6 Tips to Success for New Entrepreneurs

28 Feb 6 Tips to Success for New Entrepreneurs

You’ve made the incredibly hard, life-changing decision to leave your “Employee Comfort Zone” and become an Entrepreneur. Now, your legacy, your wealth, and your life story is in your control, you are no longer dependent on an employer to define your success! 

I want to tell you that it’s going to be all rainbows and unicorns from day one, but it won’t be.  Being an entrepreneur is hard work, it’s a long, hard road, but also an immensely rewarding one.  You’ll go through a roller coaster of emotions. It’s all part of the journey. So now you’re ready to “get on the road” but where do you start?  Read on for 6 tips for a successful journey as a new Entrepreneur!

Don’t Quit Your Day Job….Yet

After making the life changing decision to become an entrepreneur, many new entrepreneurs make the critical mistake of immediately quitting their day job.  Don’t do it, keep your day job…for now. 

There will be expenses involved in becoming an Entrepreneur.  Remember, you are building a business, every business has expenses especially at start-up.  These expenses aren’t astronomical, but they are needed to ensure you have the tools you need for a successful business.  Remember, this is money that is an investment in you and your success.  So do your research and spend appropriately to get the best value for your money.

If you don’t have a little money saved and set aside for your new business, then it’s critically important that you keep your day job.  If you haven’t already, start building up a small savings account to ensure you have the entrepreneurial cash flow for your business tools. 

Don’t forget you can also use “other people’s money” if you need business cash flow.  There are a multitude of 0% loans, credit cards, etc., for you to use if you don’t have savings enough.  Taking a loan for your new business isn’t the end of the world, remember this is an investment in your new business.

Be Disciplined and Motivated

Because you will still be working your day job, and starting your new business, for a while, you will be working two jobs.  The problem is like before, your day job will dominate your time and focus. 

This is where your discipline comes into play.  You need to be disciplined and set aside dedicated time every day to work on your new business.  This can be in the morning before you go to your day job or in the evening after you come home.  

But commit to this time and do the work.  It’s so easy to come home from a hard day at work and sit down on the couch and just relax. But that won’t get your business going and will just be a waste of any money you have invested into your new business!  Stay motivated and like Nike says, “Just Do It”!

Define Your Passion

When you want to start a successful business, you have to love what you’re doing. That means you need to decide what your passions are. You’ll focus better and feel more motivated if you’re doing something you love. Not only this, but you’ll also bring your own knowledge and personal experience to the business, which can prove valuable in making the business work. 

Choosing and Understanding Your Passion vs Your Niche

To sell your services or product(s) successfully, you have to know your market or niche.   Researching your target Niche will enable you to market to and know your target customer.

Don’t pick a niche that is trendy or one you don’t know about.  This is why you choose your passions first, and then choose a niche that fits your passion, but also has business value. 

When Kim and I were choosing our niche, we wrote down all of our passions, then compared which ones have business value.  We crossed off many of our passions that are worthwhile endeavors, but didn’t have business value or marketability.

Define Your Vision and Create a Vision Board

Now that you have chosen your Niche, you need to create your vision for success.  This is what success looks like for your business and for YOU.  Your vision is ultimately what your legacy will be. 

Is your legacy to build a successful business to leave for your children?  Is your legacy philanthropy?  Is your legacy wealth?  Everyone’s vision of success is deeply personal and unique.  Once you have your vision, then build your Vision Board.  Put this up where you see it most often.  Your vision is your driving force and will keep you disciplined and motivated even through the most trying of days.

Entrepreneur Training

You probably don’t want to hear this, but you’re going to need help and training, and it will cost you money.  But remember, this isn’t just some avoidable expense.  This is an investment in you, and your future success. 

There are a million online entrepreneurial training institutes that range in price from cheap to very expensive.  Kim and I chose The Entre Institute for our Entrepreneur training.  We chose this because of their “Implementation Boot Camp”.  This truly shows you the differences between an Employee and an Entrepreneur and gives you a plan on how to implement the plan and have a successful business with their Entrepreneur training. 

Final Thoughts

Remember, as I said earlier, this is going to be a roller coaster ride of emotions.  There will be good days, great days, bad days, and incredibly frustrating days!  But keep your eye on your vision, stay strong and know that you made the right decision to become an Entrepreneur.  YOU now control your future, and the future is bright!

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