After years of spinning on the hamster wheel of corporate America, many of us reach a tipping point. We just can’t take it anymore. We’re done. We’re ready to start a business of our own. Yet we don’t know where to start, and not knowing when our income stream will start flowing is… well… it can be anxiety provoking. The good news is if you can get clear on the answers to three foundational questions, you can gain confidence that you are on the right track and moving in the right direction.
Which means if your desire to start a business is so strong, it is probably what you are meant to do and it is just a matter of working through some very natural fears.
And those fears are real every step of the way. Fear of failure and financial impact are both biggies because, let’s face it, starting and growing a business is much harder than it looks. Statistics support our chances of failure, too. According to the Small Business Administration, one-third of businesses with employees don’t survive two years and only half make it past five.
And then there’s income flow. Start a new job, you get a paycheck. Start a new business, well it could be a while. In fact, it usually takes until month nine or later for things to gel, and that can be a huge adjustment financially. There’s no question – starting a business takes courage and determination.
Fortunately, the desire for the freedom and control that comes with owning a business is one of the most motivating forces on the planet. That desire can propel us to say, “Let’s do this!” and find a way to create it.
So you’re ready… really, really ready – but where do you begin? There are a million things you’ll need to learn if you want run your own business. Just don’t make the mistake many new business owners do. Don’t try to learn everything all at once or try to have everything be perfect before you start.
Instead, focus on three things that CEO Terri Maxwell teaches in the Succeed On Purpose FREE Business Foundation Program, first. Understanding and evaluating these essential components of a solid business foundation have helped Succeed students make sure their actions and decisions are in alignment with what it takes to build and grow.
No. 1: FIT. What type of business are you best suited to build? There are “ready-made” franchises, you can build a business from scratch to be a solopreneur, micropreneur, or a multi-million-dollar enterprise. Trying to build one while you are naturally suited for another can only make you miserable. A miserable entrepreneur has very little left to deal with fear, doubt, loneliness, and frustration. Make sure the type of business you choose fits you and your business persona. (Take our FREE Business Persona Quiz here.)
No. 2: DIFFERENTIATION. Once you know you’re building the business that “fits” you, how will your business stand out from the competition? Make sure the products or services you offer are different in a way that matters to your target market.
No. 3: DEMAND. And who is your target market? Who do you want to work with? Who would you enjoy serving? Do they want what you have? How can you make the “selling” process painless? These are lots of questions, but there are answers!
Want to know more? Learn FIT, DIFFERENTIATION and DEMAND FREE to build a solid business foundation and tackle the other million things you need to learn over time.
If you're ready to turn your dream into a reality, we invite you to join the Make It Real Pursuit. Using Succeed On Purpose's Business Launch program, you'll take what you learned in the free Business Foundations program further. You will receive actionable tools to launch a new venture or grow an existing business. This program is delivered through online training and (as a gift) personal coaching from Succeed On Purpose founder, Terri Maxwell.
Join the Make It Real Pursuit today!
Mary Maloney is a freelance writer and solopreneur who has written content for a variety of industries – from wellness to finance to law. After 25 years in the corporate world, Mary decided to follow her heart and launch a marketing business. Mary began working with Terri Maxwell in 2014 and has been blessed to be a recipient of Terri’s wisdom about life, career and business success. When she isn’t writing, Mary enjoys cooking with her husband and snuggling with her Pembroke Welsh Corgi Seamus.