5 Things To Consider Before Going Into Business
Are you starting a business, or maybe want to grow as fast as possible in the beginning? Check out these 5 things to consider before going into business.
Opening up your own business is – in most cases – an extremely rewarding experience and one that will most likely pay off on a personal and financial level. If you do all of the right things (and choose the right gap in the market) then you’ll never regret taking the plunge and deciding to go solo. However, there are some things that everybody should consider before going into business.
But what are they? Here are 5 things worth thinking about.
#1: Whether you have the time is something you need to consider before starting a business
Despite all of its positives, there are some downsides to going into business. One of them is that it eats away at your personal time, meaning that your social life – and your family life – will have to be compromised. You’ll be spending more hours in the office than you ever have before, so you need to be ready to commit to this fully if you want to see your business succeed. It will (hopefully) pay off.
One thing to consider before going into business in relation to time is that it’s never about how much time you have, it’s how effective you are with your time. Most people just getting started in their own business have a dollars for hours mentality.
Work hard and work smart while building your business
They are used to trading time for money, but that isn’t always the case when you own your own business. Sometimes it can take a massive amount of input, in the beginning, to even make your first dollar, but with the right systems in place, you can have your business growing on autopilot.
A lot of new entrepreneurs say things like I don’t want to work hard, I want to work smart. Well, that is partially true. If you want to be a successful business owner, you need to work smart and hard.
However, the great thing about owning your own business is that it gives you the ability to use tools and work with people to leverage your time, and build something as a team. If you are just getting started with building your own business, I’d also recommend checking out my post on 9 Online Marketing Investments I Wish I Made Sooner.
I know in the beginning, I spend way more time than I needed to, to start getting results because I refused to invest back into my business in tools that could help me leverage my time.
#2: What you want out of it
Another thing that you need to consider is what you want out of your business. Do you want to make a particular change in your field, and do things differently to everybody else?
If so, what are you going to do that sets you apart from others? Deciding what you want out of your business now will mean that you can shape it in the future, and maintain this clear message in every choice that you make.
Also, consider what your customers or clients will get out of it. Too many times I see people jump into starting their own business because they are excited about their products or services they promote.
While that isn’t a bad thing to be excited they only think about how can I sell people my product, vs how can I help people with my product. In order to be successful running your own business you need to focus on not only how much you believe in your offer, but also how you are going to improve someone’s life through your business.
In reality, people don’t care about you or your product as much as you think. They actually care about how your product or business is going to make their life better. So make sure when you are sharing your business that you come at it with the mindset of what’s in it for them, not just about how great you and your business are.
You may have amazing stuff to promote and think that you can just push your products on everyone, but in reality when you market to everyone you are really marketing to no one. Learn your niche and learn how you can help them as the foundation for building a successful business.
#3: Whether to really go solo
OK, so there’s going solo, and then there is really going solo. The latter means that you’re building up your own entire business from scratch, and the former is when you open up a franchise through a business broker opportunity that arises at the right time. Opting for a franchise is a great idea if you want to pretty much guarantee your success, so this is something worth considering.
Another business that could be a great way to dip your toes in the water of entrepreneurship is with affiliate marketing. If you aren’t familiar with affiliate marketing you basically take a business and system that already in place, and you just create your own marketing and content that promotes it.
At that point when you sell that product or service, you will earn a commission and in many cases, the product you sell can even earn you residual income. This means that you make the sale once and then continue to earn income from that sale for years and years to come.
Advantages of plugging into an already built system
This business model is also great if you don’t have a ton of income to invest in your business in the beginning. With a few tools, you can scale an affiliate marketing business into a full-time income and beyond. You also don’t have to take time developing the back end of things like a merchant account, product design, or customer service staff, just to name a few.
This allows you to simply focus on promotions, and bringing in sales and earning profits. Now there is a right and a wrong way to promote affiliate marketing businesses, so I’d recommend checking out my Affiliate Marketing Beginners Guide.
Also if you don’t yet have an affiliate marketing business, but you would like to start one and have a simple system to follow for success, click here to learn more about starting an affiliate marketing business.
#4: Who you want there with you
A business is only ever as good as the people behind it: all of the people behind it. You need to have employees that you can trust onboard with you, who are passionate about making your business flourish into something great.
It can be hard to find these employees but don’t just rush into the hiring process. Think thoroughly about the qualities that you want your team to have beforehand.
Certainly building a team with people who have experience in what you want them to do is important, but alongside that, you want to find people that are willing to put in the work to grow and develop.
Build your people and the people will build your business
Your success and your businesses success will only grow to the point that you and your team do. So make it a priority to invest back into yourself and your team’s personal development.
Making personal development a priority in my daily habits made a huge difference for me over the years. When I first started in the industry I was an introverted, shy, video game nerd, and I lacked pretty much every skill you would need to be successful in business.
Thankfully I was introduced to personal development and leadership development and it made a huge impact on my success over the years. Take the time to develop yourself and your business and you can turn an average team into a rockstar team!
You might also want to check out this post on Top 4 Personal Development Books – Books That Will Change Your Life And Business.
#5: Are you willing to get through your learning curve
The first few months – and perhaps even years – of business rarely make people millionaires. In fact, a lot of people simply just break even, and although this can be quite a worrying prospect, it’s one that you may have to face. Despite what you’re thinking – ‘will my business ever get a decent profit?’ probably – you need to be ready to stick with it so that you can really start to see your success in the future.
Building a successful business takes time, so don’t get into it expecting to get rich quick. Most people just starting a business for the first time don’t necessarily even have any experience in business, sales, or marketing.
This means you are going to have a learning curve with all of those things. Don’t get discouraged and focus on how much better you have become than when you initially started.
Success in business is a process and is one of the main things to consider before going into business
Babies have to learn to crawl before they can walk and before they can run. It’s the same thing while you are building your business. In the beginning, it may be a bit of a struggle, but once you get past your learning curve and hit momentum, that’s where the real fun begins.
I mentioned it earlier, but the more you can invest back into yourself and developing yourself the faster you will get through your learning curve. So make sure you invest in the right tools, training, and systems to scale your business and break even as soon as possible.
Investing in coaching is another big thing that helped me scale my business much faster and can help you increase profits sooner. So investing in that is definitely something I would recommend. If you’d like to learn about working directly with me and want to apply for a free coaching call, click here.
You may also enjoy my post on 5 Online Marketing Books You Need To Read As A Business Owner, as it could help you get through your learning curve faster.
And before you go into business, be sure to consider these 5 things. There are some sacrifices that you need to make, but they should all pay off in the end!
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