Want to be a millionaire? Follow these 5….
Unfortunately, success as an entrepreneur isn’t as easy as 1, 2, 3 (or a, b, c, for that matter). HOWEVER, we believe there are things, 10, to be exact, that are essential in giving your business the foundation it needs to succeed!
So, how does one build the foundation for a successful business?
Glad you asked! It starts with a shit-ton of planning, discernment, and a great group of people who will guide you. Here are the 10 things that will set your business up for success!
- Develop your business PLAN. It does NOT need to be this 20 page work of art that includes fancy graphs, 20 year financial projections, and a comprehensive marketing strategy. BUT, it does need to include step-by-step instructions on how you are going to build, run, and grow your business. It’s an important step in getting serious about your new business. It’s also a tool that helps you to occasionally assess your business goals.
- Have SMART, SENSIBLE goals. Of course we all want to be on the Forbes list of “Millionaires Under 30”, but that isn’t a good goal for your business (not that it’s not possible). You need to set goals that are feasible, within your capacity as a new business, and in check with reality. First, set up quarterly and yearly goals. Then, ask yourself what you want to achieve and compare that to what you think you CAN achieve.
- Be MONEY SMART. Get a separate checking account for your business and only use it for business expenses. Make sure you are handling the bookkeeping and tracking your money! If you aren’t great with numbers (like me) then we highly recommend RJB Tax Associates or SIR Accounting & Tax! Keeping your finances in order is important come tax season and in general. Think about it this way, you want to know if you are spending WAY too much money on Facebook ads and not getting enough business in return!
- Have your CONTRACTS, POLICIES, and SOPs in place before you take on a client. OMG, this is a hard lesson to learn the wrong way. Not having legitimate guidelines on how you want to run your business can be detrimental! It takes one upset or overdramatic client, and believe me there are plenty out there, to put a huge damper on your business. More importantly, be sure to educate your clients on your policies and contracts so everyone is on the same page.
- Get out and NETWORK. Most areas have local networking/mastermind groups. Find yours and get out and meet people! Getting that face-to-face interaction is key when you first start out! When you meet someone, learn about what they do and find out if there’s a mutually-beneficial relationship that can come out of it!
- Set and stick to your BUSINESS HOURS. This is particularly hard to do when you work from home. There are so many distractions and it’s easy to forget that dinner time with the family isn’t the best time to be working on a client proposal. Like with any job, you need to have a healthy work life balance. Sticking to business hours helps create a productive environment for everyone.
- Figure out your WORKFLOWS. Some people work best with no schedule while others need structure to get things done. Whatever the method, identify your tasks that need to get done, set a workflow to accomplish everything accordingly, and stick with it!
- Design out your WORKSPACE. This area should inspire you and keep you focused on your business. We recommend branding your workspace to match the business. From color schemes to taglines, make sure this is a place that you can be in from
- Schedule your “ME” DAYS. It is essential to let your mind rest. It’s good for the soul and can help provide time for reflection on all those business decisions you’ve been making. For me, having those “me” days is usually when I get most of my epiphany moments! Whether it’s a few hours a day or one day a week, know that resting your brain is key to creating a path to success.
- Know when to SAY NO. This is an important lesson that is usually learned over time, but still a crucial thing to come to understand. IT IS OK TO SAY NO. If you are seeing those “needy client” red flags or finding that a current client is making work too stressful, it might be time to cut the ties. Besides, is a client who’s impossible to please really your “ideal” client anyways?
Even if you’ve already started your business, it’s always good to have some checks and balances to make sure you are on the right track! If you missed any of these important steps, circle back and mark it off the list. Your business will thank you later.