When starting a business here are several things that I recommend that my clients do before taking the leap.
STEP #1: FREEDOM, POWER AND CALLING THE SHOTS
The very first thing I recommend is to figure out why they want to start a business. This is the “key to the kingdom.” If they have this one answer figured out their chances of success skyrocket. But, if they’re unsure about this, I challenge them to look at all the other options open to them, including staying at their existing job, seeking a different company to do a similar job, finding a completely new job either within their current workplace or in a new company, or retaining for something completely different. I never, ever let people choose starting a business with a “well I haven’t tried that yet and it might be kinda fun” type of mentality. There’s very little chance that a person with that level of commitment will succeed in their own business.
STEP #2: HEAD IN THE CLOUDS
Their head needs to be clear on what it takes to run a business. If people come to me talking about “the freedom to leave on vacation at whim, being their own boss and calling all the shots,” they’re not anywhere close to the reality of business ownership. As most successful entrepreneurs know, and unsuccessful business owners have learned, even a few hours of break is a luxury. The “spur of the moment” running off to Europe comes only after months of planning, 24 hour a day email access and international calls. And weeks of catch up when one gets back. So much for freedom….
STEP #3: LIKE FALLING FROM THE SKY
Realistic and rational ideas about money. Everyone wants to make millions from their business, but few of us actually do. Most of us eek out a living and probably could have made more working all these hours at McDonalds. Plus we would have actually had paid holidays, vacations, days off, and honest to goodness breaks throughout the day. Our investment would have been nil and the revenue steady. Actually, Micky Dees isn’t sounding bad right now.
But the truth is that we love what we do. We live for the thrill of the phone ringing and someone telling us that they want to pay us for doing what we love. The energy races through us, we’re filled with excitement and power. We can’t wait to start the job and show them what a great decision they have made. We’re filled with hope that our big break has come, that the world now knows how wonderful we really are and that we’ve finally made it. And flipping burgers could never do that for us, at any price.
Think long and hard about opening your own business. While in that thinking period you might want to check out Winning the Battle and From Idea to Entrepreneur. Actually, many of my posts offer different angles on business ownership.
The other advice that is worth its weight in gold is to . Many people don’t want to spend the money but end up loosing thousands and even millions because they didn’t want to pay for help. This is crazy. A good consultant actually makes a business much more than it costs. Buy the bullet and pony up. The savings will be amazing. Give me a call if you need help.
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