10 Executive ways to Start your Own company While Unemployed

Many of us aspire to be our bosses, but the process to start your own company while unemployed seems difficult compared to getting employed, but you are left with no choice when you go unemployed. Entrepreneurship becomes your last resort.

Before thinking of your own company, ensure you are willing to stay committed to it in the long run. Starting your own company, getting into business, and becoming a boss can be as much fun as it would be difficult, but you have to be dauntless.

Starting your own company while unemployed is awesome. Though it may take time for your company to be profitable, it is rewarding.

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Ways to Start your Own Company while Unemployed.

Starting anything is easier when you know what you are getting into. Here are 10 executive ways to start your own company while unemployed.

FIND THE RIGHT PROFITABLE COMPANY IDEA

It might be difficult to choose the best company idea when various ideas give you tingling sensations; however, you will have to streamline your idea to one for focus and productivity sake.

As there is no perfect niche or product, you will need to choose a company category with more things working for it than against it. The best way to determine the best idea is to ensure that your company’s idea solves a problem you’re passionate about.

When your product trails a passion for solving a problem, it offers another advantage to satisfy the consumer’s requirements. Securing the idea is not enough; knowing which product category your idea falls in is necessary.

A product can fall into the following categories; fad, stable, trend or growing. A fad is like a flash in the pan. It goes popular for a short period and fades out as quickly. It is not a good idea for a long-term goal.

A stable maintains itself for an extended period, not growing or declining. A trend like a fad goes popular for a time, but unlike it, a trend lasts longer as it is a direction a product market tilts to.

A growing is a lifelong permanent market that doesn’t show signs of going anywhere. It has stood the test of time and is still standing.

EDUCATE YOUR IDEA

As a company can not be built on mere product ideas, the next step is to refine and educate your idea.

You might need to go through formal solid education and training to start your own company, especially if it is a field you are not very much familiar with. To start an advertising agency, you must learn about marketing, advertising, and business.

It is pertinent to know we’ll know about the market or industry you are entering. Look out for time-tested methodologies that work for other companies. Perform a market analysis to know the industry’s demand and competition level.

Also, a knowledge of existing companies in the industry will not be a bad trial. Learn about what current companies are doing and what they ought to that they are not doing, how you can do it better, and most importantly, what you can do they all are not doing.

PLAN YOUR COMPANY

As you know, “if you fail to plan, you will plan to fail.” You need to have a business plan to bring out the glory of that awesome company idea.

Before rushing into implementing your idea, you have to figure out the following;

What is the purpose of your business?
Where and when to sell?
Why should you produce?
How to finance your company?
Whom to produce for?
How to market your company?
How the company would operate and logistics?

And here comes the need for a business plan.

A business plan is a document that highlights the needs of your company. It contains the goal, the objectives channeled towards the goal, and the strategy to achieve the objectives. It also includes business who, where, why, and how.

A business plan ensures that you stay focused and committed to the goals. It prevents you from straying off the tracks. With a business plan, you have a clear head and can proceed with your plans on a red carpet.

HANDPICK YOUR AUDIENCE

It is unwise to jump into a business without first identifying who your consumers would be and why they would want to buy from you.

A target audience is a group of people bonded by a particular mutuality who will be willing and capable of buying your products. Understanding your target audience makes it easier to know how to satisfy them.

Their age, gender, income, race, culture, demographic, and interests will be considered to determine your target audience. This also makes you realize that not everyone is your audience.

You should also define why these sets of people are your audience and what you intend to do for them. This will let you identify what value you intend to disseminate and how best to disseminate it.

Understanding your target audience makes getting new consumers easier and attracting potential buyers easier.

SECURE YOUR FINANCES

To birth, a business that wants to refute death needs the constant support of funding. The financial aspect of any company moves from capital to expenses and revenue.

The foothold of any startup or company depends on its capital. There are several ways to source for funds to start your company.

– Self-funding: If you perhaps have enough savings that can be enough to launch your startup, then you are good to go.

– Take out a business loan. Another option is to take out a small business loan. Many startups take loans from banks. A business loan from commercial banks might be challenging to secure and always accrue interests, but it will provide you enough to start a business.

– Get money from Investors: Investors and capitalists provide funding for startups and companies in their early stages. Invest in your business for equity ownership.

Also, So many businesses fall out of place by spending more than they have been able to make. As a good business owner, analyze your expenses. Expenses can be divided into two;

– Capital expenses: This involves capital equipment, transportation, and other things that would not need funding over time.

– Recurring expenses include repeated expenses like workers’ salaries for machines and transport vehicles and petty daily expenses.

Every business aims to make a profit, so you have to outline your profit clearly and how to maximize it.

– Determine the profitability of your product: Successful business owners are known to identify how much revenue to generate to bear their expenses? What products are at a profit, and which ones are at a loss?

– Pricing: Perfectly determine your product’s price by knowing the product’s cost per output. This will include the fixed cost, variable costs, marginal costs, and the cost of labour.

– Sales Analysis: Identify how to increase sales for more sales equals more profit. Know when you are at equilibrium and when you break even.

Avoid overspending while starting your business. When you make profits, attempt to plunge them back into the business, it would help it grow.

SET UP YOUR COMPANY LEGAL STRUCTURE

A structure is one other important thing when considering starting a company. You should figure out what kind of business you’re starting. A sole proprietorship, A limited liability company, or A corporation.

Sole proprietorship

A sole founder is great as you are the only one involved in your company’s administration and smooth running. However, it also means you alone bear the risks and grits of the business. You may also need to register your business and get an employer identification number if you intend to hire people later.

Limited liability corporation (LLC)

A limited liability corporation is a small startup that one or more persons can form. However, there is liability protection for the company owners as they do not bear the brunt of any legal claim brought against the company.

Corporation

A business structure where the business owners are taxed and held responsible separate from the company. The business is funded by shareholders who own a sizeable company share.

VALIDATE YOUR COMPANY

Are you ready to get started? Then, you need to get the necessary license and numbers. To validate your company, you must first register with your country’s federal government and then tailor your business to meet the laws and requirements of the industry you’re entering.

A business license is important to operate both locally and globally. For a liability company, you might need to contact a business lawyer to get the legal advice and conditions that resonate with your company.

Then, Your company must also ensure the business social security number, i.e. a federal and state tax identification number. This number is assigned to companies and businesses for taxation purposes.

BUILD YOUR TEAM AND NETWORK

Just like networking is necessary for the growth of any individual, entrepreneurs are not an exception. Networking helps you to build a handful of people that may have the experience, skill, or funds to support your business.

Any successful project and business are because of the competency and commitment of the team. You will need to figure out what positions need to be filled and what criteria would perfectly fit them, except if you intend to do it all by yourself, which may reduce efficiency and output.

To start, you may need the services of the following people;

– A developer who would help you with the technical know-how and expertise necessary for the company’s growth.

– A social media manager that would sell your company to the world.

– A graphics designer and content creator would facilitate compelling content creation for the brand.

And several other positions like a project manager may arise as the company grows.

BRAND AND MARKET YOUR COMPANY

Now that your idea has reached a strategic stage, it needs all the packaging it can get, and that’s where branding comes in. Branding involves your brand name, colour, and logo. A logo is an essential element of branding. The visual element sticks to your audience and preaches all about your brand.

After branding, you must sell, market, and advertise your business worldwide. With a prioritized marketing plan, your business is on its way to skyrocketing. A marketing plan is every company’s overall summarized goal, plans, and strategies. It also contains the company’s strengths, weaknesses, opportunities, and threats.

With a marketing plan before your launch date, you can rest assured your business is set on the right wheel and may not have any cause to pause.

GROW AND PROMOTE YOUR BUSINESS

Your preparation is finally about to pay off. Your solid foundation will pave an easy way for your business launch. Promote your company on all free channels and available social media.

Now that you have launched your company, growth is the next phase to work on. Growing requires all the time, effort, and dedication it can get.

The one who starts the company doesn’t get the credit. The one who grows the company to a landmark stage gets the reward.

Conclusion

So there you have it, 10 executive ways to start your own company while unemployed. Some of these tips may work for you and some may not, but the only way to find out is to try them out for yourself. The most important thing is to never give up on your dreams and persist through the tough times. You might want to wait for the perfect time, but I tell you, there is no perfect time. Every time is right as long as you are committed. Also, there are no perfect plans, and that’s why as an entrepreneur, you should be able to adapt to situations. Plans change, and you should change with them.