The gig economy has thrown wide the doors to running your own business. People of all ages—including seniors—are becoming Airbnb hosts, driving their cars for Lyft or Uber, or using college degrees and skills to break free from the 9 to 5 corporate grind. And it’s no wonder! The gig economy is on the rise with estimates showing around 43 percent of US workers participating.
HD Tax Preparation & Small Business Services wants to see you succeed! If you’re considering a gig of your own, read on for some important tips.
Make Sure There’s A Market
If you’re not setting up an Airbnb location or joining a growing gig, you’re going to need to test what product or service you’re planning to bring to the market. There are three things you can do to figure out if the market is ready for your business idea.
- Do market research; Influencer Marketing Hub points out that a key piece of the puzzle is not only to solve a problem with your idea, but to earn the trust of your target market.
- Test drive your idea on a few clients, and be sure to get their feedback for adaptation. You’ll have more chances of success if your customer is involved in the development process.
- Ask an expert. Network with successful people in the industry and find out what their thoughts are.
Have A Business Plan
Your business is going to need a solid short and long-term business plan. What are your goals for the first six months? And what are your goals for the first several years? Businesses who don’t do adequate planning are more apt to fail. Along those same lines, you need to formulate a realistic budget for your new venture.
As you’re setting up your new at-home workspace and putting on all the finishing touches, it’s a good time to remember that the space isn’t just a hobby room. If you are looking for a new house with a home office in mind, you can tap into a home affordability calculator to determine what you can afford, especially in light of your business budget.
This is also a great time to consider your business structure. For many new businesses, an LLC is a wise choice. It allows for scalability, so you’re able to grow without restructuring. It also provides tax advantages that HD Tax Preparation & Small Business Services can ensure you enjoy, and as the name suggests it protects your personal assets. If you find legalese intimidating, setting up an LLC is easy and inexpensive if you go through an online service.
Marketing Your New Business
In addition to becoming a financial expert, you’re going to have to become a marketing expert too. There are ample ways to promote your new small business; here are some of the highlights.
- Make a marketing plan and establish your budget.
- Define your brand.
- Go to networking events.
- Understand how to use social media.
- Build a brilliant website, and they will come.
- Host a charity event.
- Have an amazing elevator speech.
Prioritize Your Customer
Your customers are obviously the foundation of your business, so prioritizing them will be critical. The first minute they feel like they aren’t being attended to, they’ll seek out your competitor. Consider these tips:
- Listen more than you talk.
- Take the time to get to know your clients and keep them happy.
- Be organized and efficient.
- Ask their opinion as this gives them value.
Adapt and Adapt Again
Everything won’t run smoothly from the start. You will face some setbacks or failures, and this is a normal part of the process. Where you’ll go wrong, is failing to make changes based on those failures. As Entrepreneur says, make sure to adapt as you go.
Small business success will depend on your careful planning and meticulous execution. Take time to research, read and understand small business success stories as well as why small businesses fail. Doing your homework will help push you toward success.
Connect with HD Tax Preparation & Small Business Services for more tips and insights on ensuring your new venture’s success!
By: Sharon Wagner