Employee To Entrepreneur: Business Basics 101

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Deciding to leave your day job and venture into entrepreneurship is a monumental decision and it should never be done without proper preparation.  This episode is for anyone who is standing on the edge of taking that leap!

I was joined for this important discussion by 3 amazing guests:

• Business Attorney & Founder of The Wright Firm, PLLC . Shahara Wright
• Business coach & Founder of Mogul Minded Solutions Nyjah McCoy
• Co-Founder of Marketingboost.com, Marco Torres

Stats:

• There are 31 million entrepreneurs in the U S
• 58% of small businesses in the US start with less than $25,000. And 1/3 start with less than $5,000.
• 70% of small business owners in the US report working more than 40 hours per week and 19% report working more than 60 hours per week.
• Approximately 20% of new businesses close in the first year of being open
• 50% of new businesses close within five years of being open

Key Takeaways:

• Know your “Why” for wanting to start your own business. Knowing your “why” will help you persevere when things get tough! (Shahara Wright)
• Consider your time, your scheduling, especially, if you are still working that nine to five grind. (Nyjah McCoy)
• Do you really have what it takes to be an entrepreneur? Some people report working 60 hours a week or closer to 80 at the beginning. (Marco Torres)
• All business structures aren’t the same. LLC’s, S-Corps, C-Corps and partnerships are different. So find the best structure for how you intend to operate. (Shahara Wright)
• Make sure that you're in touch with the city and the county that you want to operate in to make sure that you have the licenses in your state that you need to have. Call the economic development centers in your area and ask them “what do I need?” (Shahara Wright)
• If you’re a web-based business, you want to have your privacy policy and your terms of use on your site. (Shahara Wright)
• If you're a service-based business, you want to have a service agreement for your business. (Shahara Wright)
• Have a business plan. (Nyjah McCoy)
• Analyze your competitors (Nyjah McCoy)
• Consider your branding, your product pricing and your target demographic. (Nyjah McCoy)
• Before you spend a ton on marketing, try organic methods like participating in local events, trade shows, networking with other entrepreneurs or start a Facebook group. (Marco Torres)
• Ask your customers for a testimonial or review! (Marco Torres)
• Having a knowledgeable business coach can be beneficial for clarity, guidance, feedback and accountability (Nyjah McCoy)
• Tailor your business idea to your budget, not the other way around (Shahara Wright)
• Business loans are hard to get when you’re just starting out and grants often have tons of conditions (Shahara Wright)
• If you can't afford to start the business without financing, then you might need to reevaluate your plans.(Shahara Wright)
• Before you actually start putting your money into your business, start saving for life (Nyjah McCoy)
• Pace yourself and be realistic (Nyjah McCoy)
• Leverage your relationships and partner with friends who have skills you don’t. Pool resources. (Marco Torres)
• Use incentives vs. discounting your product or service. (Marco Torres)
• Utilize technology and have automation in place (Marco T

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