How to Thrive When Starting Your Own Business
I was speaking with my husband the other day trying not to get into a dialogue about how “starting a business is hard.” I believe that energy permeates into the mind and makes it that much harder to get the job done. Besides, this isn’t my first rodeo. I have grown other businesses on my own terms and was able to clear a comfortable six figure take home income for myself. My ambitions are great, so no matter how many I reach, I want to have more impact. No matter how much money I make, I want to hit targeted goals.
Similar to the first day of a diet, the start of something can feel very exciting and quite overwhelming. There are a lot of moving parts but there is a period where the income isn’t free flowing with no guarantee of when it’s coming. So much energy is going out without a lot of rewards coming back.
Which brings me back to my husband reminding me about a theory that has been around forever, but often gets lost in the midst of doing the work.
DO WHAT YOU LOVE AND THE MONEY WILL FOLLOW
Yes, when starting your own business remember to do what you love. You will likely be putting in lots of effort, so you will be able to do that so much easier if you like what you are doing. Also, your passion will come through and it will resonate with others. Your drive to figure out what needs to get done when you do not know how to do something will keep you going. And ultimately, the money will come.
“Life’s ups and downs provide windows of opportunity to determine your values and goals. Think of using all obstacles as stepping stones to build the life you want.” -Marsha Sinetar
Your message will get clearer and you will want to share it with others. Most importantly, as noted author Marsha Sinetar wrote, you will get connected to why you are creating this business in the first place. To build the life you want.
You likely want choices to create your own schedule, money to travel and take care of kids, and an unlimited ceiling on your earning as an entrepreneur.
DON’T BE AFRAID TO TRY DIFFERENT BUSINESS OPPORTUNITIES
You may have a vision of how your business will operate and grow, but as you begin to explore different ideas you may end up sidestepping.
This doesn’t mean you are not doing what love. You might be a painter and start teaching students on how to paint. Instead of selling originals, you might be selling print. It is critical to look at the scope of what is possible and take some chances to see what works. A notable example is Instagram. It started as a Whisky app. The creators wanted people to take pictures of themselves with a brand of whisky, but what the owners found was that people were taking pictures of themselves with friends. They quickly navigated to turn the business into a billion-dollar company.
Additionally, don’t try to reinvent the wheel. Most good ideas come from somewhere. They are adapted because there is already a track record to know that the business model works. For example, let’s look at gas stations located on four corners of an intersection. They all thrive with people choosing which station to use based on pricing, customer service, layout of the station, and/or brand. If you tried to create a new model for how gas stations work, there is a possibility it could become a huge success. However, there is a greater chance that no one will want to use it. When starting out, think simple and hedge your bets for a greater chance of success by working with a proven model.
FOCUS ON WHAT WILL MOVE YOUR BUSINESS FORWARD TO SUCCESS
When starting a new business, it is easy to feel like you are not sure how to prioritize. I met a guy the other day who said he wanted to become a barber. When I asked him what he would want to do once he went to barber school, he said he would go to business school because he had no idea how to start a business.
Going to business school to become an entrepreneur will ensure one thing…lots of debt.
I told him that he just needed to go one step at a time in a logical order. Once he got out of barber school, he could work in a shop and see how they run the business. He could offer to stay late to help the owner run operations so he can learn how the company goes. For the logistics of setting up a corporation, use one of inexpensive websites like www.legalzoom.com/incorporate or www.mycorporation.com.
You can start a business without all the paperwork and simply use a website to get started. You are looking for customers. All the other items and expenses can be done without the hassle, especially while you are just figuring out how your business offer will look.
GET INTO ACTION STEP BY STEP
Something very important is to get into action. Follow your passion and vision. Remember to stay flexible and to listen to what potential customers tell you that they want. Then, see where your clients are coming from. Know that it does not cost a million dollars to get started. You can start anything small. Once it begins to get traction you can expand, get investors, and hire a support team.
Please let me know how your business goes and if you found this article helpful! You can find out about my services here.