Hello and welcome to my business basics series of posts about starting a business and my A – Z of what I consider to be the basics that you need to be working on. This is the tenth post in the series so obviously – J
You can catch up with the ones you missed by using the search bar in this blog.
J is for Justify
Running your own business is never easy. There are lots of things that go wrong and cause frustration. There are lots of things to learn. There are lots of things that you need to become accomplished at or you need to find people who are accomplished to help you out.
In other words, it is not going to be an easy ride, no matter what others have told you. You are going to need to Justify why you decided to run your own business as this is what will keep you going on those toughest of days.
When I was being mentored in my early days, my mentor said I needed to find my why. I needed to know exactly why I wanted my own business and what achieving a successful business would mean to me.
To begin with I couldn’t quite put my finger on it. I mean, I had lots of ideas about why I didn’t want to work for someone else, but I didn’t really have a very strong why I wanted to be a business owner.
I was tasked with figuring it out before seeing my mentor again as he said this would drive my whole attitude and keep me focused on my end goal. It sounded like it was probably an important thing to consider so I spent some time thinking about it.
I then figured out that my why was not so much that I didn’t want to work for someone else but rather the sense of freedom owning my own business would give me. The more I thought about it, the more I knew this was my why.
I wanted to be able to work when I like, from wherever I like, with whom I like and earn what I like. I didn’t want to be restricted and governed by someone else’s idea of what I should or could be able to achieve from my own efforts.
I had my why. It was a strong why. It was going to keep me going when things got tough. I was determined to create my own freedom and have a career that I could fit into my life rather than a life I had to fit into my job.
So what is your why? Why did you decide to give up a regular income, regular hours and a sense of security to become self-employed? There’s no right answer here. Everyone has a different reason and you must be clear about yours.
Here are some of the reasons that my clients have given me over the years:
- I want to be at home for the kids after school
- I want to be able to earn more than my current job allows me
- I want more freedom to be able to choose the hours I work
- I want a better work/life balance
- I know I can make better use of my qualifications
- I am fed up of making other people rich
- I want to be able to work from anywhere in the world
For most of my clients there seems to be an underlying need for a more balanced lifestyle. Most feel they are working too many hours or they feel they should be paid more for their efforts.
I have to say that running your own business is not going to mean that you work less hours, in fact, you will probably have to work more, at least to begin with.
You will also not get paid a fat lot for all the effort you have to put in, at least not in the beginning.
You will find that you are learning more than you ever had to at work and that you are having to implement what you learn and make massive mistakes too.
This is why you need to be able to justify your decision to become self-employed and run your own business. You will need to lean heavily on this justification for many, many months while you are growing your new business.
Remember, it takes about 2 years to start replacing your income from your previous employment. Businesses take a long time to take off and make a profit – even if you work exclusively online and so have very little in the way of outgoings.
Having your reason for doing this crazy thing of running a business planted squarely in your mind is going to help you to stay on track, stay focused and take the actions you are going to need to take in order to make a success of your business.
Okay, did I hear a groan when I said it was going to take 2 years? I usually do get a groan when I say that, but unfortunately it is the truth. Go to any networking event and ask the people in the room how long it took before they started turning a profit.
Of course, there are faster ways to become profitable. You could do what I did and hire a mentor to show you exactly what to do, when to do it and how to do it, for me it was invaluable and saved me YEARS of messing about.
For others, courses are an option. Courses usually cost a lot less than a mentor as you are not being helped on a one-to-one basis.
Or I have another option for you – it’s kind of a mixture of both…
After hearing that groan so many times and realising that it was one of the biggest reasons why new businesses fail, I decided to build my business around helping others to become profitable faster.
I’ve recently created a simple 3 step system that helps new business owners build a six-figure business in just 12 months. When I say simple, I mean simple. I would love to tell you all about it right now as I am so excited about it, but there’s not enough time or space in this post.
I have, however, created a free guide that tells you all about it and walks you through the first step to get you started. If you’re interested in learning about this simple system please grab you guide by completing the form below. Like I said it’s FREE!
So now you need to go and think about your why! When you ask yourself why you are doing this (which you will), you will be able to answer because…………
I keep myself going on bad days by reminding myself that I am sitting here in my home office all nice and comfortable with a cup of tea and few biscuits on my desk instead of having to spend over an hour commuting to work each day and then home again.
I also remind myself that I don’t need to book leave. I can take my holidays or have days off whenever I feel like it.
I also remind myself that when I’m sitting on the beach in Mexico in 5 weeks and 6 days time (not that I’m counting) I can still take care of my business because it is mostly automated and runs from apps on my phone – How cool is that?
That’s it from me for now. I’ll be back next week with the next letter in my alphabet of business basics which is K. Make sure you look out for it or why not subscribe to my blog and I’ll drop you a quick email when I’ve published something.
I hope you have enjoyed this post and will go away now and really work on your why. If you did enjoy it I would love it if you would share it so that others can enjoy it too. I have included some social icons so please just click and share away.