When you dream of becoming an entrepreneur, what comes to mind?
Building something from nothing?
Being your own boss?
Christian Brugal and Jillian Brugal are the owners of Bru Florida Growler Bar in Odessa, Fla. Tina Russell/The Penny Hoarder
Earning millions of dollars?
While its fun to talk about the end results of entrepreneurship, how do you actually get there?
Unsurprisingly, theres a lot of hard work in between ideation and success.
Is Becoming an Entrepreneur Right for You?
And those who have an idea but are so risk-averse that they cant get the idea off the ground.
Finding the sweet spot between the two is important if you want to become an entrepreneur.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
But chances are, youll have to keep working to fund your business and pay the bills.
That means balancing at least two jobs and working long, odd hours.
So how much can you make as an entrepreneur?
If you came here looking for a definitive estimate of an entrepreneurs salary, we hate to disappoint you.
It just doesnt exist.
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Why not?
Because entrepreneurship comes in many forms with varying levels of success.
Kylie Jenner, Jay-Z and Elon Musk are all entrepreneurs.
Just keep in mind that you may have to gowithouta paycheck in the beginning when youre establishing yourself.
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Ready to dive headfirst into entrepreneurship?
But the key is to also pick something that you actually have a passion for.
Then finally it was like, well what do we really want to do?
Instead of trying to find something niche or trendy or wacky, what do we love?
Its also in your best interest to pick something you have some expertise in.
If not, succeeding isnt impossible but its going to be a lot harder.
Who will your customers be, and why should they care about what youre offering?
Find someone who will pay you for the specific solution that youve developed, Ponraj said.
Also consider:
The Brugals knew they were passionate about beer.
To research the market, check out business journals that focus on your industry.
Also, reach out to other people who have launched startups in your target market.
Decide Whether to Bring on a Partner
The early stages of entrepreneurship are like Black Mirror: Bandersnatch.
Every choice you make now will directly affect your future.
Be a solopreneur or find a partner?
As a solopreneur, youre in control of every aspect of your business.
it’s possible for you to make decisions without worrying about conflicting opinions.
Dehnert now serves as the companys CEO.
Having a partner also means youll have emotional support.
If youve got someone jumping the same hurdles with you, it might feel a little more surmountable.
Some days, you feel like youre on an island, Dehnert said.
you’re able to figure it out together.
Work with an attorney to create a partnership agreement if youre bringing on a co-founder.
Will you own the property, or will it belong to the business entity?
If someone leaves the company, who will be able to further develop the intellectual property?
Will they need explicit permission to do so?
An attorney can also help you determine how shares of the business are split and division of labor.
Create a Business Plan
Start with a simple business plan that fits on a single sheet of paper.
It should give you an overview of what you have and what you need.
Eventually, youll need to draft a full business plan.
She and her husband deliberately overestimated expenses and underestimated revenue for Bru Florida Growler Bar.
Another technical aspect of becoming an entrepreneur: What kind of business structure are you going to have?
The answer will depend in part on whether youre going the solopreneur route or have a business partner.
Here are three common structures.
You also need to figure out what licenses and permits your business needs.
But if youre not rolling in dough, where do you even begin getting capital for an entrepreneurial endeavor?
First things first: You cant start a business expecting all of the money to come from outside sources.
The downside is its a highly competitive market, especially for federal grants.
But theres no harm in applying, so take time crafting your applications.
Lenders want reassurance that theyll be getting their money back.
Be prepared to present a business plan, financial statements, credit history and a legal record.
Other popular sources forfinancing a small businessinclude angel investors, venture capital, SBA loans and crowdfunding.
Make Networking a Habit
Making yourself known in the community among other entrepreneurs and industry professionals is invaluable.
SCOREprovides information for entrepreneurs and has more than 10,000 volunteers and 300 chapters nationwide.
Check out the free online education, mentorship and face-to-face networking opportunities.
Joining your local chamber of commerce can provide business support, networking opportunities and credibility in your community.
Find one near you throughAmericas SBDC.
But good news: The platform offers a 14-day trial.
All of the plans offer a custom domain name, mobile optimization and 24/7 customer support.
The basic version is free.
Software likeExpensifycan simplify expense tracking and reimbursements.
The individual plan is free; team plans cost $5 to $9 a month per user.
If your business requires a point-of-sale system,consider usingSquare.
There are no monthly fees or minimum monthly charges.
You just pay 2.75% per swipe.
The payment processing system accepts all major credit cards.
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Looking for more reading material to get your entrepreneurial juices flowing?
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