How To Become An Entrepreneur

I became an entrepreneur while working my full-time job. It started after I  began building my nonprofit while managing work and family life. Sisters of Hope became my calling. Since then, we have empowered thousands of girls all over the world. My life began to change; as I served others and gave of myself, I received so much more. My thinking changed; as I encouraged others to think positively, I started to think in the same way. In the midst of all the new thinking, I discovered new talents and gifts. My talents of creativity, entrepreneurship and leadership were strengths that enhanced my services. These attributes inspired me to enroll in business school and complete my master’s degree to help further my business pursuits. My passion for entrepreneurship grew and I invested in more education and training to extend my knowledge. I learned about grants, proposal writing and business contracts. The business wisdom and passion led me to start a for-profit company called “I Heart Arts LLC.” I Heart Arts contracts with schools and educational institutes to serve grades kindergarten to fifth-grade students in visual and performing arts programs. One of the biggest marketing strategies developed for both Sisters of Hope and I Heart Arts was the production of large community events to promote awareness and to raise funds for the programs. After starting two successful businesses, producing citywide conferences and expos, people would often ask me for business advice. They wanted to know how to get started, and since I worked with so many other entrepreneurs by showcasing their businesses as sponsors and vendors at my events, it seemed very natural to create products and services to help others build successful businesses. This evolution led to the creation of Rainie Howard Enterprises, an entrepreneur coaching and business development firm. This business allows me to continue to follow my passion of helping others. The only difference is that, instead of serving children, I can now empower aspiring entrepreneurs and small-business owners.

Tips To Help You Become An Entrepreneur It is also important that you operate your business in purpose and passion. Discover your purpose by asking yourself the following questions:

1. What am I passionate about?
2. What do people often tell me I’m really good at?
3. What are my natural talents?
4. Finally, how can I make money?

How can you find the market that needs you? When Herb Kelleher founded Southwest Airlines, he noticed that only 15% of the population had ever flown. He niched his business to the remaining 85%. He had a passion to help a group of people who did not have the opportunity that others benefited from.  To be successful in business, you must first work on your thinking. When I started my first two businesses, I had a limited mindset. I only focused on serving local people. I was limited to the standard “mom and pop business” mindset. This mindset is common for many beginner entrepreneurs; they start a business to serve a need, but soon after, the business becomes more stressful than a job.

  Determine your market demand. What problems will you solve? Who will your target client be? Find a way to monetize your gifts and talents to create products and services that will serve your target audience.
  How will you capture leads? What strategy will you use to get new clients? Will you market through social media, google ads, emails etc...?
  Make it Legal If you haven’t already registered your business with the proper requirements according to your state regulations, before you move forward, determine what type of business entity you plan to file by reviewing the following options.

1. Sole Proprietorship is the only type of business that doesn’t require any papers to be filed and doesn’t entail any fees. You are the sole owner of the sole proprietorship, which means you pay taxes on any business profits as your income. If your business has any liabilities, you will be personally liable for them.

2. A Partnership is very similar to a sole proprietorship; the difference is that two or more people own the business. No fees and papers need to be filed. Once the owners start the business, the partnership begins. Each partner must pay taxes on their share profit and each partner is personally liable for all debt and liabilities of the business.

3. A Corporation is its own legal and tax entity. A corporation pays its taxes on profits, and the owners of corporations only pay income taxes and money drawn from the corporation such as salaries, bonuses and dividends. There is no personal liability with a corporation.

4. A Limited Liability Company has no personal liabilities, just like a corporation. However, an LLC is not its own separate tax entity. The owners of the LLC are required to pay personal income taxes on their share of the profits kept during that tax year.

5. A Nonprofit corporation is formed with the purpose that is charitable, educational, literacy, religious or scientific. One of the greatest benefits of a nonprofit corporation is that the money that is taken in for a charitable cause is normally not taxed by federal or state governments.

If you need additional guidance in setting up your business entity, contact your secretary of state for further instructions. You should also consider consulting with a business attorney and/or an accountant. Learn more ways to make money online in The Happiest CEO In Business,  Live More Work Less, Thrive In Purpose and Passion, Turn Ideas Into Unlimited Income Click Here!
About the Author: Rainie Howard is the Founder of Rainie Howard Enterprises and Author of The Happiest CEO In Business. 

Rainie Howard, MA

Author/Humanitarian/Media Proprietor 
Owner of RH Enterprises, LLC
Founder of Sisters of Hope, Inc
Office: (314) 324-7415 
Website: http://www.rainiehoward.com