Starting Your Business – GlowIndex
What does it mean to run your own business? Making your own hours? Your own salary?
Perhaps you’d rather bathe in the glory of your envisioned success… That’s all good said and done, but if you’re starting out, what you have is vision, not success. Success is what you make for yourself, grinding day after day, learning all the skills necessary (and more), to help you reach said vision.
Ready, Set, Right!
Let’s backtrack slightly. You’re just starting. Exciting, eventful, some might be comfortable. That is until the realization of the workload required, just to start. Especially if you’re alone. Legal, Operations, GDPR Compliance (for those with business in Europe). That alone is a more than a few handfuls. But your workload’s pressure comes from requiring to get it right.
Depending on your business, you’ll have different requirements. Do you need a factory, software, is what you have proprietary, and what’s your business model to generate revenue? Oof.. Lots of work, lots of decision making.
There are some who feel threatened by the unknown and the path ahead, and withdraw. Not entrepreneurs.
Then there are some who feel they don’t have the skills and/or expertise, and withdraw. Not entrepreneurs.
Then there are those who not only feel threatened, and also lack the skills, but they move forward. The smell of true entrepreneurship. The way to move your business forward, is through improving your businesses’ assets, which means you, your employees, and your processes. A good rule of thumb is, the more you find yourself outside of your comfort zone, the more you progress your skills you aren’t comfortable with yet.
You’re set up, ready to jump into the market, you can make it. Just the taste of your first external business agreement will propel you forward. But your first sale may prove to be your most difficult. Because remember, you still have little to no idea what you are doing.
Sales, sales and more sales is the only way to go. But don’t get stumped by your first few 100 calls, it gets easier every call you make. When you hone in on your target market, when you keep using your sales pitch, always improving it upon rejection.
You’ll make it. Eventually.
Capital & Finance
After your initial revenue, it’s time to raise funding and build your team, or just build your team if you can. Equity is more precious the earlier the startup, especially if you believe you can make it big.
You’ll become a manager, your own boss with your underlings. But that means being accountable. That means failure is on you, and there’s no one to scold you for it, only yourself.
The surface hasn’t been scratched yet. We haven’t even discussed financials. Taxes, Pensions, Salaries, Investor Returns, Liquidity. Just the tip of the iceberg. That’s where you’ll have to learn your Finance, Accounting and Law. Best to consult professionals on this part.
Accountable For Everything
As the owner of a business, you become its everything. You have to learn the ins and outs of your business like it’s your child. Because in a way, it is.
You’ll have mundane boring days, hectic days, lonely days, great days. You’ll have to work hard, and your will to continue is the only thing you can rely on.
Working hard though, is not enough. It’s wrong.
Don’t misunderstand, of course you have to work hard. But you have to combine it by working smart. Automate whatever you can automate, outsource whatever you can outsource. Risk it to get closer to your goals. If you constantly play it safe, you’re better off as an employee.
Risk, risk and risk, that’s how you grow. Calculate your risk. Don’t gamble your livelihood away, because not only will you regret it, you’re accountable for it, all on your own. When regret hits in, it’s horrific, because you are against yourself.
To get on the more positive side of things…
It’s fun, it’s boring. You can write blog posts like these, entertain yourself and your viewers. Or scare them half to death, but in a good way. Food for thought…
Businesses are built or not, through marketing. Without an investment in it, there’s little to no business growth, recognition even.
The truth is, you’re learning with every marketing piece you create, every campaign you run, every promotion you do.
Everybody markets the same way, it’s tedious. Consumers find unique marketing ploys to be memorable (i.e Guerrilla Marketing).
But that’s not to say current methods of marketing are insignificant, they’re necessary. But being on the hunt for new marketing methods can be tailored into a competitive advantage.
As a person who knows their own business, by intuition, you’ll know how new methods of marketing will work for your business, and how much you’d be looking to spend on it. You just have to take the leap. Capitalize on it, and reach your the heights you want to reach.
Let’s look at it this way, if you could ‘piggyback’ (loosely used) gaining exposure, through your advertising methods, off a bigger, more related audience, wouldn’t you take it?
-Depends on the price.
That’s not the right question.
The question you want to ask, is how much value does it bring me? If something were to cost you, say $10K, but give you a value of $100k? I’d take that deal. You should take that deal.
It doesn’t matter how much it’ll cost you in the short run, if it will benefit you more in the long run. This includes the currency of time.
Take a look at Business Directory.
Gaining exposure from an audience of another entity? It’s done all the time. But the way it’s done today, is limiting. Both for the Businesses, and the Digital Publishers (entity). Innovation is key.
Why settle for a few banners advertisements, if you can also add Business Directory in the mix?
Why advertise your business on one website, if you can advertise it on multiple?
The greatest benefit you receive, is the time you save. Time you can put into your business or your personal life. More money is good, but more time is better.