Starting your own business is a major life change. This is a big step and an often a scary one. Here are my tactics that can help you persevere and succeed in starting your own business.
Fifteen years ago, I left the corporate career I had built for a decade – and launched my own business. I did it for the same reasons many entrepreneurs, like you, launch their new companies. I wanted to be my boss and control my own destiny – for better or worse.
Perhaps you, like me, want to use their creativity, which your current job ignores. Or maybe you desire to double your income and become a millionaire or billionaire. Have you always dreamed of starting your firm and are eager to pursue your passion? I started by the misfortune of losing my job, and I decided I never wanted to be laid off or downsized ever again.
Whether you have launched your business or thinking about starting your business phase, I’m sure that fear is a constant in your life as it is in mine and all entrepreneurs. However, you need to learn how to manage your fear your entrepreneurial fear to succeed.
You’ve heard the scary business failure statistics that 9 out of 10 new businesses fail within the 1st two years. I have debunked that myth with updated statistics from the SBA small business administration that only 50% of businesses fail within the 1st four years. Be encouraged by this good news.
Here are my survival strategies that helped me happily live the entrepreneurial lifestyle.
Keep your family close
Your venture into entrepreneurship will bring significant changes for your family. From physical ones, such as your home office occupying the guest bedroom to the savings which are invested in your startup and your time demands and emotional focus.
From the start. Let every member of your family know your plans and discuss how it will impact them before you launch your firm. Listen to their concerns and discuss before you decide to launch. This preemptive family meeting will make your way smooth and remove any unnecessary obstacles that could crop up later. Ask them for their advice and don’t dismiss it negatively. Their objectivity may be your very best business accept. The many and excited entrepreneur has been blind to common sense suggestions from their family.
This preemptive family meeting will make your way smooth and remove any unnecessary obstacles that could crop up later. Ask them for their advice and don’t dismiss it negatively. Their objectivity may be your very valuable business asset. Many an excited entrepreneur has been blind to common sense suggestions from their own family.
Whether your family is actively involved in your business or not, they will be your greatest source of support and advice in all your ventures.
Networking is key
Some beginning entrepreneurs incorrectly think that business networking is only for corporate types who want to get ahead. In fact, entrepreneurs need networking more than any other type of business person.
One of my favorite authors, Harvey Mackay, who wrote the book, Dig Your Well Before You are Thirsty, says that the single most important characteristic of successful business people is continual networking and the creation and nurturing of a network of contacts.
I learned the importance of this during my first business, which I in which I started my own cosmetic line and manufacturing company, which I ultimately sold for million dollars.
Although I was the sole business owner and entrepreneur my success was not due to only my talents. I networked and used the advice of many advisors, such as those at my local SBDEC – Small Business Economic Development Corporation of the SBA for expert advice on my business plan and financing options. Other business owners gave me helpful feedback on my logo designs, business name, and website. One of my favorite activities was getting together on a monthly basis with other aspiring entrepreneurs and new business owners to commiserate, support each other and share helpful marketing tips.
Master your schedule and time
Time will be your most valuable business commodity. You will need to carefully manage your schedule and use your time wisely.
The idea of having endless amounts of time to play leisurely golf games is just pure fantasy. More likely your days will be packed with activities and you will need to say no to tempting indentations and other schedule disruptions.
My favorite time-saving techniques are:
- Keep an organized workspace, so you can find information quickly. I use a set of file folders and portable file caddy near my desk for frequently used files.
- Use a reliable contact management system to keep track of your clients, vendors, and contacts. Each one is potentially a nugget of gold.
- Begin each business day with a to-do list written in priority order complete with times scheduled for those tasks. My list looks like a daily calendar with tasks written in appointments slots.
- Delegate activities to others such as outsourcers and professional on sites such as Fiverr to focus your energies and time on the most valuable and productive uses.
Take Care of Your Physical Body
To survive the long work hours required for startups, you will need to be in your best physical shape. To keep up your strength remember to exercise regularly, eat healthy food, get a good nights sleep and take frequent mini short stretch breaks to stay energized and refreshed.
I start my day with a one-hour walk with my dog in nature. Instead of exhausting me this time invigorates me and starts my day positively.
Set up your health-building systems. Adhere to them for least 5-6 days a week, and you will feel great, think more clearly and have loads more energy.
Nurture Your Emotions and Spirit
Remember to support your needs that go beyond the bodily realm. Every day as an Entrepreneur, you will need motivation, support, and courage. I, like many other successful entrepreneurs, rely on sources not seen nor touched of a divine nature, i.e., God.
Decide what motivates you personally, is it a beautiful sunset, the power of art, helping mankind. Use that joy and wisdom to fuel your ventures.
Set up Your Startup with the Right Business Structure