So you want to start your own business. But how do you start?
You are a BossBabe and you want to follow your passion and build your financial freedom forever. You already have an idea and you know if you work hard and success will happen. But how do you start with the right mindset and tools?
Starting a business is no mean feat and it’s a long way full of challenges and setbacks. It will put you to the test. As I am starting my own online business, I want to share with you five basic ideas that have stuck with me for the last months. These principles are key to not only start a business but to develop and make it grow in the long run.
Prepare for Success
Zig Zigler, a master of motivation and personal development, said this: «success is when opportunity meets preparation». The key to have consistent growth moments is to be prepared for them. Write a business plan with your ambitions and resources and always be one step ahead. You have to be ready to grow when the opportunity comes – otherwise, you will miss it.
There’s no 9-to-5, only 24h
When you start your side hustle and you have a full-time job, you can only get so much done. Time management is essential to your new business but you need to change your mindset. Instead of thinking that you «need» to do your tasks at a «proper» time, start thinking that you have 24 hours everyday and you need to make them count. Organize your to-do list and start doing every task whenever you can: on your commute, on your lunch hour, two hours after work, one hour before you regularly wake up. If you let go of time constraints and start thinking about performing tasks, you will grow faster.
Focus on the 80/20 principle
The Pareto Principle is as old as time but it holds true even today. It says that 80% of your results come from 20% of your inputs – meaning that working more hours doesn’t mean having more results. The Pareto Law tells you that you should identify what key systems and procedures give you the most results and focus really hard on them. If you do this, you will focus your limited time in tasks that truly make your business go further.
Two words – cash-flow
As I launched my online blog, I knew I needed to make some design and management investments. Instead of just buying every platform I thought useful, I designed a Business Plan to see how much I would have to spend in the beginning. Every business needs its entry and development investment and you should think about it. Open an Excel Sheet and calculate your initial investment. You should also consider how much money you will initially need to gain to cover your future costs. When you have a business, the most important thing is how much money is in and how much money is going out.
Create a Team
In the beginning you will need to know a bit of everything but it’s only temporary. As you start to grow your business idea, you should consider creating your team of experts. Nobody can go to the top alone, not even Oprah. Find softwares, apps or people you can work with and delegate tasks. This will make you have more free time for you to focus on your real talents.
In summary, if you’re starting a business and or developing one you should remember how the path to success is made: preparation; full hustle mode; strategic efforts for better results; gains and costs and team effort. In time of desperation, remember these key principles and you will get back on track easily! Enjoy the journey to the top and never give up!