Posted by JuJuan Buford @JSBUFORD
What follows is an abridged (to protect the identity of the entrepreneur) overview of advice shared with an aspiring entrepreneur via email, deliberating about whether to start a business.
Good Morning Ms. Josephine Baker,
I trust this message finds you well and in positive spirits this morning. What follows is an abbreviated list of suggestions or recap to help guide you as you launch your business. As with anything else, eat the fruit and spit out the seed. Consume and apply what's for you, and place everything on the shelf for safekeeping in case you need it one day.
1. One of the first things I'd encourage you to reflect on is who is your target market. Who do you WANT to serve?
This is important because entrepreneurship is not always fun, and it certainly isn't easy. Therefore, if you're not enjoying what you're doing, or not finding fulfillment in it, you may not have the energy to follow through.
Also, your target market determines where you should market your business, and whether or how much you should spend on advertising. You're not in the hair selling industry, you're in the beauty industry, helping people feel good about how they look..... and you're in the storytelling business. People use their appearance to tell stories about who or what they are, and or who they desire to be. Automatically, Facebook & Instagram comes to mind, because these sites are two (there one in the same now) of the most heavily trafficked. More people, more eyeballs, looking at attractive images. Videos and imagery win on these platforms. Also, take a moment to explore Pinterest.
However, you have to pay to play on both platforms now. In order to be heard, you have to turn up the volume, either in terms of the number of times you post or the amount of money you spend to cut through all the noise = competition for your audience's attention. You're competing against the latest political argument, dispute between entertainers, people's random steak & egg, grape juice pics, the latest gossip, etc., etc., etc.,
However, what if you're targeting highly compensated women: executives, entrepreneurs, with disposable incomes, who work from sunup to sun down, meaning they're not playing around on social media as much as everyone else. Well, LinkedIn may be the place to go. Why? Because that is where they are. They're reading, socializing, looking for resources, tools, and people to help them level up in their careers or business endeavors. In other words, they're already primed, looking and ready to spend money on things that aid their efforts.
2. Structure, Website.
Game recognizes Game. Professionals like to do business with professionals. Entrepreneurs like to do business with entrepreneurs. Business owners like to do business with business owners. Be cognizant about how you're showing up to people with disposable incomes. In other words show up as a business, with an LLC, S-Corp, C-Corp, etc., Make sure you consult with a tax & accounting professionals (that work with business owners) and an attorney (that actually work with entrepreneurs). Avoid the jack of all trades and the master of none type of situations. If you treat your business like a hobby, it's going to pay you like a hobby. Consider the following resource > https://bit.ly/growscaleprotectyourbusiness
When larger purchases are going to be made, it's a lot easier to cut the check or make the transfer to Perfect Visage Images, LLC, than to Janae Mckenzie from somewhere I don't know on the internet. Especiallyi n the beginning, before you've established credibility and rapport.
A good crisp website = landing page answers who you are, what problems you solve, what are your products or services, and where can you click to buy or request more information. Depending on your industry, websites today are becoming more and more like business cards. You have them because it shows you cared enough to invest in your business....it's the professional thing to do. It's a sign that you're a grown up. But keep in mind, most of your clients are going to learn about you via social media first, then transition to your website.
3. Documents, Finances. Don't Be Intellectually Lazy & Don't Starve the Baby.
Don't go out and try to become a master of the tax & accounting world, but avail yourself of professionals who know how to explain the value of a cash flow statement, a balance sheet, and an income statement. In other words, not just a bookkeeper or accountant, but professionals who understand business finance.
Also, as soon as you establish your LLC , open a business account, and avoid commingling your personal and business monies. Invest in a transaction tracker, and develop a really, really good relationship with a personal banker that knows how to access business funding and other alternative resources as well. This is one of the most important business relationships you will ever make.
To Be Continued........