So many of you have often asked me what it takes to start your own business, and some of the ways that you can ensure that you’re not only starting a business that you love… but how you can also ensure that you’re setting yourself up as a new business owner for the growth you need in order for your business to succeed.
Because that’s the thing about becoming an entrepreneur, right? There are so many questions and even more what-ifs that go into it!
This week on Episode 133, I want to invite you to tune in as I sit down with self-made businesswoman, passion-driven entrepreneur, writer, podcaster, author (and mother!), Lindsay Teague Moreno to talk all about how we entrepreneurs can take what often seems like a scary idea – that is, pursuing what we’re most passionate about and starting a new business – and turn that idea into an actionable goal backed by ambition and savviness.
Not only that, but Lindsay and I will also discuss her new book Boss Up! and some of the motivation that led her to becoming the business powerhouse that she is reputed to be.
So today, I want to focus on some of the business start-up tips that Lindsay offers on the episode this week… because in my experience, starting your own business is a little bit like raising kids in that it most certainly takes a village!
And if I’m being honest, my business, inkWELL Press, wouldn’t be possible if it weren’t for my village made up by so many of YOU.
Ready to get started?
If I’m being perfectly honest, no business is worth going into if it doesn’t bring you feelings of excitement, happiness, and fulfillment.
So, the very first MUST-DO when it comes to starting your own business is to first assess exactly what it is that you’re most passionate about…
What is that one idea or collection of ideas that gets you totally pumped up when you think about it? What is that one thing that you foresee being the most beneficial to you on a personal level, that will challenge you but also give you the reason you need to get out of bed in the morning, and that could reasonably lead to a lucrative business venture?
Lindsay and I discuss the importance of differentiating between what constitutes a true passion from a hobby, so definitely be sure to tune in this week for more insight…
But for the sake of our conversation here, I want to encourage you to really dial in on your passions. What is something that your passions have in common?
Are they related to helping others get their own business ventures off the ground, or are they specific to some other idea that is related to an industry you may have never thought about before in terms of starting your own business?
Write your passions down, make a list of possible business ideas… And see what happens!
After all, it’s important that your business will provide you with some sense of fulfillment, contentment, and happiness, right? So, whatever you decide to do in the business world, make sure that it’s in tune with what you’re most passionate about from the start!
Now that you’ve narrowed down your passion-driven business and have determined which industry that might fall into, it’s important that you assess who your competition might be out there.
What does their business look like? How can you learn from it – whether that means you do things in a similar fashion or completely different from the get-go?
When I first started IWP, I knew that I wanted to help women achieve their dreams and live their best life by offering planners and other productivity products that would help them to set SMART goals and determine actionable steps that would lead them toward those goals…
I also knew that I had a lot of competition out there and that it wouldn’t be easy to break through if I didn’t have my ducks in a row!
So, once you’ve got your business set in your mind, take a look around your industry and see what other businesses might set the bar for you.
The more knowledgeable you are about the other businesses and entrepreneurs that exist (and that have experienced success) in your industry, the easier it will be for you to consider some ways that you might make your business stand out from all the rest!
This may seem like a no-brainer, but it’s important nonetheless: the more trust you’re able to build among your potential customers or clients, the easier it will be to establish yourself in the business world.
So how can you accomplish this, exactly? Determine your strengths and assess what it is that you bring to the table, that sets you apart from other entrepreneurs like you.
In other words, don’t shy away from marketing yourself AND your business! Customers and clients love to know “the face” behind the brand, and they appreciate when an entrepreneur goes above and beyond to tell their story and highlight some of the unique parts of themselves that make them, their business, and the products or services that they offer reputable – and worthwhile.
Consider getting yourself set up on social media, mapping out a marketing strategy (whether this means you do it yourself on a shoestring budget, like I did, or you hire a few extra hands to help), and so on and so forth.
The more you invest in yourself (i.e. believe in yourself!), the easier it will be for others to invest in you – and your business, as well. Give it a try!
Let’s face it… If you want to start a business that will actually help you to pay your bills, then you’ve got to be comfortable with charging your customers, friends, and family exactly what you deserve.
In other words, don’t treat your business like it’s a hobby by giving away too much of yourself, your time, and your energy for free! Instead, look at your business for exactly what it is: a business – a job! – that will earn you the financial freedom that you want and deserve.
Need some help here? Tune in this week to hear what Lindsay had to say about the subject, and how you can turn any tendency to undermine your worth on its head from the start!
Unless you enjoy the feeling you get when you spread yourself too thin (which, for me, is extreme levels of stress and overwhelm), then it’s important that you get yourself around the idea of delegating some of your business responsibilities to someone else.
The hard truth about being a business owner – especially a small-business owner is this: You’re already devoting a ton of your time and energy to starting and simply maintaining your business from the get-go! And a lot goes into that.
Instead of trying to do all the things by yourself… Focus on the potential consequences of spreading yourself too thin. Why make your life any more hectic than it needs to be?
My advice here is simple: Stick to your niche, whatever it is, and stay with it! Don’t try to juggle too many balls at once or bog yourself down with too many responsibilities at once… and let any diversity in your product or services come gradually, little by little, as your business starts to grow.
At the end of the day… when it comes to starting your own business, it’s more important that you focus on what you know, what you’re good at, and what you’re most passionate about.
All of that other stuff – that is, the administrative tasks, customer support, and so on, can (and should) be delegated or outsourced to someone else…
And who knows! Maybe you have a family member or a friend who could help you out until you can bring a part or full-time team onboard.
The beauty of starting a business is that, in most cases, the possibilities are truly endless…
So, buckle up and enjoy the ride!
Are you a small-business owner, or have you broken into the business world some other way? Share any start-up tips and tricks you have and your experiences as an entrepreneur in the comments below…
And check out Episode 133 of Productivity Paradox this week to hear even more about what Lindsay Teague Moreno had to say about her own journey as an entrepreneur, and how she makes her business life work seamlessly with her role as a mom!