“Become an Entrepreneur and design your life for the time freedom that being an Entrepreneur can give you.” ~Brenda Crompton
Let’s talk for a minute about you, your goals and desires that you share with others and perhaps a bit of what you might not have even considered yet.
What is it that you really want from life?
So many people focus on money and all the things that we can buy when we have lots of money. For any of us who have survived through times of poverty, having a certain amount of money is definitely important for a good life.
However is money really the most important point of life? I don’t think so, and most of the people that I know who are happy don’t consider money to be the most important aspect of their life either.
I always think in terms of how I want to spend my time. Many different business opportunities have come up for me over the years I’ve been an Entrepreneur and many of which I’ve decided not to pursue them because I was not interested in the subject matter or the work that I would have to do to make it a success. I would have made a lot of money if I were to pursue those businesses due to the high demand and my ability to deliver results. Those businesses were a no brainer except that my brain didn’t want to spend time thinking about their subject!
My goal in my early career was to make a difference using technology in businesses. I loved doing that and I made great money doing that. Plus I got to work in many different environments consulting for many different types of businesses. It was a blast to lead, design and implement all these big leading edge systems that people and companies have used for many years.
Recently my goal shifted when I decided I wanted to help more people achieve their dreams. I created an amazing life and more people are deciding that their time is worth more than a 9 to 5 job and that they want to start businesses too.
Why Start Your Own Business?
Start a Business for Time Freedom. In my opinion, time is the most valuable thing that we possess and how we spent it every moment what we decide to spend time on is the most important decision.
Time freedom is also an excellent reason to start a business!
When we are our own boss, we can set our own hours of work and we can be flexible about when we work and when we don’t. We still have to deliver our product or service to our customers of course. We do get to decide when we want to work and when we take time away.
Often times in the beginning of starting our business we end up working more hours because we have to get everything setup including our market dominating position, who our ideal customers are and how we are going to get those customers to come to us so we can help them.
Once established, we can modify how and when we work to create our ideal lifestyle.
There are as many ideal lifestyles as there are people! I’ve known people that worked only a few months of the year and then lives frugally the rest of the year so they could have the ultimate freedom of doing whatever they wanted, wherever they wanted to be!
Sometimes that meant living on a beach and other times they lived in the forest traveling the globe.
How To Start A Business
People often ask me about how to start a business. It’s because I started my first businesses before I was 25 years old, and I’ve helped hundreds of businesses over many years in a lot of industries like finance and accounting, health, technology, retail bricks & mortar, consulting, coaching and online e-commerce.
It’s true that startup loans are available depending on the kind of business. When I started my first tech company I was 23 and found a youth start-up loan in my area that let me buy a computer and a desk. Computers were very expensive when I got started. Today, to buy a computer it is a fraction of the cost and so that means your start-up loan would be a lot lower than mine was.
But before you jump right into spending money buying computers, setting up your business entity I want to bring your attention to the most important factor in starting a business.
Most websites these days focus on the administration of starting a business. They’ll give you information like:
- choosing your legal structure or registration like sole proprietorship, partnership or corporation
- picking a name
- writing a business plan with a huge template that they provide
- market research in terms of the global demand for services
Most Important Startup Questions
But I want to help you focus on these questions before investing money to get started:
- What problem is that offer solving?
- What will you offer that people want?
- Who will you offer that solution to in the beginning of your business?
- Will they buy?
- How much will they pay?
- What will it cost you to supply that offer (time & money)?
- How many customers do you need to create a sustainable business?
Answering these 7 questions is the most important part of starting your business. These questions need to be answered before you spend money on the administration of starting a business. Get right to the point and understand how profitable and scalable you can make this business before investing in this business.
Answer these questions in words and in numbers. It’s so important to understand that the money balances so that you can make a profit and earn a living in this new business. Cash flow is how your business venture survives.
The simple money equation in terms of cash flow looks like this:
- Cash In (Sales) minus Cash Out (Expenses) = Profit
- Cash In equals Number of Customers times $value of each Sale
- Cash Out equals Daily Costs plus Direct Costs of the products sold
I’ll be going into a lot more details on how to calculate the money equation in your business on this website, in videos on my YouTube channel, and in workshops. I hope you will sign-up to stay in touch!
Everyone these days needs to understand how to start a business online as well because the customer decision of whether to work with you will be based in part on how your business shows up online.
The amount of business you do online can vary from one extreme to the other. You may decide to get leads online and deliver products & services offline. Or, you may decide to deliver the whole business service online.
In some ways it’s easier than ever to start a business online. In other ways it’s much more difficult given the number of tools and services currently available. The technology and how to integrate all the pieces together can be overwhelming!
More importantly, what do you say to prospects to keep them visiting you online? When you meet face to face it’s easier to think on your feet and answer their questions directly. When they visit your website, you have to already have thought about what that person will read that will keep their interest.
Research shows that now we only have 3 to 10 seconds to make an impression and keep the person on your site so they could possibly do business with you.
This topic is very extensive and will be covered off in more detail on this website, in videos on my YouTube channel, and in my online webinars and in person workshops. Be sure to sign-up to stay in touch!