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How to Start a Successful Business and Increase Your Profits

How to Start a Successful Business and Increase Your Profits

It’s Sunday evening and you’re not looking forward to the start of the week. You’re not a pessimist but you can help to feel a sinking notion in your stomach–it’s the feeling of torture of another work week. You’ll attend boring meetings, dispute unimportant ideas, and desperately stare at the clock–hoping to see 5:00 pm.

You’ve dreamed of starting a successful business but you didn’t feel capable. After all, you’re not a computer nerd or have any business experience. So, you’ve kept your head down and crossed this dream of your list.

But, what if you were wrong? What if there was a better way to start a business? Not only that but you’d generate a higher income than your current job.

The good news is that it’s possible, but you need to change your approach. I’ve also been in this dark place–not believing I was worthy of building a successful business. But after 3 years of experimenting, I’m finally seeing some success.

I’ve made countless mistakes and learned which strategies work from other successful entrepreneurs. My hope is that you avoid the long road I took and to learn from my mistakes. More importantly, adopt proven strategies from other successful entrepreneurs and avoid wasting time.

Here’s how to start a successful business–one that you’ll be proud of:

1. Build your business around your lifestyle

“If you fail to plan, you are planning to fail!” – Benjamin Franklin

Don’t fantasize about starting a business so much that you forget why you’d wanted to start one. Sure, you want the freedom to choose which types of projects you’ll work on–but don’t create another job for yourself.

Take for example an entrepreneur who decides to start their own pie business. This person commits and quits her job to work on her business. After a few months, she’s earning a sustainable income. The only problem is that she’s no busier than ever.

She works 60 to 80 hours each week and doesn’t know how long she’ll be able to sustain her business. This is the case for many entrepreneurs who fail to plan. Before brainstorming business ideas, decide why you want to become an entrepreneur.

Do you want to spend more times with your family? Or travel the world? Whatever your reason, be clear on why you’re starting your business.

Once you know your reason, start building your business around your desired lifestyle, not the other way around.

2. Don’t wait for all the green lights to pick your business idea

You’re clear on why you’re starting your business, now what?

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Decide what type of business you want to create. Some examples include opening a restaurant or selling online products and services. Brainstorm a few business niches you’d like to explore (i.e. health, finance, and fashion.)

A few years ago, I was clueless about which business idea to choose. After stumbling upon blogging, I failed miserably along the way. My biggest mistake was spending months designing my blog.

The truth is building a blog is one of the most important things you can create for any business. It allows you to deepen the relationship with your customers by providing value. But it’s also time-consuming, making you prone to waste time as I did.

Instead, skip creating a blog and provide valuable content on an existing platform. This will help you determine if your business idea is something you’d like to pursue long-term while getting audience feedback. The best platform to do this is Medium for written content.

But if you love to speak, start a Podcast. You also have the option to create your own Youtube channel if you enjoy being on camera. Your goal is to produce quality content as soon as possible.

Jot down a few ideas and narrow your list down to 1 to 3, then focus on producing quality content. Once you’re confident about your idea, brainstorm how you’ll monetize it.

3. You don’t need business experience to get started

The best part about building a business is that the market doesn’t care about your experience.

If you can solve a problem, the market doesn’t care about a college degree or your business experience. Many entrepreneurs have built successful businesses without the help of their degree.

For example, Richard Branson quit school at age 16. Today he’s the founder of the Virgin group and worth billions. Bill Gates received his degree from Harvard 30+ after dropping out.

I share these examples to show that a college degree doesn’t make or break a successful business.

Instead, start a business on a niche that interests you the most.[1] Chances are that you’ll have some knowledge in this area. Eventually, you’ll become an expert on the topic you choose.

4. Don’t invest any money in legal

Investing money in your business is great only if you’re investing in the right areas.

An issue many entrepreneurs face early on their journey is spending money on legal fees. For example, when they have an idea they start registering their business or pay for patents. This may have been the route a while back, but it no longer is the case.

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Unless you’re creating medicine, there’s no need to spend any money on legal fees. Here’s why many times you’ll change your mind about an idea. You might discover that the type of business you’ve created isn’t one that you enjoy working in.

Wait until you’ve built a proven idea that you enjoy working in before you consider legal fees.

5. You don’t need to invest a fortune to start a successful business

A few decades ago, starting a business was an option only for those with enough money–this isn’t the case anymore.

The internet has removed most barriers, creating low entry business costs. For example, you don’t need to waste money on paying rent if your business is online based. You also have the opportunity to create profitable products (courses, and books) at a low cost.

You can build a website for less than $100 or spend a few hundred hiring a professional developer. Gary Vaynerchuk says that these are some of the best years to start an online business. Not only do you have low business costs, but you’re now able to reach more customers.

How?

By using Facebook Ads to target your customers at a low cost. The internet is making it easier to do business for online and offline businesses. Get practical and spend only on what’s necessary for your business.

6. Surround yourself with all types of people

“You are the average of the five people you spend the most time with.”

If you’re an entrepreneur, you should only be around other entrepreneurs, right?

Wrong.

Entrepreneurship is a long and lonely journey. The truth is you’ll benefit being around other entrepreneurs and learning from others.

For example, your friends and family can potentially be your customers. Use this knowledge to test your product or create new features. Be willing to learn from everyone but also be careful with who you spend most of your time with.

Take my case, for example, when I was in high school, I began hanging around the wrong crowd. Being a good student, I didn’t imagine this would have any effect on me. Eventually, my grades dropped and I began caring less about school.

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As an entrepreneur, similar instances can happen to you. Surround yourself with supportive people who’ll help you in your lowest points. Spend less time with those who don’t believe in your goals.

7. Learn more about other things besides business

It’s not uncommon for entrepreneurs to read.

Bill Gates claims to read 50 books per year, and Warren Buffet recommends reading 500 pages per day. So you should only read business books, right? Yes and no.

Business books will teach you more about running a business effectively but these shouldn’t be the only types of books you read. You’ll limit your growth in other important areas for your business.

For example, human psychology is important to better understand how your customers think. Reading fiction can spark creativity for you to innovate in your business. The truth is expanding the type of books you read will only benefit you.

Mix it up by creating a reading list in a variety of categories. Also, join book clubs to become inspired to read different types of books with others.

8. You don’t need to wait 10 years to see profits

It’s true, building a successful business takes time. But this doesn’t need to take 10 years.

To be clear, there are no shortcuts to building a successful business. But you can save time by avoiding common mistakes. The best way is by learning from entrepreneurs who’ve built successful businesses.

Listen to their podcast, buy their products, and stalk them on social media (not in a creepy way.) Master being a student and you’ll spot patterns that contribute to their success.

If you have extra money available, hire a business coach. Your other options are joining masterminds or business groups. It’ll be easier to succeed when you have a strong support system. One that challenges you to grow and helps you avoid common mistakes.

9. Focus on value instead of money

“Serve a million people—and serve them incredibly well—and the money will follow.” – Dharmesh Shah

Focusing only on making money can be toxic.

Many people have ended their life after losing their entire wealth. This doesn’t mean that wanting to build large wealth is bad; but putting money on a pedestal is. Instead, focus on a higher purpose.

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When you focus on giving more, you’re more likely to build more wealth.

Gary Vaynerchuk shared a story of a time when he delivered a low-end wine to one of his customers during a snowstorm. He didn’t expect anything, but this customer’s wealthy son later placed a large order with Gary.

This doesn’t mean that you should give for the sake of receiving something. Give out of the intent to help others and experience the positive benefits. Studies have shown that people who give money away experience happier moods.[2]

Focus on increasing profits for your business but remember to have a higher purpose.

10. Be fulfilled running a profitable business

Entrepreneurship is a lonely journey. It’s a journey where you’ll fail dozens of times. But if you want to live your dream life and impact other people’s lives, it’s a journey you’ll need to take. Imagine not dreading Monday’s anymore, every day’s a Friday.

You still have challenging days but you’re now more in control of your life. Although your income is increasing, that’s no longer your motive. You’re motivated by the positive impact you’re making to other people’s lives.

You’d started this journey wanting to build a successful business. Now you’re looking for more ways to impact people’s lives. To others, you look the same, but you know you’re a better person than before.

Wouldn’t this be amazing?

Final thoughts

Stop letting your fear take over and begin taking action towards your dream lifestyle. You now have a mini-blueprint on how to get started.

Don’t waste time fumbling on bad ideas, building unnecessary websites, and learning alone. Instead, surround yourself around amazing people and invest in you’re personal growth.

It took me years to learn from my mistakes. It doesn’t have to be the same for you. Your business idea is waiting–will you have the courage to pursue it?

Featured photo credit: Tim Mossholder via unsplash.com

Reference

More by this author

Christopher Alarcon

Finance Analyst and Founder of the Financially Well Off Blog & Podcast

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Last Updated on September 28, 2020

How to Change Careers Successfully When It Seems too Late

How to Change Careers Successfully When It Seems too Late

The wake-up call often comes when you least expect it. Maybe you’re enjoying a relaxing get-together with your old college buddies when someone turns to you and says, “Wow, I never thought you’d become an investment banker. I always thought you’d write a novel!” If this leaves you wondering how to change careers, you’re not alone.

Before you know it, you find yourself remembering your old dreams—and comparing them to the career field where you are now. Life rarely goes according to plan. Marriage, kids, and grandkids often come earlier than imagined—or later.

Maybe you pursued one career path because you were considered the breadwinner, but now someone else in the family is the breadwinner. Conversely, maybe you landed a job, thinking you’d stay for six months, and now you’ve been there for sixteen years.

A recent report from the Bureau of Labor Statistics pointed out that “baby boomers held an average of 12.3 jobs from ages 18 to 52″[1]. For millennials, who are more technologically apt, that number is likely to be much higher.

As this proves, it’s perfectly normal to change careers and begin a job search even when it seems too late! Steering your way through a career change is part calculation, part chance, and part leap-of-faith.

If you feel stuck and are ready for a career change, take these steps to guide you.

Step 1: Be Mentally Prepared

These points can help you master the psychological aspects of a career change at any age.

Now or Never Is a Fallacy

For most professionals, there is no cut-off age for striking out in a new direction. People do it at all stages of their careers.

If you’ve ever dreamed of leaving a large company to start your own business, you are not alone. Similarly, thousands of entrepreneurs and people working for one-man shops decide each year that they’d like to work for larger organizations.

You’ll find hordes of baby boomers looking for a redo alongside mobs of GenXers and Millennials—especially as the boomers now remain in the workforce longer than their predecessors.

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Your Career Is not a Straight Line From A to B

You don’t have to have your career trajectory completely decided from the start. In fact, that’s an unrealistic expectation, no matter how methodical you are.

People change. Industries merge, morph, and in some cases, disappear. Careers rarely follow the straight and narrow.

Many careers can be compared to journeys—there are the adventurous patches, boring patches, downright scary patches, and the hills and valleys, too. The trick is to try to have a little fun while you’re charting out your various careers.

Don’t panic if you find you need to change your career. It may take some work as you sort through job posts, write cover letters, and pursue your dream job, but you’re up for it.

Career Changers Are Among Good Company

Consider these well-known trailblazers whose careers took a radical turn:

Jeff Bezos, CEO of Amazon.com, studied computer science and electrical engineering at Princeton, went on to establish himself as a Wall Street prodigy, then quit to launch Amazon.com.

Sara Blakely, a billionaire businesswoman, was a fax machine salesperson before creating her signature slim wear line, Spanx.

Jonah Peretti, co-founder of the media sites Huffington Post and BuzzFeed, initially taught computer science to middle schoolers.

Be Ready to Take on the Naysayers

Expect plenty of advice—usually of the discouraging kind—from friends and family when they learn that you’re exploring a career change. Those you know best are often the most vocal in trying to thwart your plans.

Be prepared to field a flurry of pessimistic conjecture and doomsday scenarios. Know, though, that when your loved ones question your judgment, they’re not necessarily doubting your talent but trying to look out for your wellbeing. Stepping out of your comfort zone will make anyone close to you uncomfortable.

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Keep in mind that pessimists avoid the unknown, while optimists invite new challenges. Above all, believe in yourself and follow your instincts. Don’t let your fear of change paralyze you from seeking out your new career path.

Project an aura of enthusiasm, energy, and passion. You’ll find it’s contagious.

Step 2: Be Proactive

These tips can help you master the practical aspects of changing careers at any age.

Take Baby Steps

Ease into your new direction. Start building the skills you’ll need to make the switch.

Find out what skills you will need, and do whatever it takes to add them to your skills arsenal. Make the time to invest in additional training.

Start by devoting a half-day each week to your new pursuit until you’re ready to confidently make a move.

Clearly define where you want to go and what you’ll need to do to get there. Take an inventory of your strengths. Read trade magazines, and study up on industry trends.

Volunteer

Charitable organizations are often looking for volunteers to help them with their outreach, social media, and engagement. You can show up without the requisite skills and learn as you go in a fun, convivial, low-pressure environment, which will help you expand your experience and skills.

Take Online Courses

Today, LinkedIn and many other providers offer online courses in everything from accounting software to time management to mastering Excel. For extra credit, see if you can find classes that award online badges for completing each course.

Don’t be shy about adding these certificates to your online profile. Keep your profile fresh by adding more and more skills to it.

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Take a Temp Job

Depending on your field, it may be possible to freelance at a company where you learn on the job.

Remember that you can’t just show up at a potential employer’s claiming you have the skills. Taking a temporary job that allows you to polish your skills is proof that you’re serious about your career change.

Network!

Build a family tree of contacts. Explore beyond the main branches of your work acquaintances, industry groups, and social contacts. Join your alumni organization. Tell everyone.

Ask friends and friends-of-friends to meet you for coffee to explain what it is they do and tell you which skills you’ll need to succeed in your chosen field[2].

When you want to learn how to change careers, start by networking!

    If you have friends or associates with ties to the organizations where you want to work, ask your contacts to make an introduction. The majority of today’s jobs are found through one’s own networks. When jobs open up, companies invite informal recommendations from internal and external channels.

    Step 3: Take It Online

    This last step can help you master the online aspects of a career change at any age.

    Develop an Online Presence in the Field of Your Dreams

    Reconfiguring your online presence will be a critical step in your career change. Fine-tune your digital identity to reflect your new direction, tailoring your profile to the role and industry you’re after. Include keywords that are relevant to the industry so that recruiters can find you.

    Craft a clever personal statement that states your interests, your values, and your dreams. Once you’ve zeroed in on your message, also pick and choose which outlets make the most sense for it.

    Will your personal statement resonate on LinkedIn? Or is it highly visual—making it a better fit for Instagram?

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    Polish your sites until they gleam, then get active so others take notice. Add insightful content to your social media pages that goes deeper than the information on your resume, such as commentaries on something taking place in your newly chosen field.

    For more on how to build an online presence, check out this article.

    Final Thoughts

    Americans spend 1,800 hours or more each year working. That’s nearly one-third of your life, and it goes without saying that your job satisfaction and career goals have a great bearing on your life’s happiness barometer.

    Set out to intentionally pursue career satisfaction, looking for opportunities to fine-tune your working life so that you find fulfillment.

    If playing the piano is your personal bliss, could you meld your love of music with your clinical psychology background and find a job using music to promote healing? Perhaps there’s a foundation that would fund you in a multiyear study.

    Or, if you’re a movie buff for whom every encounter has the makings of a screenplay, why not sign up for an evening class and see if your years of writing advertising copy could morph into a career move into the film industry?

    Achieving your career change successfully will occur when you mentally prepare, take a proactive approach, and mine your personal and online networks. The pay-off will be in a life well-lived in a successful career.

    More Tips on How to Change Careers

    Featured photo credit: Jason Strull via unsplash.com

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