Go Your Own Way: A Brief Introduction to Entrepreneurship in Newport County
It’s becoming increasingly clear that the world of work has permanently changed. With a heavier emphasis on remote working and digital practices, many have turned their hand to entrepreneurship. Owning a business can grant more freedom, less stress, and huge earning potential but it’s not without some challenges - here’s what the Greater Newport Chamber of Commerce says you should consider.
Much of your success as an entrepreneur comes down to the idea for the business itself. It’s important, before committing to any decisions, that you’ve considered the viability of your venture. A good first step is to conduct some market research. Look closely at competitors to see how crowded the market is, research overhead costs/potential expenses, and explore the customer base to see if there is a reasonable demand.
For certain industries, there are pre-acknowledged high levels of competition. This is the case in fashion and food, as both spaces commonly see large numbers of new companies. It’s still possible to succeed in these areas but you’ll need to bring something original to the table - ask yourself, ‘what problem does this solve?’ and ‘am I offering something that my competitors currently are not?’
When it comes to finding the capital to power your new business, there are a few different avenues available to you. External investment usually comes from private capitalists looking for a share of the company or you could also look into crowdfunding. Many platforms have a focus on startups, helping ventures to pitch and present their idea to thousands of potential donors.
There is a high chance that you’ll pledge some of your own personal finances in order to get the project off the ground. It’s important, therefore, to budget carefully and ensure that you have adequate resources if things don’t go to plan. The requirements to get things off the ground can be anywhere between $100 - $100,000, so be sure that you have a cut-off point that you won’t invest past.
If you need to take out a loan to access funding, look to improve your credit score so you can get approved at a better rate. You can download credit reports from all three sources of credit reporting by visiting AnnualCreditReport.com.
Once your business is established, it’s vital that you put in the early legwork to sharpen its image and broadcast your message to potential customers. You can start by working with designers and developers to build an online identity, including a logo, website, social media channels, and other brand identity elements. During this process, it’s important to have good communication channels in place. You may find that an online PDF editor is a useful tool for this purpose because you can write directly on the file to ask questions, point out problem areas, and share what you love. Plus, you and your consultant will have digital records of your feedback and revisions along the way.
Once you’ve established the infrastructure, the next step is to raise brand awareness or begin targeted campaigns. You can do this cost-efficiently via social media marketing or search engine PPC. If you haven’t run your own marketing before, it’s a good idea to familiarize yourself with the various forms and their advantages.
Without the help of office administrators, entrepreneurs must carry out all of their own paperwork. This means managing taxes, permits/licenses, and business structure. For the latter, it’s worth forming a business entity. Limited Liability Companies (LLCs) have several benefits to do with taxes, less paperwork, and reduced personal liability. States have differing regulations so be certain to check your state’s rules before applying - a formation service can help you to navigate these and save on lawyer fees.
Pursue Your Entrepreneurial Dream
Entrepreneurs carry much of the risk and reward of business on their own shoulders. If you have a great idea, want more independence, and you’re willing to shoulder the burden, this might just be the right career path for you. Come up with a business idea, find funding, develop a marketing plan, use online tools to streamline processes, and handle administrative tasks like forming an LLC.
Membership in the Greater Newport Chamber of Commerce offers invaluable benefits to entrepreneurs in our community. Join us today!
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