Venturing out on your own as a business owner is both frightening and exhilarating.  As an entrepreneur, you have the chance to be your own boss as you build your own business.  You have the chance to shape your own future and direct your own career. Instead of answering to the higher-ups, you only answer to yourself.  Those are the exhilarating aspects. The terrifying side comes with the responsibility of being a business owner. All the weight will fall on your shoulders.  You don’t get a paycheck just for showing up–you get a paycheck when your business succeeds. Sure, you choose the direction of your career, but that means you need a firm idea of what that direction should be.  You don’t answer to anyone else, but that means you have to make all the decisions by yourself. Every entrepreneur takes a leap of faith. Before you take that leap, consider these five tips every entrepreneur should know for the best chance of success.

Create a mission statement

Writing a clear, concise mission statement helps you, and everyone who works for you, to know exactly what is the purpose of your business.  This statement will help you with decision-making as your business grows. Does an action fit with your mission statement? If not, then it does not really fit your business, either. 

An entrepreneur must establish well-defined goals

Establishing well-defined goals for your business helps you to know whether or not your business is succeeding.  Broad, loosely-defined goals are too vague when it comes to measuring success. Create specific goals, such as how many customers you will serve or a projected growth over time, that you can measure to see how you are doing as a business owner.

Define your customer base.  

Knowing just whom you plan to serve will help you decide how to target your market and where to direct your energy.  For example, if you choose to open a home healthcare franchise business, you might define your customer base as an aging population desiring to age in place.  Or you might focus on people with disabilities who need help to live independently. Once you define your customer base, you can develop your marketing strategies with that particular audience in mind.

Utilize existing knowledge as an entrepreneur

There’s no need to reinvent the wheel, or anything else.  Take advantage of experts and other professionals. This might mean seeking out another entrepreneur as a  mentor. It could mean outsourcing payroll and billing instead of doing it yourself. It can also mean investing in a franchise business.  Purchasing a franchise gives you a tried and tested business model developed by experienced professionals. Opening a franchise lets you hit the ground running with your new business.  

Take the plunge. 

Part of being an entrepreneur is taking the risk and starting the business, with no guarantee of success.  Take the time to create an action plan, set aside money for expenses, but then take the plunge and open your own business.  There are no guarantees, other than that you will certainly experience hiccups and setbacks. But no one can plan for everything.  Part of being an entrepreneur is learning as you go. As your business grows, you will see what works and what doesn’t. As you learn you can adjust your business model as necessary.

If becoming an entrepreneur appeals to you, reach out to A Better Solution in Home Care.  Our team would love to speak with you about opening your own home healthcare franchise business.  Investing in a home healthcare franchise business might be your path to entrepreneurship.