I finally took the plunge in April. After years of hemming and hawing over whether to start my own business, I finally decided to go all-in. Six months later, with a generous amount of providence, spousal support and the help of an awesome business partner, I’m seeing the first fruits start to fall from the tree.
Being an entrepreneur isn’t for everybody. For years, I wasn’t sure if it was for me. But if you’re tired of laboring for somebody else’s gain, if you’ve grown weary of not having your talents properly utilized, if you want to take back control of your professional life, then starting your own business just might be the path for you.
Beware, though. It’s not easy. There’s a reason why half of entrepreneurial ventures fail within the first five years. I’ve been able to build a business in a short amount of time that’s sustainable, but I know I’m not out of the woods yet, not by a long shot. So, as a reminder to myself of what I’ve got to keep doing, and as a benefit to others just starting out or considering this path, here’s what I’ve found to be the keys to entrepreneurial success.
- Do what you enjoy. Too many people in the “regular” work world labor for only a pay check…and they’re miserable. Surprisingly, that’s true in entrepreneurship, too. People love the idea of being their own boss and keeping the fruits of their labor, but when they fail to realize work has to be more than income potential, they quickly become just as miserable as they were when they were toiling for “the man.” If you’re going to start your own business, do it for the right reason: because it’s investing in something you love to do. If you do that, your customers will pick up on your infectious passion.
- Take it seriously. You’re going beyond the “hobby” level now. This isn’t something you can attempt in your spare time. You’ve got to stay disciplined and work at developing what you’re doing. It’s nice to work in your sweatpants or to have the freedom to have lunch with your kids if you want, but keep disciplined hours just like you would if you worked at a regular office. And when you’re “on the clock” be productive. You’re your own boss now. Be a good one.
- Be the expert. I had a part-time job at a home improvement store while I was building a client base. Anybody that knows me knows I’m hardly the home improvement expert. So when people would ask me questions about different home improvement products, I’d refer them to one of the experts in the store. When they’d ask me about somebody who does these projects, I’d tell them, “I know a guy” and refer them out. Your goal in your home business is to be “the guy” (or “gal” as the case may be). That’s the person others immediately cite as the “go-to” expert in a given field. That’s who you want to become. If you’re reading this, know that I’m “the guy” who helps small business owners become “the guy” in their own field. If you want help with this, let’s talk.
- Stay organized. This is a tough one for me. I’m a creative, so my organizational structure sometimes isn’t very structured. Still, I realized that if I didn’t develop some kind of system to help me manage the three-ring circus that is entrepreneurship, then I’d be one of the half that failed. Organizational strategies aren’t one-size-fits-all. Find something that works and work it without fail. If you need help, find somebody who is organized and pick their brain. My wife has been indispensable in this area for me.
- Manage your money. This is another area where I’m blessed to have a lot of help at home. I’ve had some client work for financial advisers, but there’s a good reason why that’s not my business. But even if accounting isn’t your strong suit, you can be a good money manager. You can do that by remembering two important rules: First, don’t overestimate your revenue. It’s good to think positively, but it’s better to be able to pay your bills. Second, don’t overspend on development. Sure, that new tech thing might help be a legitimate help, but make sure you’ve got the money (or will recoup it quickly) before you buy it. That’s where Knuckleball Digital can help, by the way. Our business model is designed to help small businesses and nonprofits build their digital brand without breaking their budgets.
- Don’t be afraid to ask. James 4 tells us we don’t have because we don’t ask. That’s true in business as well as faith. I struggled early on asking for the sale. I was afraid of somebody saying “no.” Plenty of people have rejected my sales pitch since I started…I’m still here. People will reject your pitch, but they can’t possibly accept it until you offer it. Get rid of that fear and make the ask.
- Customer service is still job #1. Just because you don’t have a showroom or do much face to face time with your customers doesn’t mean they don’t matter. The single most important factor in building any successful business is satisfying customers. That means answering their questions, responding to their concerns and providing what they need. For the entrepreneur, much of that is done remotely. That’s another area where Knuckleball Digital can help you. We provide social media and email management programs as well as consultations to help you do that part of your business more effectively. Call us.
- Promote yourself. Don’t be obnoxious, but let people know what you’re doing. Just like asking for the sale, don’t be afraid to tell people about this exciting adventure you’re on. Even if somebody doesn’t need your product or service, if you’re infectiously enthusiastic about what you’re doing and have a solid reputation, they’ll refer you to someone who does. Again, much of that promotion will be done remotely via social media and content promotion. That’s what Knuckleball Digital specializes in.
- Create a brand. You don’t have a storefront that people walk or drive past, so you have to create that online. That starts with an effective website and continues with your social media and content marketing plan. If you need those services, I’m “the guy.”
- Use technology to your advantage. You have every bit the tech power at your disposal as does a Fortune 500 CEO. Too many entrepreneurs fail because they don’t know (or don’t take time to learn) how to use that to level the playing field. We can help.
- Invest in yourself. Set aside the time for professional development, recreation and your family. You became an entrepreneur to take back your life. Don’t let your work become your boss. That’s the life you just kicked to the curb!
Building a successful home business is a challenging, but rewarding venture. I’m happy to share what I’ve learned along the way, and I’d like even more to help you have the success I’m enjoying.