Starting your own business is an amazing idea, however, a wrong execution can kill even the best ideas before the business even started.
A very skilled person can totally get into a financial crisis by making a few bad decisions early on – in this post i’ll give you one of the most important tips for your first business.
So in this post, we are going to discuss starting your first business, by the way, if you already started several businesses but none of them truly succeeded – starting the next one, is much like starting the first one.
You did gain experience and knowledge in the business world which is priceless BUT you can totally step on the same landmines again if you misidentified them.
The Most Important Idea
So the most important idea, in my opinion, is to understand that if you are not currently running a business, or even run a business in the past – you do not really know how its going to feel and develop.
So just like you wouldn’t get married before you started dating, and just like you do understand that the first person you are dating won’t necessarily be your partner for life – I’d suggest adopting a similar approach to your first business.
If you have financial obligations, I wouldn’t leave my job at first. Most businesses require a lot of time or a lot of money to start, some can do with some of both.
In a freelance business, for example, it usually takes a few months of work to understand and develop a process to getting new customers or clients.
There is no reason you couldn’t do it in 1 day a week or a couple of hours a day.
The harsh truth is that if you do not have enough energy and motivation to add 2 more hours of extra work on your business after your day job – your business is probably doomed to fail anyway.
I said it’s going to be harsh, but I believe it’s true.
If your job is terrible you should probably first find another job or maybe go part-time.
I know it sounds weird, but trust me after I worked with hundreds of businesses – most modern businesses can start with very little time daily, but will take time to start anyway.
For example, let’s say you start advertising on social media, it doesn’t take more than a few hours a week – but the results will show up after some time.
Many business models actually will leave you with nothing important to do if you take the full time, to begin with – and what’s worse than being bored is installing a habit of doing and stressing on the unimportant things.
This is why most people start their first business to have more time and freedom but end up stressing and feeling jailed in their own business.
Plus, the extra income from your job will make sure you are in a more healthy mindset, I see so many people starting their business fearing to purchase a software for 5$ a month and sticking with the free version.
If you can make more money with a few hours in your job and use this money to invest in someone to do the things you suck at or hate for your business – your odds of succeeding are rising amazingly!
The 1st Step You Need To Take
So first thing: take the first step, flirt with your business, and do not straight ahead depend on it financially. By the way, even if you can make money from your business from day one – and some businesses can – its usually the right business call to reinvest this money in your businesses.
I know many people who believe their business is not profitable because it’s still too small and they already put all their living expenses on top of it.
The second implication of this idea is that you probably do not have the best business model in mind – even if you think you do.
And your branding and marketing strategies – more likely than not are not on point if not bluntly bad.
But that’s ok, as long as you won’t get emotionally attached to you opinions, its a natural learning process.
If we will go back to the dating example, most of us thought we would love dating a specific person, before we realized that what’s right for us is something else.
Nothing beats experience in these cases.
I would suggest not getting to emotionally attached to your ideas, and instead slowly learning how to help and provide more value to your costumers or clients.
Yes, some of them might be similar to you, but in most businesses – you are not like your clients, they do not understand the things you leared over years of practice, and you are not truly in thier shoes.
So spending the time talking with them, getting to know them is the best long term investment you can make.
Too many people fall in love with the concept that using the internet they can build a business without getting to know people – but its rarly the case.
Don’t get me wrong, I LOVE the internet, I LOVE e-courses for example, and I am buying stock photos for my keynote presentations.
BUT, after teaching thousands of hours in real rooms with real people I can tell you that now, I can do it better online – because I truly know who I’m talking to.
And it’s true that I just started posting in English, and there might be a difference, and that’s why once again I read a reply to every comment, and I’m doing live events even if the travel time is an issue.
There is no real substitute for truly knowing your costumers.
Keep your job,
Don’t get emotionally attached to your ideas,
Get to know your costumers,
And give it a try – start your own business!