Noelle Randall is the founder of NuuRez, Inc., a real estate company that provides short-term rentals to business and leisure travelers. She is a thriving entrepreneur with over 20 years of experience and multiple companies on her resume.
As a successful business coach and entrepreneur, Randall provides an overview of the ten steps necessary to start a business that will thrive in the modern age.
Changing the mindset
Most people will start a business after a few years of working a typical 9 to 5 job. Randall emphasizes the necessity of changing one's mindset and lifestyle. According to her, it is vital to keep in mind that there would not be any financial security when starting a business, but the strong belief that it can generate more income should serve as the fuel to keep going.
Identifying what the business will be
Potential entrepreneurs should already have a good notion of what they want their business to do. Randall advises that aspiring entrepreneurs should determine their target market, what demand or problem they will satisfy with their business, and how they will do this. She says these three things are essential when figuring out how the business can potentially run.
Randall emphasizes the necessity of setting business goals. She cautions against using the phrase "as much money as possible" and emphasizes that it is critical to set substantial income and monetary goals since it makes them more attainable. It also provides rookie entrepreneurs with a benchmark for their development.
Writing a business plan
Having a solid business plan opens many doors to aspiring entrepreneurs. Randall shares that her students who take the time to write a business plan are often more successful than those who don't. She continues that good business plans are a great way to attract investors and lenders.
Getting an Education
Any aspiring entrepreneur should learn about their business and their industry. Randall stresses the importance for budding entrepreneurs to educate themselves as much as possible. She says that attending university and taking a course is great but unnecessary. Instead, she advises looking for information from reputable sources or getting a mentor when possible.
Consider Partnering Up
Having a partner when starting a business can provide financial and emotional support. Randall suggests getting a partner if possible. However, she highly recommends getting a partner with experience in entrepreneurship.
Legally Starting The Business
This is an extremely helpful and necessary step when starting out. Randall says that registering a business protects the entrepreneur and their credit should things not work out. She also mentions that legal registrations add credibility to it and open opportunities for additional funding.
Getting Business Credit
Establishing business credit gives entrepreneurs access to better loan terms and prices, business credit cards, and other financial services. Getting business credit also builds good credit history, which makes way for financial benefits for the business in the future.
Randall advises getting a professional email address, a business phone number, and a website. She continues by saying that many options are available in the digital age, and these will go a long way to building a business's reputation.
Marketing the business
This is a vital step toward success. It is crucial to inform and get people to talk about the business and its products/services. Randall suggests that new entrepreneurs should start by getting free social media business accounts (Facebook, Instagram, etc.) and informing people in their network about the business.
About Noelle Randall
As a highly skilled entrepreneur, business coach, and real estate professional, Noelle Randall makes it a point to continue sharing her expertise to help people achieve the same success she did. She has written multiple books about the subject matter and creates relevant content on her Youtube channel so aspiring entrepreneurs can learn from her journey.
Learn more about Noelle Randall, her courses, upcoming events, and her coaching services through her official website: www.NoelleRandall.com.