Are you thinking of a way to make more money? Whether you’re thinking of a side hustle or starting your own business, entrepreneurship is on the rise. You might be wondering if it is a good idea to even start a business with so many new business ventures popping up especially since the pandemic resulted in significant unemployment levels. According to an article in the Forbes Advisor, there are over 33.2 million small businesses across America alone. This does not mean you should be discouraged. Instead think of it as, “If this many businesses can succeed then so can mine.”
But what does it take to run your own business?
There are many components that encompass being a business owner and being your own boss. First, you must figure out what your idea is and what your target audience will be. Figuring out your target audience sets the tone for all the marketing you’ll have to do, choosing a name, registering the business, and figuring out whether it will solely be an online business or have a physical location as well.
With owning a business, comes the responsibility of deciding if you will hire employees or not. Not every small business has employees besides its founder(s). According to the Forbes Advisor article: Small Business Statistics of 2023, approximately only 16% of small businesses have between 1 – 19 employees, while most small businesses have no employees. This might sound like a shocker but it shows you that owning your own business is doable.
If you choose to pursue the digital/online business route, then you need to learn the ins and outs of digital marketing. To list a few areas, there are Search Engine Optimization (SEO) and Search Engine Marketing (SEM), social media marketing, and being an influencer on social media. For an online business, using social media and influencer marketing for paid and organic advertising is most beneficial.
In addition to all of this, HR and management skills are necessary when employees are part of the business. Your goal as a business owner is to be ethical while running your business successfully. Your employees’ wellbeing, skills, strengths, and growth should all be taken into consideration as a boss.
Now you must be wondering where to start? Cudoo’s course bundle: Setting Up Your Business Online is at your disposal. It’s designed to help you from step 1 to success. This bundle covers everything you need to know about starting your own online business. From different company structures to choose from, to various on-site and off-site SEO techniques, to being a social media influencer, and how customer service can set you apart from competitors; these are only a few of the topics covered in this bundle. Many of the concepts you’ll learn also apply to a physical business. If you’re a complete beginner, then this bundle is perfect for you.
Leonie Ramkaran
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