According to research, 64% of small businesses struggle with finances, and over half of all business owners carry some amount of debt. This underlines the importance of starting slow if you've dreamt of being an entrepreneur but aren't sure you want to dedicate your life to it. There is a lot to do before you dive in, and the following tips from Social Media Club St. Louis can help you dip your toes into business ownership.

Put Your Ideas on Paper

How do you know if you have a golden business idea? When starting, it's easy to feel overwhelmed by your own ambition. Knowing that you want to own a business is not always the same as having a clear concept for what to do. Before you burn yourself out trying to find the perfect idea, take a breath and relax. Otherwise, stress may kill your creativity.

Ideas may strike anytime and anywhere. Keep a journal where you can jot down thoughts as they come to you. Not every idea will work out, but a list can help you narrow them down. Sometimes, a golden idea may come from combining multiple concepts. If your business plans are all over the place, categorize them:

●      Entertainment business ideas

●      Transportation business ideas

●      Online business ideas

After you put your ideas on paper, ask friends and family what they think of your list's potential and discuss your most viable options. 

Further Your Education

Before you try to start a business on your own, consider furthering your education. Receiving a Master of Business Administration, for example, can provide you with a broad-spectrum education in economics, accounting, management, entrepreneurship or communications. Going back to school for an MBA prepares you for professional outcomes in the real world, giving you the knowledge and skills necessary to start a business.

Even if you choose not to start your own business, an MBA can open up new career opportunities, promotions and more compensation. Business programs teach you to make sharp decisions and judgments as a businessperson.

Keep It Simple

Once you have an idea you want to explore and the knowledge to pursue it, draft a business plan. Keep it simple at first, at only about one page. Your initial business plan should give you direction, but it does not have to answer every question. Next, study your target market. Who will most likely want to use your products or services? Look to your competitors for guidance.

Figure out how you want to fund your small business. You can finance through your own savings, venture capital from investors, small business loans or crowdfunding. If you don't want to rush into your own company, consider opening a franchise instead.

Never skimp on finances. Account keeping may be one of the less appealing aspects of running a business, but it is the only way to succeed. You should carefully track your income and your receipts. Otherwise, you will be unable to analyze your profits or demonstrate the necessity of financing to investors or banks.

When it comes to becoming an entrepreneur, you never have to rush headfirst into it. Instead, take your time, continue your education and analyze your ideas before you take steps to create a business. As you start to develop your small business, keep your plans simple and flesh them out gradually as you progress.

Want to stay up to date on the latest digital marketing trends that will help your business grow? Check out the Social Media Club St. Louis’s website and events calendar!