Top 5 Tips for Starting a Business

So you want to be your own boss?

People all over the world are dreaming of starting their own business and leaving the 9-5 grind. They want to experience financial freedom, flexible working hours, and doing what they love from anywhere in the world. They are tired of waking up early, going through rush hour traffic, sitting in front of their computer at work all day long leaving them unfulfilled!

I think we all have that phase in our lives where the idea of being an entrepreneur sounds great. It's a dream job, with no boss telling you what to do and how much time off is allowed per week. But then reality sets in when it becomes clear that this role means long hours at work and constant deadlines to meet - not exactly something most people are willing or able to accommodate into their life seamlessly. The truth is: entrepreneurship isn't for everyone .

So do you have the courage to start a business? If so, don't forget that it takes more than just bravery. It requires patience and hard work too! In order for your new company to succeed, there is much planning needed before anything else can happen. There are huge rewards waiting for those who show up every day no matter what happens- not many people stick around long enough through all of the good or bad days!

Here are 5 tips for starting a successful business:

1) Know thyself

You should know what drives you and what excites you. This will help you figure out if this is something worth pursuing or not. Lean into your strengths and outsource your weaknesses (or as I like to call them...areas of growth). I personally believe that you should be able to do ALL areas of your business to start….but only to understand the business, the process and your clients needs. I also believe that you should not do everything in your business for ever yourself.

Even though you CAN do something it doesn’t mean that you should!

Part of knowing yourself is also knowing what kind of business you want in relation to the lifestyle you want to live. Are you looking for a boutique model that has few staff, a true solopreneur style, or do you want to build an empire. If you want the beach laptop life then opening a brick and mortar business probably would not be best for you. Know what you want….long term, not just next month.

2) Solve a problem

The most successful and lucrative companies solve a problem or fulfill an unmet need for their customers. If you have clarity on how your product solves the problems of others, then it is much easier to market yourself successfully through word-of mouth advertising as well as traditional marketing methods like advertisements and flyers.

3) Become a master of self-promotion

This is the one area that I see people challenged with the most….especially for someone who is moving from employee to entrepreneur with no sales background. Someone who has always been an entrepreneur would have had to figure this out at the start! It is key to success. In particular many struggle with simply asking for the sale. There are many skills and mindsets required to excel at sales, especially sales that are done authentically and with no added sleaze!

4) Take the time to do a business plan

Take the time to do a business plan ….even if you are a coach. Especially if you are a coach. Many coaches and holistic practitioners do not see their business as a true business…..with legal contracts, taxes, budget, marketing and growth options. Cash flows also fall into this category and are essential to the success of your business. You need to know how much money is coming in, when it’s coming in, and what is going out!

If your business is not taken seriously, it will often fail within its first two years. If you want to grow the firm in any capacity, you need to make sure that everything about the operation is run like an actual legitimate company, not just a side-hustle or hobby.

5) Take care of yourself

Your health is important in order to maintain your energy levels so that when challenges arise, they won't seem insurmountable. Being an entrepreneur is not all about laptops on the beach….it can be very long hours and stress (even if it is on a beach). There are many ups and downs in the first couple years of business. Even if things are going very well….the stress is often still there as you push yourself out of your comfort zone into areas that are new to you.

The most successful entrepreneurs know how important it is to put their own health as a priority.

I hope these 5 tips have been helpful for you. If you’re interested in learning more about how to start a successful business, please join me for one of our complimentary Strategy & Empowerment sessions. In this session we will outline the steps needed to get your dream started on the right foot so that it can be well-positioned for success from day 1!

Categories: : Mindset, Entreprenerurship