Tag Archives: entrepreneur

5 Things to Consider when Starting Your Own Business

Does anything sound better than being your own boss?

Well, maybe a brand new sports car or free ice cream for life. But even a state-of-the-art fully-decked-out sports car will eventually need routine maintenance, and the taste of mint chocolate chip can get old after a while.

The same kinds of things can happen when you start your own business. There are many details to consider and seemingly endless tasks to keep organized after the initial excitement of being your own boss and keeping your own hours has faded. Circumstances are bound to arise that no one ever prepared you for!

checklist

Although this list is not exhaustive, here are 5 things to get you started when creating a business of your own:

1. Startup cost

The startup cost of your business depends heavily on the type of business you want to have. To estimate the startup cost, make a list of anything and everything you’ll need to finance in the first 6 months. Then take each expense and ask:

  • Is this cost fixed or variable?
  • Essential or optional?
  • One-time or recurring?

Once you’ve determined the frequency and necessity of each cost for the first 6 months, add it all together. Then you’ll have a ballpark idea of what your startup costs might be.

(Hint: Don’t forget to add a line item for those unplanned, miscellaneous expenses!)

2. Competitors

“Find a need, and fill it” is general advice for starting a successful business. But if the need is apparent, how many other businesses will be going after the same space to fill? And how do you create a business that can compete? After all, keeping your doors open and your business frequented is priority #1.

The simplest and most effective solution? Be great at what you do. Take the time to learn your business and the need you’re trying to fill – inside and out. Take a step back and think like a customer. Try to imagine how your competitors are failing at meeting customers’ needs. What can you do to solve those issues? Overcoming these hurdles can’t guarantee that your doors will stay open, but your knowledge, talent, and work ethic can set you apart from competitors from the start. This is what builds life-long relationships with customers – the kind of customers that will follow you wherever your business goes.

(Hint: The cost of your product or service should not be the main differentiator from your competition.)

photo of person handing card
Photo by energepic.com on Pexels.com

3. Customer acquisition

The key to acquiring customers goes back to the need you’re trying to fill by running your business. If the demand for your product is high, customer acquisition may be easier. And there are always methods to bring in more. First and foremost, be aware of your brand and what your business offers. This will make identifying your target audience more accurate. Then market to them with a varied strategy on multiple fronts: content, email, and social media; search engine optimization; effective copywriting; and the use of analytics.

(Hint: The amount of money you spend on marketing – e.g., Google & Facebook ads – is not as important as who you are targeting.)

4. Building product inventory

This step points directly back to your startup cost. At the beginning, do as much research as you can, then stock your literal (or virtual) shelves with a bit of everything feasible you think your target audience may want or need. Track which products (or services) customers are gravitating towards – what items in your inventory disappear the most quickly? What services in your repertoire are the most requested? After a few weeks or months you’ll have real data to analyse. Then always keep the bestsellers on hand, followed closely by seasonal offerings. And don’t forget to consider making a couple of out-of-the-ordinary offerings available, just in case. Don’t underestimate the power of trying new things from time to time; you never know what could turn into a success!

(Hint: Try to let go of what your favorite items or services might be, if customers are not biting.)

5. Compliance with legal standards

Depending on what type of business you’re in, there may be standards and regulations that you must adhere to. For example, hiring employees falls under the jurisdiction of the Department of Labor and Federal Employment Laws. There are also State Labor Laws to consider.

(Hint: Be absolutely sure to do your research on the legal matters that can arise when beginning your own business. Not many judges are very accepting of “But, Your Honor, I didn’t know that was illegal!”)

Starting your own business is not an impossible task, especially when you’re prepared.

One other vital thing that makes starting your business easier is having a plan and a mentor. Register for our FREE master class happening Wednesday, August 12th at 9 PM EST to get access to both!

An Interview with Ash

So today at 9 AM EST was the day that Ash’s high school graduation was moved to due to Covid-19. So everything on all of our platforms is pretty much about her this week.

Why the whole week? Well she’s also turning 18 this week so the video below could be re-titled soon. If you’ve liked her art in the past, check out the interview with Sai on his YouTube channel SmartCherry.

e2E launch

I am very pleased to announce that I officially launched my e2E course this afternoon via my first webinar. 😄
There’s two ways to look at this:
1) long overdue 😞
2) right on-time 😊

I’m going to choose #2.

There’s something to be said about how we choose to look at thing. During this global pandemic we see some people respond with despondence and others with initiative. Which category do you fall into?

I’ve been thinking about creating something (other than this blog) based upon my knowledge, experience, and skills as a mentor & advisor for some years now. I’m grateful that all of the pieces have finally come together at a time when so many seem to be searching for an answer to ever growing employment issues and for the opportunity to offer some help to solve the problem. So what is this e2E course about?

First, I want to define e2E which stands for “employee to Enterpreneur”. If you’re fortunate enough to still have a job in this era of pandemic, social distancing, and companies furloughing and right-sizing employees CONGRATULATIONS!!! If not or if you do but realize that things could change quickly so you need a ‘back-up’ plan, that’s what the course is here to help you create.

I started today with a free Entrepreneurship master class in which I covered the basic parts of that back-up plan and made available a free entrepreneur starter pack to the attendees. The image is a still of the beginning of the class. Afterwards, I immediately started following up to get feedback and so far it’s been positive in that what I’m providing in the free class is of value.

My next step is to increase the reach of my online promotions about the next free master class to drive enrollments in the course. Gotta follow my own process to self-improvement and success!

Just thought I’d share the process…

Ms. ME

Putting it all together

So if you’ve checked out this blog in the past few months, you may have come across the New Beginnings post. Unfortunately that effort has been DELAYED, not cancelled due to some timing and technical issues recording and editing the videos. So we’re going to move forward with more posts starting this week.

But if you’re a long-time follower, you undoubtedly remember our Divorce Your Job & Keep the House series from back in 2015. Well we’re happy to report that the series of blog posts (that was never completed, we know and we’re sorry 😞) will now be released as an online course. Now I, Ms. ME, know what you’re thinking:

  • I don’t have the time for a long drawn out course ⌚
  • I don’t have the money 💰
  • I’m afraid of failing, lack of support 😨
  • I have an idea of what I want to do but don’t know where to start 😵

SHUT ALL OF THAT NEGATIVITY DOWN NOW!!! And flip it…

  • You don’t have any more time to waste doing something that doesn’t speak to your dreams and passions. 🏁
    And I promise this course will not be long. In fact the intro is only about 30 minutes .
  • You have the money for my FREE masterclass. What’s more every attendee will walk away with a my FREE side-gig starter pack.
  • You will conquer FEAR (false expectations appearing real) and step into the life you were meant to live. I will support you.
  • That’s GREAT that you have an idea!!! I’ve done it before, I’ve taught others and I’m ready to show you where to start.

So what’s next? 🤷🏾‍♀️🤷🏾‍♂️

Register now for the FREE master class happening Sunday, July 19th at 4 PM EST.

Will your idea be the next big thing founded in a time of crisis, like so many of the big, well-known companies of today? Only if you have a plan! Can’t wait to help you make yours.😊

Until then, why not go back and check out those past blog posts…

How to Divorce Your Job and Keep the House – THE REVIVAL

Wow it’s been 10 months since our last Divorce Your Job post! embarassed emoji

Unfortunately the personal quest to divorce my job occupied my time and while new blog postings were made, none pertained to this series.

The following infographic from an Entrepreneur.com article shows why this Divorce Your Job series is still relevant despite it’s most recent extended hiatus. In case I haven’t complained earlier about the millenial title that I feel has been inappropriately applied to too wide a span of birth yearsEntrepreneur infographic

In my experience, the two years to entrepreneurial independence is an accurate average. While I haven’t fully divorced my job, I did manage to divorce my job location in favor of somewhere that will better serve my entrepreneurial endeavor.

If you have been following this series, tell us what steps have you taken so far in divorcing your job.