When Is It Going to Be?

There are three main reasons why people start their own businesses; they are:

1.            Money

2.            Flexibility/Freedom

3.            Passion

 

Some people argue that money is the best reason why people start their own businesses. Their reason is that money takes the emotion out of business. Some other people say that flexibility is the best reason because it allows you to live your life in the manner that best suits you and your family. Yet some others say that following your passion is the true road to happiness. There is no end to this debate because each side of the argument plausible.

 

But then, I believe that all entrepreneurs have one thing in common; they all had a defining moment that sparked their decision. They all had that "ah-ha" moment that could not be ignored. They all had a sudden intuitive leap of understanding that would change their legacy. Usually, the “ah-ha” moment came as a result of a bitter experience. For some, it was a ridiculing event while for others it was a close brush with death. Have you ever wondered what it would be like to experience such an epiphany? 

 

One of my mentors once narrated her experience when she was diagnosed of breast cancer. It was a traumatic and painful experience for her. According to her, she was ‘poked, prodded, and slice’ as she had to go through a lot of tests, x-ray, etc. Thank God, at the end of it all, it was discovered that she did not have cancer after all.  Of course, she was glad that she was not going to die; but then something snapped inside of her which made her start her own business. Listen to her:

 

“Going through that breast cancer scare changed my life in many ways. You see, I've always wanted to start my own business …….. but I kept saying, "Someday. Someday I will start that new business." I'm not sure what kept holding me back before the cancer scare. I think the fact that I loved my job. And that, even as a CEO, I was able to enjoy quality time with my husband and three kids …… But after the scare, the need to create this new business and help other working moms have the lifestyle they wanted and deserved was overwhelming. I could not "NOT" do it.

Three months after the cancer scare, her business was running. She readily shares what she the most valuable lessons she learnt along the way because she believes it will help you jump start any business.  

1. Less is more. 

A friend of mine recently left her corporate job to start her own marketing consulting firm. The first thing she did was find office space. I asked her why she was doing it. She told me that, with the real estate market in the dumps, space was a bargain. So she was able to rent space for $1,500 a month that normally went for three grand.

But she did not stop there. She bought a desk, chair, filing cabinets, and a couch. She spent $5,000 before she wrote a sales letter or had a website built. After two months of trying, she finally landed her first client. That client is paying her a $2,000 a month retainer. You do the math.

I have a four-bedroom house and three kids who have their own rooms. I do not have a library, den, or office. Still, I did not go out and rent space. I converted my rarely used dining room into my office. (Heck, we're kitchen people anyway.) It overlooks a golf course, and I find it very conducive to writing. When I need a change of scenery, I take my laptop and sit out by my pool. I did not buy filing cabinets or print business cards. I have a really good computer and I understand the value of knowing how to use it to its fullest.

  2. Work on your business every day.

When you are starting a brand-new business that is going to be your livelihood, there are no weekends. You don't get the day off because it is your wedding anniversary or your kid's birthday. You have to make sacrifices.

Now does this mean I missed Connor's ninth birthday? Of course not. But after he went to bed that night, I worked. I worked until I finished everything I needed to do. Sure, the goal of having your own business is to get it to the point where you are living your desired lifestyle. But this does not happen overnight.

You must take your business seriously. For this very reason, I vowed that I would not work in my PJs. I still get up and go to the gym first thing in the morning. I then shower, dress, and dive into my work. I don't stay in bed an extra hour or talk on the phone. I treat my business with respect — as I have always treated someone else's business that I was running.

I know far too many "entrepreneurs" who are still in their pajamas at 2:00 in the afternoon. These are the guys who are always asking why they are not doing as well as their competitors.

 

3. Know your market intimately.

 It's best if you are a member of your target market. This is the road I have taken. I knew what it was like to be an executive before I had kids, and I have been a working mom for 11 years. I honed the new skills I needed over those 11 years. I am now in the top percentile of highly paid working moms.

If you are not personally in your target market, there are several things you can do to get yourself up to speed. Start with these:

* Study your competition. Understand what they do and figure out how you can do it faster, better, and cheaper.

* Use Amazon to get insider information about your prospective customers. Read reviews on products similar to the ones you are thinking of developing. Decide how you could address buyers' concerns and enhance the features and benefits they like.

These lessons alone will help you make more money and gain more flexibility in your business. Yes, my epiphany spoke to my passion. However starting and cultivating a profitable business is important. And managing that business while procuring flexibility adds tremendous value to my life."

So folks, as you can see, all three sides of the triangle – money, passion and flexibility should be considered in starting and running your business. As your business grows, the priorities will shift. Some days, all three may share in equality. But how will you ever find out if you don't start? Stop procrastinating, take action, START NOW!