Whether you are dissatisfied with your current job, looking to create unlimited income, create wealth, find freedom in working for yourself, or solve a problem, starting a business can be an answer for many.
Sometimes people find themselves getting into their own business because of a job loss or simply passion that turns into it.
Whatever your reason for starting a business, there are a few key things that you must know as you’re starting out.
This is where many people fail in thinking about their business.
They are excited about getting in. They are excited about what they can do, the freedom they can create, the wealth they can accumulate.
All of those things are great and very important. And it’s also important to acknowledge that you may not want to do this until the day you die.
You may want to go into something different. You may decide to stop working at some point, or slow down.
What is your plan? Did you even think about it?
Start With The End In Mind
Start with the end in mind, meaning what is your exit strategy. What is your plan when you no longer want to do what it is that you’re setting out to do?
Selling a business may be an idea. To follow this strategy, think about what all things that you may want to know about a business if you’re thinking of buying it. What are the things that are important to you at the getting in stage? Perhaps things like profit, client list, brand name, location, real estate and other assets, etc.
As you’re thinking about creating your own business, starting thinking of creating things that are important.
Passing it onto your heirs may be another strategy, just be sure that your heirs are interested in the business and its operation. While there are not guarantees, you can improve the odds by involving your heirs (often children) in the business early on.
Leave the business to your employees can be another solution. Creating employee owned business can be a good way to get out and it can do a lot for the business itself while you’re running and growing it.
Change the role within your business to that of an adviser and find a suitable individual to take on the helm. You can still be involved and get paid, but your work load and role shift dramatically.
Take the company public. This can be a very lucrative way to cash out on your labor and creation. This strategy won’t work for every business, but it is a possible outcome.
If you plan on how you’re going to get out before you get in is going to likely drive a lot of decisions that, as a business owner, you’ll have to make.
You Better Love It
If money is the only reason why you’re looking to get into business, find another way. While you can make a lot of money through business, you have to have passion and drive, especially early on.
Instead of just focusing on money and how much you can make, focus on whether you have love or passions for the business or at least ensure you have enough drive within you for the purpose of that business, if purpose is wealth generation.
You will need to consistently learn and innovate and not only things within your industry but also about all aspects of business. Things such as marketing, sales, web design, accounting, financial strategy, employee relations, laws, and so much more.
The good news is that you can absolutely find people and companies that can help you with just about everything within your business, but you’ll need to know what you want to do and direction you want to take.
To truly enjoy your new calling, you’ll have to love what you do because being an employee and a business owner are two very different things. And love, passion, and purpose will be your fuel to keep forward.
Skills You’ll Need
There are many skills you’ll need as a business owner, but there are a few key things to consider in thinking about starting your own business:
- Decision making
- Problem solving
I’ve already mentioned and you’re likely catching on quickly that as a business owner you’ll have to make a lot of decisions. To be honest, starting out as a solo-preneur, you’ll need to make ALL of the decisions. If owning your business is what you want, get very comfortable making them and quickly.
Problems and obstacles will jump at you at nearly every corner and daily. You have to be comfortable tackling them head on and very committed to your business. At times it may feel like an uphill battle with no end in sight and you may wish to go back to simply being an employee: clock in, clock out, and not worry about all the other stuff that as a business owner you’ll have to worry about. From getting the clients in to keeping the lights on, from refunds and complaints to financial strategy and planning. Everything becomes your own problem.
This is where resilience and drive come in. Commitment to your business, your ability to bounce back and move forward no matter what obstacle may come your way is going to be one of the big keys to your success. And mental toughness will serve you a great deal.
Starting a business is exhilarating. Deciding what you want to do is a huge piece of the puzzle and combining love with profitability will require some thinking but it will be well worth your while.
As you’re thinking about getting into your own business, find ways to, not just day dream about what life will be when you’re your own boss, but to practice skills that are crucial for success: make decisions, delegate, do things when you don’t feel like it, keep moving forward regardless of the challenge.
There are of course many more things you can and should do as you transition into being a business owner, but this is what we call a great start.
Interested to start your own business, but have no clue where to begin? Start with our on-demand mini-course today.