time dreading the nine-to-five and create the life you want with a business you love.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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