5 Tips for LGBT Startup Entrepreneurs

More and more gay and lesbian people are trying to make something for themselves. Since gay rights are stronger than ever (even though we are still fighting for equal rights), it’s possible and, most importantly, advisable to start your own entrepreneurship, thus becoming an LGBT startup entrepreneur. It is always very good to set your own daily schedule and do something you love and you are passionate about. LGBT entrepreneurship can be various – from dog grooming, to beauty salons and even IT companies. So the only thing that you need is to find your passion, be brave and hard-working, and turn that dream into a reality. However, even though all of this sounds cool and interesting, you need to be aware of all the things that can go wrong. 20% of small businesses fail after five years, while 30% fail in the first 10 years. What can you do in order to be successful?

1. Have the proper knowledge

It doesn’t matter what business you decide to run through your startup, you will most definitely need some kind of mentorship. You probably don’t know everything about that matter, and there are people who know a little bit more and who can teach you about the things that you will encounter along the way. It would be very good to get to know the business from a 2-years-from-now perspective and see what you can expect. Are there any new things you need to bear in mind? Is there anything else you need to pay attention to? Coach guidance will definitely help you be effective and cut some dollars where needed.

2. Start small

In order for your business to be the most effective, you need to start small. Contrary to popular belief, this is a great way to start your startup. This is not only good so that you could take all the necessary steps in the most cautious way, but it’s also a great idea to see if there is an existing market or not.

3. Have all you need

Next up, know that before you actually open your startup business, you should have everything you need, especially for your clients. We’re not talking about office supplies and such, as these are not the most important assets of the startup company, but the store with the items reserved for your clients definitely is. You don’t want to have a client who wants one type of service without you being able to provide it because “you don’t have that yet” even though it’s advertised. This is especially important for beauty salons and startups in the beauty industry. In order to save some money, you can always opt for salon supplies wholesale websites and see what you need and what would be good for your business. Think outside the box and try to find things that will make your business unique and interesting.

4. Invest in advertising

You’re a member of the LGBTQ community, do you really need lessons on advertising? Be as it may, try to invest as much as you can in social media advertising, as you already know that this is the best way to reach out to new clients and to make your brand or business become visible and seen. Make sure to have the right people on your side, especially those who have a certain idea about social media marketing. Instagram is the best advertising platform right now, so this is what you should focus on.

5. Talent is important

Finally, always keep your eye open on talented people around you. When the time comes for you to employ someone, make sure to find someone talented who will do their job in the best possible way. Finding people who know their job and who put 100% into what they’re doing is very important. Try not to employ people who are close to you – it’s crucial that you find someone who feels passionate about the job. Let’s all do whatever we can to make LGBT entrepreneurship as powerful as we can. We are strong and we are amazing – so why not show it? The only thing that we need to do is find something we really like, make a startup around it and include people who want this to succeed as much as you do. Follow these 5 steps and your success will not stay behind. We trust in you!

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Peter Minkoff

Peter Minkoff

Peter is a gay lifestyle writer at Woofd magazine. Follow Peter on Twitter @minkoffpeter for more tips.

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