If you are planning to turn an entrepreneur and want to start something of your own, one of the biggest thoughts that could cross your mind is the time it will take for your venture to be profitable.
Of course, there is no magic mantra that can make you successful and let you make money immediately, and as an entrepreneur, you will have to be prepared enough to survive the first few years without expecting much of a turnout.
But that does not mean you can’t take things in your own hands and shape how your work pans out, and take a shot at making a profit.
Here are a few tips that can let you make the most of your work and take a shot at making money faster.
Prepare A Plan First
It’s tempting to start your own venture, and you may be bursting with ideas, but before you jump into the entrepreneur mode, make a plan. It may feel unnecessary if you’re not planning to pitch your business to an investor, but having a plan will let you spot the loopholes and understand what you’re trying to do, and how you can do it in the best possible way that will let you continue the business and avoid shutting shop.
Keep Costs At A Minimum
You don’t want to run out of money, so it’s best to keep your expenses at the minimum and reduce costs wherever you can. Initially, restrict your hiring to only those you absolutely need and make the most of freelancers. If possible, you can even hold off hiring an office space at least for the initial time.
Put Back Whatever You Earn
Even the smallest amount you make from your venture should go back into the venture. For instance, you could use it for marketing and branding and so on. Don’t get disillusioned if you barely have anything left after paying up for everything else – owners initially often get the last pay.
Keep A Track Of Everything
This accounts for every little thing you are doing, from the lowest paid employee to the tiniest thing you bought for the business. Keep a track of each expense so that you have an accountability of what’s going on and whether or not the expense is worth it.
Reach out to people
Jyoti Deshpande is a commerce graduate who worked for more than two decades in the corporate sector and is now a Permaculture Consultant, Designer, and Mentor. She says she has finally found something that is her true calling and fulfills her passion for life and living! According to Jyoti, the amount of time you should give a project before it starts turning into a profit will depend on the area you have chosen to work in, as well as your own capabilities. If you design your learning pathway and your life well, there will be no dearth of opportunities. The trick is to find your niche, build a strong network and make sure your work can speak for you.
When you start your own venture, you have to reach out to people and network. Don’t hesitate to ask people for meetings, even if this is not your style. Stick to the time and make sure that you know what you’re going to talk about so that they don’t feel you wasted their time. Networking can open various possibilities that can eventually help you make money.
Don’t make the mistake of giving your business just a test year to see whether or not it’s making money. Sometimes, it can take a little longer for your work to get noticed and for customers to come in, so plan well and stick around if this is really your dream.