Striking Out on Your Own Despite The Economy
Tips for Starting Your Own Business or Creating New Income During The Recession
With all the economic “doom and gloom” being reported in the media, you’d think that many people have given up thinking that banks are lending, investors have money to invest, people are buying, or this is the time to start a new business. The truth of the matter is, this is a great time to start something new or at least venture into creating new income streams for yourself. Why is this so? Investors are actually looking for new investment vehicles and are willing to put some of their money into start-ups; there is an abundance of the resources you’d need (office space, graphic design, printing, computer support, bookkeeping) and they’re easier to access in addition to being available for a lower price point; people are more willing to collaborate with you to help get something new off the ground if it’s going to potentially create new jobs for the community; and finally, you’ll always have plenty of customers if you’ve created a solution to a problem.
Here are some strategies to help you get started at any stage of your life:
- Start with Your Passion – “Do what you love” is not just a cliché, it’s good business sense. If you’re absolutely enjoying the path you’re on, you’ll find the energy and stamina to help you get over the little bumps in the road that any new business encounters. You’ll also find that people will be attracted to your spirit and enthusiasm and will naturally want to help you. This includes potential investors who may want to fund your project.
- Have a Vision – Visualizing your business and then writing out what you want to do, how you’ll do it, how you’ll market it and how you’ll appeal to your customers and clients is the first step. Most new businesses start and fail quickly not because of a lack of market opportunity, but because of a lack of vision and planning.
- Make Millions Serving Millions – Find a way to bring your company to the masses, so that you aren’t serving just a few people, but a whole lot of people. If you do something you love, and do it to help a lot of people, it’s virtually impossible to fail. This is especially true for service professionals who trade time for dollars. Think how to package your talents in ways that serve many at once, not just the individual.
- Multiple Income Lifestyle – Many entrepreneurs choose one idea and market it one way. In reality, the same idea or concept can be sold many ways and many times. The film industry makes its money by making a movie once, and then selling it many times (box office, DVD, pay-per-view, product licensing, etc.). If you can mirror that model, you can increase your income exponentially and make multiple incomes from essentially the same job.
- Be Creative – One of the main secrets to success in business is being able to package and promote what you do in unique, bold and creative ways. Don’t be afraid to stand out. Think three-dimensionally, and approach how to market yourself in ways that separate you from your competition and emphasize your unique selling proposition.
- Move Past The Fear – Believe in yourself and don’t be afraid to keep taking the next step. The resources you need will keep showing up if you do. Many people don’t ever get started because they haven’t allowed themselves to even take that first step. That had been my issue for several years as I continued to work in a career I wasn’t passionate about yet the fear kept me from moving forward. The day I allowed myself to finally have my dream was life changing and immediately opened up doors to many new opportunities for me. Make decisions based on what’s in your best interest ---what’s in your heart--- while accentuating the positive, not fear.
- Let Others Support You --- Collaboration is key to your success. Too many entrepreneurs make their journey alone and tend to wear all the hats. This causes them to work harder than necessary. Surround yourself with people who’ve “been there, done that” so they can show you the ropes, offer up complimentary skills, allow you to work smarter, open doors for you, promote you to their circle of influence, and pull in additional resources for you.
One of the most important things you can do as an entrepreneur is to give yourself permission to do your dream and realize that success is possible for anyone who allows it. Challenges are usually related to your own limiting beliefs that get in your way. Learn to break free of them by planning to succeed!