Starting an online business is not an easy decision to make. It will take some time to know this is the right decision for you. I have had the pleasure of starting two online businesses. The first one is a work-from-home business. Which requires a lot of recruiting because if no one is working the recruiter does not make any money. I went into this business without a plan, which is not recommended. Thought, planning, and consideration go into big decisions. Opening and running an online business is one of those big decisions. There were times I felt like giving up. There was something inside of me that kept pressing me to open a coaching business that will give me more fulfillment and hope. With the coaching business, I know it will be a success, as I can see it and believe it will happen.
In running two businesses, I have made some mistakes and have learned a lot along the way. I am going to give some tips that will help set a successful foundation and business. In business, there will be emotional ups and downs. With hope and expectation, those emotions will be overcome.
1. If you fail to plan, then you plan to fail
Planning is essential to a successful business. If you want to be formal, then make a business plan but you don’t need to have a formal business plan — but you still need a plan. “People regard the business plan as homework they don’t want to do but planning helps me — whatever my success is,” says Tim Berry, chairman of Palo Alto Software, which produces business-planning software, and author of The Plan-As-You-Go Business Plan.
Planning is social media postings, updates and a weekly check-in with yourself. Registering the business with the Federal and State government is essential. Also, open a bank account for projected funds.
2. Worrying about the small stuff
You do not need to worry about things you cannot control like where to start when you are first starting. The important thing to remember is to start. As a new entrepreneur, you will not know everything. It takes time to walk this road. Step out and do what you think is right and make the necessary corrections along the way.
3. Being the expert
In the entrepreneurial world, you are the expert based on your experience. Which gives you everything you need for answers in your chosen area. This contradicts everything we have learned from being in the corporate environment. Which tells us we need to have degrees, certification, and hands-on experience. In fact, continued growth is necessary for growing your business. You will continue to learn: Wear the “expert” label anyway and commit yourself to excellence.
4. Fear
You must manage your emotions throughout your entrepreneurial journey. You cannot be overcome by your emotions, but rather it is imperative you manage how you feel and think. If you do not, you will give up on living the life you are longing to live. We go into entrepreneurial endeavors to grow to unlimited potential. Attract people who are on the same mission as us, to have the freedom we desire.
5. Managing investments
Handling the money can become very difficult. Keeping track of all expenses is necessary to meet all obligations. You much be able to make sound investments knowing there will be a return — if not now, soon. It becomes a tough battle but the more you put in the more you will get out. Consistency is key in everything you do; all the little things you do day in and day out will propel you to the next level.
