Starting a business is one of the most exciting and rewarding experiences of my life.
I’m not going to lie, though. It was not always easy. I can’t begin to tell you how many times I wanted to quit. Because as exciting and rewarding as starting a business was, it was also quite stressful.
There are a few things that would have made my life way less stressful. I’m sharing what I didn’t know at the time with the hope that it will help you now.
When starting a business, know what you want.
One of my key pieces of advice to those starting their business is this point right here – know what you want. It might sound trivial, but knowing what you want is so powerful in creating the life you want.
Think about it.
- Do you want a small business or a big corporation?
- Do you want to start out small, then grow and expand?
- Do you want to grow your business and then sell it for profit?
- Do you want to hire employees or would you rather work with contractors?
- Do you want to work part-time or full-time?
- Do you want to travel while you run your business?
- How much flexibility do you want in your day, week, or life?
- Do you have specific goals for how much income you want to bring in per month? Per year?
- Do you have a vision of the type of person you will become? Do you see yourself as a celebrity type? A well-known speaker, author, or writer?
- Where does your business fall in terms of your life’s priorities (e.g. family, hobbies, activities)?
- What type of lifestyle do you want to live?
These questions are just the tip of the iceberg.
You may be very clear on who you are and what you care about. But knowing what you actually want in your life is critical in creating a business that works with you instead of against you.
Begin with a specific need and target audience in mind.
There is absolutely no possible way to successfully start or run a business by trying to be all the things for all the people.
Trust me… I know. Once upon a time, much to the chagrin of my logical brain, I did this.
It was absolute torture.
Starting a business successfully starts with creative remedies for needs that already exist.
I cannot stress enough how important this point is. There is a reason that I placed the words successful and creative in this sentence.
Can you create a copycat business? Of course! But if you really want to move the needle, do something different that sets you apart from the competition.
Think outside of the box… Take an unexpected approach. Push the boundaries of what’s possible. Add a surprising twist. Use your personality to your advantage here.
Because, after all, being different is GOOD thing.
Once you have the remedy clearly identified, it’s time to pinpoint exactly who needs your remedy. The who is your target audience.
If your ideal client was sitting across the table from you…
- What do they look like?
- How old are they?
- Do they have a spouse or kids?
- Do they live in a specific location?
- What do they do for a living?
- How much income do they bring in annually?
- What are their hobbies? What do they do for fun?
- Do they travel? If so, where to?
- What do they do for entertainment?
- What do they read? What do they watch?
The more you know about your target audience, the more successful you will be in finding them, promoting to them, and eventually, selling to them.
Starting a business can be cheap, but don’t be afraid to invest.
Yes, you can quite literally start your business with a laptop and an internet connection.
However, investing wisely in tools and resources (like hardware, software, and professional development sessions) may help you gain the momentum you need during your start-up phase.
I am not suggesting you invest in all the shiny things that claim big promises on what they will do for you. I actually recommend that you invest strategically.
Wait until you know what you want and are clear about the need you are addressing and the target audience you will be serving. Then start doing some research.
What tools do you need to manage your day-to-day business?
Work smarter, not harder. Having the right tools on the daily makes your job easier and can eliminate so much stress. For instance, if you are a graphic designer, you may need to invest in Adobe software, like Creative Cloud. If you are a jewelry designer, you may need to invest in jewelry making tools for your workshop.
What tools do you need to promote your business?
Do you need an email client, like ConvertKit or Flodesk? Do you need to invest in advertising, like Google Adwords or Facebook Ads?
What tools do you need to manage your clients?
Your client base is the backbone for your business. Do you have the right tools to manage your client list as it beings to grow? You’ll want to think about whether or not you need tools like a customer relationship management system (think SalesForce or Hubspot). What about invoicing or bookkeeping software, such as Quickbooks or Honeybook? Do you need a sales cart and system on your website, like WooCommerce for WordPress or
What resources do you need to help you with your business?
I’m the first to raise my hand and say I can do it all by myself. Though I can, I have learned that it is definitely not the best use of my time. Plus, just because you say you can do it, doesn’t mean you should do it. Think about the things you don’t like to do or don’t do well. Do you need a bookkeeper or accountant? Do you need a photographer? Do you need a virtual assistant?
What resources do you need to help you learn different aspects of your business?
When you know better, you do better, right? Continuing to learn and stay on top of trends will help you remain educated in your business and your industry. Look for small business workshops in your area. Attend conferences on your industry or on a topic you want to learn more about.
It goes without saying that when you are thinking strategically, you’re working through how each of these investments will give you the best ROI or return on investment.
Do things strategically, not all at once.
It is so easy to get caught up in the newness of your adventure that you find yourself overwhelmed very quickly.
The reason for this is quite likely that you are trying to do all the things all at once.
Please don’t do this to yourself. I promise you’ll end up burning out in no time flat.
Keep things simple. Think of your business like an onion. Work on one layer at a time. Once a task is completed or mastered, then go to the next one.
Social media is the perfect example. Select a couple that you know you’ll be able to manage like a rockstar and that will reach your target audience best.
Worried about losing your username or handle to someone else? I think it’s smart to set up accounts for social media accounts you think you might like to work with down the road so that you don’t lose those usernames. However, that does not mean that you need to add them into the mix immediately.
Create a model that is sustainable.
As you are creating your business, think about your personality and lifestyle. Create a model that you can sustain over a long period of time and won’t cause you to burn out.
Case in point. I chose to consult. I love this very flexible model which allowed me to share my expertise with others.
It didn’t take me but a few years to realize how taxing trading my time for money would be.
If I had to do it all over again, I would think about my business like a financial portfolio.
In other words, I would diversify my income streams. Doing this allows you to build income in a variety of ways rather than focusing on just one stream.
As we found out through the COVID-19 pandemic, those businesses with multiple income streams were able to cope more easily than those of us who were solely reliant on one.
Hire a coach.
One of my biggest regrets is not hiring a business coach when I first started my business.
I actually worked with a life coach before starting my business. Working with her gave me a great deal of clarity on how to move my personal and work life forward.
At the time, we were in the middle of the recession and I had been laid off just before I gave birth to my son. The struggle with the choices I had in front of me was more than I could cope with on my own. I needed to figure out whether I my journey continued with staying at home with my babies, going back to the corporate world, or starting my own business.
I don’t know what I would have done without having a life coach to help me sort it all out.
As it turns out, starting my own business was what I truly wanted. I was just too scared to make the leap without working it all through.
As an athlete, I wouldn’t have gone anywhere without my coaches and teachers. They helped me learn new skills and hone in on my strengths. They helped build my confidence. They built the practice and training plans I needed to reach my goals.
Over the years, I’ve completed many coaching hours. It’s some of the most rewarding work I’ve done. In addition to coaching individuals, nonprofits, and small businesses on branding and marketing strategies, I also had amazing opportunities to coach young female athletes in soccer and running.
Summing it all up.
These six tips really would have eliminated a great deal of stress from my life. I hope these tips will help guide you on your business-building journey.
As always, I’m here for you! Have any tips or ideas to add? Share them with me below.
