We are heading into the last quarter of 2020 and, globally, there is still an unsettling level of concern regarding the economic status of all countries. The worldwide reset is still barely comprehendible. As businesses begin to scale down, restructure operations and even close down, governments have been thrown into a tailspin to buffer economic repercussions and unemployment rates are starting to skyrocket.
There’s an old adage that says, “necessity is the mother of invention”. It’s used to explain a situation where someone becomes creative with the resources they have, when they are in need or desperate.
Why reference this saying? Because, 2020 is a historical year for just that reason. Many entrepreneurs were birthed, this year, because of job loss or wage cuts.
If you are reading this, and you’ve lost your job during this pandemic, then this was written for you. Right now, you may be either thinking about starting a business and have no idea what to do, or you have a business idea and don’t know where to start. But first, I want you to know that starting a business should be fun and exhilarating, not a rebound for losing a job. However, if you ALWAYS wanted to start a business (The Side Hustle), here are 3 things to consider…
1. Does your business idea meet a need or solve a problem that does not already exist?
Your mindset matters.
What is the real reason behind your business idea or business? More importantly, who will it serve?
The foremost mistake many new entrepreneurs make is to create a business for themselves instead of their customers or clients. Here’s the harsh truth. The goal of your business should not be to make money. Revenue is an outcome of your product or service. The main purpose of your business must be to cater to your customers. Of course, you may have thought of a business idea or created a business based on a need you had that you’ve realised other people have as well. That’s fine. However, it is important to understand that you must create a customer plan for your business. To reiterate, a customer plan is not a business plan. Your customers needs, wants and desires, matter.
When you develop a customer plan versus a business plan, you will realise that your business becomes more sustainable, more valuable, and has greater impact. You will find innovative ways to incentivise your customers and turn them into loyal ambassadors for your brand. The people you serve, will appreciate your business so much that through their actions, feedback, suggestions and recommendations, you can build your brand and business even more.
If you create a business for yourself you may make money, but that journey will be short-lived. That’s what makes some entrepreneurs revert to working in a job instead of providing jobs because their businesses expanded.
If you are a new-born entrepreneur or experiencing challenges as an emerging business owner, you should seek out result-oriented and reliable resources to help you effectively fast-track your success, especially if you’re feeling the financial strain of the global pandemic. I’ve lived it, I teach it. It’s possible.
2. Do you have any residual income modelling from it?
Warren Buffet once said, “Never depend on a single income. Make investments to create a second source.” I was able to experience and continue to live my champion life because I understood the value of creating multiple streams of residual income. I’ve taught people from all over the world how to do just this and generated residual income from doing that too – that’s the cycle you want to have! How do you achieve it?
Well, it comes down to – how many ways can you sell what you offer? How many additions can you provide from what you sell? Every extra brings you EXTRA! But you must think about your clients. What do they need, want or desire? Your business is not about you. Always remember that. You must understand that your residual income model should also capture all of the needs of your customers. It shows them that you’ve thought of all of their pain points and created the solutions they require to overcome them.
But you cannot achieve it without STRUCTURE. Sit down. Plan it out. Get into the minds of your ideal clients. Pay attention to them. Ask questions. Do what it takes to build out your model. I’ve always set my goals using 90-day timelines. That timeframe is perfect because it’s not too long to become uninterested and short enough to see results.
3. Who can coach you through the process so you’re not on your own?
Even seasoned business people need help sometimes. So, if you’re embarking on a new business venture you will need help. You’ll need finances, or resources, or even direction. The best way to progress with your business or business idea is to GET A COACH! Yes, I said it, get a coach. Coaches don’t tell you want you want to hear, they tell you what you need to hear. Coaches don’t pander to your preferences; they cater for your future. Coaches help you avoid time-consuming pitfalls, financial setbacks, emotional distresses, networking inadequacies, and so much more; all because they’ve been through it. Coaches have learned from their trials to move you to your successes.
It’s an investment you deserve. A coach will lead you through the first two and into your success story. Don’t believe me? I’ve had a few coaches. Each of them helped me to open doors I may have not been able to open by myself. They’ve helped me access levels in my life that I would have otherwise taken years to reach or perhaps not known were possible.
Yes! These are 3 important things to consider if you’re thinking about starting, launching or re-launching a new business.
So, again, don’t just start a business because you lost your job or are experiencing serious distress. Start because you want to change lives! And then, you will not only experience success, you will also leave a legacy worthy of honour.
To get some clarity on starting, launching or re-launching a new business, register for our upcoming Global Champions Summit now >> www.globalchampionssummit.com