Take it from me, if you are taking those steps to starting a business and you have it all handed to you, it’s not going to be as impactful or rewarding. Getting out there and working for what you want, building it from scratch and investing everything you have into it will enable you to really grow and reach those big dreams.
At age 18 I had been to every personal development training you can think of. By the time I found the life coaching course that was my true calling, I had burned through my funds and had zero dollars left. I had a lot of people telling me this was the end of the road. People who loved me were saying it was time to settle down, climb the corporate ladder, and leave my passion for personal development behind. At one point, my friends even held an intervention!
Defeated and downtrodden I went to breakfast with my mentors and told them why I had to change my dream. They disagreed and inspired me to get back out there and give it a go. Of course, when I asked them to fund me, they didn’t hesitate, their answer was immediate.
‘Matt’, they said, ‘we wouldn’t want to deprive you of that experience.’
That right there was one of the biggest lessons I learned. That earning something, that working for it is part of the journey itself.
I’ve seen it time and time again in my students and clients. The ones that have the greatest journey, either physically, financially or mentally to get to the session or the training or to reach the end of their challenge, get the most out of it. They are the ones who get the biggest breakthroughs. They invest in themselves. and that investment makes them more hungry, more committed and more willing to do whatever it takes.
So if you have big dreams and no money, welcome it. This is the best part of your learning towards success, and just like me you will find a way, even if that means selling chocolates door to door to raise funds for your project. You will learn an infinite amount about yourself and your business before you even get started.
Rather than spend your time and energy looking for cash flushed partners or family members who will open doors for you, cause a disruption and open those doors yourself!
You will have increased:
• Commitment
• Gratitude
• Flexibility
• Creativity
• Understanding of long-term goals
• Respect for the work
• Respect for your customers
• Product/service knowledge
• Sales experience
• Focus
• Ability to think outside the box
• Uniqueness
• Resource value
• Power – shareholders restrict what happens and how it happens in a business, going solo, you get full say and creative license.
• Accountability. If you don’t do the work and put in the time your business will fall short of your goals. It’s on you to answer the call and get those requirements met.
• Speed – urgency and movement
• Prioritisation
Steps to Starting a Business
Essentially you are looking to build something from nothing and there are plenty of success stories from all over the world to prove that it’s possible.
The good news is that business start-up costs can be next to nothing if you are willing to do the majority of work yourself and be smart.
Part of being smart is recognising when it’s time to stop living on a shoestring and overloading yourself. So start out with your business idea on a budget and move forward as soon as you are able to allow even more growth and success.
WordPress, Facebook, Instagram, YouTube and Twitter are all free, you just need to have access to a computer or smartphone and the internet.
My suggestion is that if you have a job, keep it, at least part time or casual so you have some money coming in for bills and essentials. As you become more successful and you can cover your business start-up costs, you can drop the work hours and look forward to that day when you can break free of your day job and fully support yourself.
How to Start Your Own bBusiness:
Check that your start-up business idea has enough meat to get going. The characteristics of a promising business idea is that it is
Unique
Innovative
Problem-solving or addressing a need
Profitable
Armed with that idea you are going to be doing one of three things and the cheapest way to get these things to the public is online.
The most important thing is, no matter which of the three you create, you are passionate about it and love what you do. It’s your own belief in your product that will lead its momentum and success.
1. Make something: Create an idea, develop a new product, improve existing services and get behind it 100%.
2. Sell something: Focus on innovation to find your unique selling point. Innovation is not only more genuine, it’s cost effective and efficient.
3. Sell a service: Don’t undersell your service to compete with competitors. Sell your time and personal approach with customised services that meet your client’s needs. They will be happy to pay more for a good service than less for a mediocre one.
Mistakes to Avoid
Creating something from nothing is the key here. It’s really important that you don’t start spending money on your business before you have any sales. Creating something from debt is not the place you want to be. If you do already have debt you need to start getting it paid off. That might mean making personal sacrifices, but if you focus on getting yourself to a healthy financial place you will get there quite quickly. Sweeping it under the rug and promising it will be fixed when the business takes off will only mean pressure on you and your business to perform.
Get creative and get yourself financially fit. The lessons you will learn about yourself and your financial beliefs here will be gold going forward and a great foundation as a business owner.
There is still so much you need to learn about your product and customer so wait until you have money in from your business before you start putting in loan applications to rent office space, install fancy computer systems, buy equipment or invest in supplies. Your customers will come to you because of your passion and commitment.
Often we can make the mistake of looking at other people’s success and jumping straight to that point. Their journey started in a very different place, like Apple computers starting out in a home garage. It is tempting to think if you want to build a computer you need the brand, the white space and the hype. For Steve Jobs, those things came much later, after a lot of work, effort and trial and error.
The definition of insanity is repeating the same mistake over and over expecting different results! Don’t fall for that, stay smart, think of new ways and let the problem go if it’s not working for your business. There are plenty of other things to focus your attention on. Know when to cut your losses. Identify things that don’t work, and find alternatives.
If you’re on the entrepreneurial path and are ready to take the steps to starting a business, join us for our next free Disruption Tour event and get ready to launch your start-up with a bang!
Stay troublesome,
Matt Catling
