25 Feb, 2023
Author: Tara Brennan Entrepreneurship continues to feel like the next best step, but is it worth the risk if you're not a grad? Maybe you didn’t have the opportunity to go to college, or maybe you did but you just couldn’t afford it. Whatever the reason, not having a college degree shouldn’t stop you from becoming a great entrepreneur. The Alberta LGBTQ+ Chamber of Commerce some tips on how to make it happen. The Right Business Type If you don't have an idea already, this should be your first step in plotting your entrepreneurial course. There are countless types of businesses out there, and you want to choose one that you’re passionate about and where you have the skill set to succeed. Do some research and figure out what kind of business is the best fit for you. Prepare Your Business Plan To help get your idea off the ground, Growthink notes that you need a business plan , which functions as a road map that outlines your goals, strategies, and limitations. It should answer basic questions about your business, such as what you do, who your target market is, and how you plan to make money. A business plan can also help you secure funding from investors or lenders. When writing a business plan, it's important to be realistic about your objectives and limitations. Once it's complete, keep making updates as your business grows and changes. Financing Your Venture If you don’t have the personal funds available to start your business, don’t worry. There are plenty of other options out there. You can look into small business loans, angel investors, and even crowdfunding platforms like Kickstarter or GoFundMe. Just make sure you do your research and find the option that’s best for you and your new business. Should a loan be the best option, avoid taking out a bigger loan than you need. Commit to Organizing All Your Files This may not seem like an important task, but it's crucial When starting a business, there will be a lot of paperwork involved (permits, licenses, contracts, etc.). If everything isn’t organized from the very beginning, things can quickly get overwhelming – and that’s when mistakes happen. Avoid stressful situations by taking some time upfront to get your paperwork in order. Digitizing documents is the best way to organize your files , and converting files to PDFs allows you to condense files and more easily share them when necessary. The Tech Side With so many options out there, it can be tough to know which technologies are essential for your business and which ones are simply nice to have. Again, this comes down to doing your research and figuring out which technologies will help your business succeed and which ones are just gimmicks that will waste your time and money. Once you have a good understanding of which technologies you need, it’s time to implement them into your business plan. Connect with a Mentor FreshGigs.ca points out that a mentor can offer advice on everything from writing a business plan to finding funding sources to choosing the right technology for your business. If possible, try to find a mentor who has already been successful in starting their own businesses as they can offer invaluable insights that will help put you on the path to success. Becoming an entrepreneur doesn’t require years of education or even tens of thousands of dollars in startup capital, although both of those things can certainly help! All it really takes is passion, determination, and focus. If you‘re ready to take the leap into entrepreneurship, follow these steps to get started on the path to success.
