In one way or another, everyone is tempted to leave the corporate world behind to follow their calling to become entrepreneurs. Being your own boss and making your own business decisions sounds better than remaining in a 9-to-5 job with insufficient pay. Plus, you can set your own markers for success.
That kind of life is undeniably attractive especially if you come from a corporate job with demanding hours and harsh work conditions. But to get to the point where you can reap all the fruits of your labor, you will first have to put in a lot of work to build your business.
Building a startup when you have no definite background in business administration or management can make it even more challenging. However, that doesn’t mean that it’s impossible. It might take more time, effort, and money to achieve, but it can happen.
For starters, you can get a good grasp of the four pillars of business: marketing, management, operations, and finance. It can be overwhelming to try to understand all these business facets at once. To make this easier to digest, take it one step at a time:
Business Pillar #1: Management
As the head of your startup, it is your duty to make sure that you have a product or business to sell to your future customers. You also have to set the purpose of the company and what goals you want to achieve in the long run. In essence, this pillar tackles the main reason why you built your company in the first place.
The management also involves the process of how your customers can reach you. This can mean deciding whether you will be building a brick-and-mortar business, one that’s purely digital, or a business that resides in both dimensions where consumers are found.
Business Pillar #2: Marketing
A business cannot exist without its customers. It’s an unspoken rule that all entrepreneurs must know to succeed in their chosen industries. That’s why there’s a saying that the “customers are always right” because good customer service can bring satisfaction, which can lead to patronage.
But before you can get customers, you will first have to establish your brand and let people know that your business exists. Your potential customers should be able to find you online and offline, which is why marketing is important to have a successful business.
The only way for you to generate revenue is by getting the support of your customers, and the only way to get customers is to advertise your products or services. If you don’t have enough experience in marketing, it might do you well to get a fractional CMO to help you get your business off the ground.
A CMO is an expert in the field of marketing who can lay the groundwork for your business. Outsourcing a marketing specialist can be a more cost-effective way to establish your campaigns and initiatives while you focus on your core function as a business owner.
Business Pillar #3: Operations
Once you’ve decided what your business purpose is and how you can reach your target market, the next aspect that you need to focus on is operations. This refers to devising a day-to-day schedule and how all your employees can work together as a team to reach your company’s goals.
Figuring out how to get your products or services to your customers will also fall under operations. In a nutshell, operations involve all the logistical matters of your business. This can include acquiring the equipment, tools, technologies, materials, and other supplies that you will need to operate daily.
Business Pillar #4: Finance
To make money, you will have to spend money. A business is a long-term investment, which means it may take time before you can become profitable. And to get to that point, you will have to make sure that your finances are being handled properly.
Having a business means that you are no longer just an individual, but a taxable entity. Managing your finances from the get-go can make it easier for you once tax season comes, especially because failing to file taxes on time can be considered a federal offense that comes with criminal charges.
The finance aspect of business also involves pricing your products or services, handling employee payroll, and other money matters. If you think that this is something you can’t handle on your own, it might be practical to outsource a credible accountant to help you manage your finances.
Building a business from the ground up is challenging, but not impossible. And it doesn’t have to be guesswork because you can learn from the experiences of those who traveled the entrepreneurial path before you. With hard work and determination, you can become the proud owner of a successful startup.