Why Fight it? 4 Steps to Get Your Business Owner Mind Right!
By Talmar Anderson
What do you loooove to do? I mean makes you get geeked-out nerdy excited about details others would glaze over and check Facebook when discussed? Have you built a business doing that yet? Why not? Let’s discuss a couple of things if this is on your periphery.
First, nope. No, you do NOT have to be a business owner just because you are good at something. There are risks and stress that employee based careers do not have to deal with on a regular basis. Even if you can fix a car’s engine block just by looking at it or your bacon honey cupcakes are the world’s best. You DO NOT HAVE TO DO THIS. Even if you best friend, neighbor and your mother’s boss LOVES what you do. Truthfully that does not mean they will pay for it!
However, if you are thinking that running your own business could set you up to have control of how you live, earn money and work in your life, then what is holding you back? Honestly, what you need to know to build and grow a business can be learned. There are ways to mitigate risks and protect you and your family.
Are you hesitating because you see others struggling? Those folks may be saying how busy or overwhelmed they feel. They feel like they are not making the money they want and seem to have no joy in what they are doing. Blurg! THAT does not seem attractive. What could you do differently to find success if you launch your company?
Here are 4 universal truths on how people sabotage the success of the business which I have observed. Male or female. Experienced or newby. Service or products. Today I am going to have you embrace these 4 before you even start! These are “MUSTS”, not optional, for business owners of successfully profitable companies.
- You MUST come to terms for charging a business fee for something you love and may even be…easy for you!
- Pricing must be set up to reflect industry standards, combined with market demand (Are you a specialist with few competitors? FEES should be higher!) AND with consideration of a budget that covers the expenses to run your company. Because your talent or genius comes naturally or easily to you does NOT mean it has no value! Easy is GOOD!
- Pricing MUST be based on the VALUE TO YOUR MARKET!
- You would not buy this service or product so you cannot assess how much you would personally choose to pay. YOU are not your target market. And before you let your neighbor, mother or Significant Other weigh in, be sure that they are in the demographics of your ideal market. Sample the people that actually would BUY and be sure to sell what THEY WANT.
- Start planning your hires NOW with Hiring Triggers!
- If you are planning to be a business owner to have more freedom, you MUST build a company that is larger than just you and your singular efforts. Set out an organizational structure with the roles you will need in your company and the order that you would ideally like to have them come on. I suggest that you add vendors to this structure. Then assign milestones that will trigger the hiring. This helps beat the emotions and stress that come with uncertainty. Is this the right time to hire? How will this affect the cash flow? You can rest assured that it is part of your plan and keep moving forward.
- You MUST be comfortable selling your solution. Yep, YOU!
- Yes, we can hire a business development employee eventually but you will be educating people on the solution your company provides AND asking for the business for the life of your company. That is what sales is about in reality! Inform a prospect, build the value and ask for the business. This is a MUST. No sales = no business. It does not have to be forced or icky. There are training, coaches and other places to help you improve and excel at this but you should prioritize this piece!
You thought I was going to say business plan, right? Well I hope that was already part of your “to do” list.
If you are hearing the call of a new business, I say run to it. I do believe that we can build a business model and company that will let you succeed, have fun and earn the money that lets you live the life you dream about IF you can walk into these 4 steps and deal with them head on. The sooner you do this in the business building process the sooner you get to do what you love every day! Why fight it?
Now GO! Grow!
If you are looking to set up Hiring Triggers, a new business or work on any of these steps, Talmar It Up would love to work with you! Reach out NOW to TAnderson@TalmarItUp.com.