It’s important to make sure you are fulfilling your hearts desires. The first place to look is at your talents and skills. We all have or know how to do something that would make a good business idea, if establishing wealth is important to you, you’ll want to have multiple streams of income.
Life is too short to waste precious time doing something you don’t love or aren’t wildly passionate about.
Whether you just want to create a side hustle for extra income or your desire is to become your own boss, the following five steps will help you get started (while you’re still working).
Get your expenses under control.
Most businesses fail is because of a lack of capital. It’s tough to get a business financing when you’re just getting started. Many businesswomen find that they have to rely on personal finances, credit and friends/family. But there are things that you can do to be able to contribute more towards your endeavor.
By lowering your cost of living you’ll establish a well-needed cushion. Those extra funds can be used to infuse money into your business or create a safety net. To cut back, focus on what you need rather than what you want. Start paying attention to things that you buy mindlessly (coffee, lunch, that cute pair of shoes) and try to be more mindful with your spending. Contact your service providers and see who can reduce your current monthly bill. Then, contact your credit card companies (as long as you’re in good standing, and request a lower interest rate).
These are just a few simple things you can do to shave the excess out of your monthly budget. Don’t be afraid to explore other more life-changing options like buying a cash car or downsizing temporarily.
Manage your time to increase productivity.
No matter how cliché it sounds, it’s a fact that you have the same 24 hours in a day as Beyoncé, Diddy, Tyler Perry, and Oprah. The difference is how you use those 24 hours. How you manage your time determines your success.
Before you launch, start putting aside a few hours every day to focus on your business. You may think that you’re already busy as it is but no matter how crazy you think your life is, proper time management can find a few hours to contribute towards your goal.
Have clear-cut goals.
Once you are clear on your ideas and the concept of your business model, it’s time to come up with a strategy. Creating a strategy for success included setting goals. Daily, weekly, monthly, quarterly, and annual goals are all needed to make sure that you are accountable and have actionable milestones.
Know what you need.
Some people overestimate what they will need in business to get started; others don’t prepare well enough. Take the time to identify specifically what you’ll need for your business to be successful and functional out the gate. For example, even if you sell products, you may not need a storefront. Instead, you may opt to sell on through your website or do in-person pop-ups and collect payments via a mobile credit card processing service or device.
If your business will be primarily online you may want to spend more effort and resources on social media advertising and brand building. Or if you offer a service, one of your marketing campaign goals may be to get in front of as many people as possible by attending networking events and sharing your service.
Get the word out.
Now it’s time to let the world know that you’re official. When launching your business, it’s imperative to tell your friends, family, co-workers, church congregation, classmates, strangers and anyone else you run into. Word of mouth can be your biggest asset, in the beginning, don’t discount it!