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No matter how talented and determined you are, starting a business is hard and taxing work. In 2021, I retired from a 21-year profession in finance and became a success coach, leadership consultant, and creator. I had heard a statistic that 90% of all small businesses fail, but I thought starting a business could be miraculously easy – it wasn’t. Here are 4 things I learned.
1. Self-discipline is harder than you think
Owning a business means you are the boss. There are no assignments to show in and no deadlines to fulfill. No one writes performance reviews for you. However, this might be very difficult for some people – and I needed to learn this unexpected lesson the hard way.
I have all the time been very organized and organised. For the last decade of my skilled profession, every little thing I did was planned and scheduled in advance. The situation was different when I attacked alone. Conference calls and meetings weren’t happening often, which left big gaps in my calendar. At first it was difficult to get into a rhythm. I began to notice that I wasn’t using my time well. I was sleeping. If I said I would check email for 10 minutes, it often ended up being an hour. I realized that I had been allowing myself to turn into distracted throughout the day because my day wasn’t filled with the same difficult stops that had occurred before.
I’m starting to set a schedule for myself. The only way I managed to jot down two books in the first two years was to schedule my writing time. At the starting of each week, I write down my top priorities for the week and set goals for myself. I list what actions I might want to take to realize these goals. I write them down in my calendar. Then I keep on with it. It takes willpower, but if you do not do it, you may find yourself wasting your time.
What gets measured gets done, which is why I set goals and KPIs. It’s easy to lose motivation when you are not judged by a leaderboard – so I created my own. I set goals for how many hours, pages, or words I will write per week. I set goals for the number of individuals I reply to and the variety of potential connections I make. Once my books hit the market, I tracked sales, revenue, and income. I set several KPIs for engagement metrics on my social media platforms. Figuring out what metrics you may be watching is critical to success.
2. Choose the right customers and partners
Not everyone can be a good fit for your services and products, and you will not be a good fit for everyone else’s needs. One mistake I made in my first yr was taking on anyone who wanted me as a client or partner. I have since separated from my business coach, two vendors, and two clients. People who drain your energy or waste your time on nonsense mustn’t be on your calendar.
In the case of my “laid off” clients, they rejected all my suggestions and were hesitant to take my advice. I finally realized that neither of us were getting much out of this relationship. It’s good to order a place in my calendar only for those that are consistent in their way of considering and want to realize great things. At the starting, because I was just starting out, I was afraid to provide up my income. If someone was willing to pay me, I was willing to take their money. This is not the case. Great firms only work with great clients.
As for sellers, I’m looking around now. Early on, I hired the first trainer, website designer, and publishing team I could find. Some of those decisions were mistakes. I have since decided to expand my search process by looking for a suitable supplier. I do my homework and ask for references. In other cases, I prefer to see examples of previous work. When suppliers cannot produce it (or seem annoyed that I’m even asking for it), I know I’m not dealing with the right partner.
3. May feel lonely at times; find a method to add human interaction to your day
Before I went solo, I was all the time a part of a team. For most of my skilled profession, I have had contact with several hundred people. Everything modified when I became a private trainer and consultant – suddenly it was just me. When you are an worker, you are often consistently engaged in conversations with others. When I became independent, there have been several hours a day that I was not at home. I immediately felt a pang of loneliness. I didn’t have an infinite supply of individuals to share ideas with.
Now I attempt to schedule lunch with clients, potential clients or colleagues several times a week. I’ve also really enjoyed sharing what I call “Transformation Tuesday” videos with my network and often connecting with like-minded people on several social media platforms. When I share videos and articles about leadership or mindset, I engage in conversations with others about topics that are vital to me. This helps me overcome these feelings of loneliness. If your job is mostly solo and you’re feeling a bit lonely, find a method to stay in touch with others on a regular basis.
4. It is essential to build a network of peers
Initially, I was hesitant to fulfill other authors and trainers. I sort of saw them as competition. Since then I have completely modified my mind. Last yr I met one other coach who does exactly what I do. When we met, we each published our first books. Since then, we have been writing forewords to each other’s second books! It was an honor and joy for us to support each other in this fashion. I need to work with a publisher on my third book. I recently joined a group of authors, agents and publishers and went to one of their events. I couldn’t consider the camaraderie and value I found there. I have met other authors who face (but overcome) the same challenges I face. I also met a lot of agents and publishers who could help me. There is strength in numbers. Together we are stronger. Connecting with others who do exactly what you do (and do it well) can only assist you to, not hinder you.
I wish I had known these 4 things on my first day as an entrepreneur, but I’m also grateful that I know them now. Implementing them will only strengthen you and your organization; I guarantee it.
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