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How to Start a Successful Business and Increase Your Profits

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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

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Christopher Alarcon

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

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Last Updated on August 25, 2021

Why Personal Branding Is Important to Your Career

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Why Personal Branding Is Important to Your Career

As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

According to Celinne Da Costa:[1]

“Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

What Is Your Personal Brand?

“Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

Your Personal Brand Is Essential for Your Career Success

In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

According to Castrillon,[2]

“One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

“if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

5 Key Steps to Creating Your Personal Brand

These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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1. Set Your Personal Goals

What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

2. Create Your Unique Value Proposition

Create your unique value proposition by asking yourself these four questions:

  1. What are your personality features? What benefit do you offer people?
  2. Who are you and why do people enjoy working with you?
  3. What do you do and what do people want you to do for them? How do you solve their problems?
  4. What makes you different from others like you?

The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

3. Write Your Professional Story

Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

4. Determine Which Platforms Will Support Your Personal Brand

Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

5. Become Recognized for Sharing Your Knowledge and Expertise

A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

Other People’s Stories

Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

“your story is what you have, what you will always have. It is something to own.”

So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

Featured photo credit: Austin Distel via unsplash.com

Reference

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