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Published on November 6, 2018

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

Content Marketer and Finance Analyst

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Last Updated on July 23, 2019

How to Make a Career Change at 40 and Stop Feeling Stagnant at Work

How to Make a Career Change at 40 and Stop Feeling Stagnant at Work

There are plenty of people who successfully made a career change at the age of 40 or above:

The Duncan Hines cake products you see in the grocery store are a good example. Hines did not write his first food guide until age 55 and he did not license his name for cake mixes until age 73.

Samuel L. Jackson made a career change and starred alongside John Travolta in Pulp Fiction at the age of 46.

Ray Kroc was age 59 when he bought his first McDonald’s.

And Sam Walton opened his first Wal-Mart at the age of 44.

I could keep going, but I think you get the point. If you have a sound mind and oxygen in your lungs, you have the ability to successfully make a career change.

In this article, I’ll look into why making a career change at 40 seems so difficult for you, and how to make the change and get unstuck from your stagnant job.

What’s Holding You Back from Making a Career Change?

There are a flood of amazing reasons to make a career change at 40. Heck, you could argue the benefits of making a career change at any age. However, there is something a little different about making a career change at 40.

When you are 40, you probably have lots of “responsibilities” that come into the decision-making process. What do I mean by responsibilities, you ask?

Responsibilities tend to be our fears and self-doubt wrapped in a bow of logic and reason. You may say to yourself:

  • I have bills to pay and a family to support. Can I afford the risk associated with a career change?
  • What about the friends I have made over the years? I cannot just abandon them.
  • What if I do not like my career change as much as I thought I would? I could end up miserable and stuck in a worse situation.
  • My new career is so different than what I have been doing, I need additional training and certifications. Can I afford this additional expense and do I have the time recoup my investment?
  • The economy is not the best and there is so much uncertainty surrounding a new career. Maybe it would be better to wait until I retire from this company in 15 years, and then I can start something new.

If you have experienced any of these thoughts, they will only pacify you for a short period of time. Whether that time is a few weeks, a few months, or even a few years.

Since you know that you prefer to do something else for a living, you start to feel stagnant in your current position.

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Your reasons for inaction that used to work are no longer doing the trick. What used to be a small fissure in your dissatisfaction in your current position is now a chasm.

Ideally, you never stay in a situation until that point, but if you did, there is still hope.

4 Tips To Change Your Career at 40

You do not have to feel stagnant in your current role any longer. You can take steps to conquer your fears and self-doubt so you can accomplish your goal of changing your career.

The challenge of changing your career is not knowing where to begin. That feeling of overwhelm and the fear of uncertainty is what keeps most people from moving forward.

To help you successfully change your career at the age of 40, follow these four tips.

1. Value Your Time Above Money

There is nothing more valuable than your time. You are likely receiving a pay-check or two every month that is replenishing your income. Money is something you can always receive more of.

When it comes to your time, when it is gone, it is gone. That is why waiting for the perfect situation to make a career change is the wrong mindset to have.

Realistically, you will never find the perfect situation. There will always be something that could be better or a project you want to finish before you leave.

By placing your time above money, you will maximize your opportunity to succeed and avoid stagnation.

If you feel disconnected when you are at work, understand that you are not alone. According to a Gallup Poll, only 32% of U.S. employees said they were actively engaged at work.[1]

Whether you think your talents are not being properly utilized, the politics of promotion stress you out, or you feel called to do something else with your life; the time to act is now.

Do not wait until you retire in another 10 to 20 years to make a career change. Put a plan in place to make a career change now. You will thank yourself later.

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2. Build a Network

Making a career change is not going to be easy, but that does not mean it is impossible.

One benefit to being further along in your career is the people you associate with are further along in their career as well.

Even if most of the people in your immediate network are not in your target industry, you never know the needs of the people with whom they associate.

A friend of mine recently made a career change and entered the real estate industry. The first thing he did was tell everyone he knew that he was a licensed real estate agent.

It was not as though he thought everyone he knew was getting ready to sell their home. He wanted to make sure he was in the front of our mind if we spoke to anyone purchasing or selling their home.

You may have had a similar experience with a financial adviser canvasing the neighborhood. They wanted to let you know they were a local and licensed financial adviser. Whether you or someone you knew was shopping for an adviser, they wanted to make sure you thought of them first.

The power of your network being further along in their career is they may be the hiring manager or decision-maker.

You want to let people know you are considering a career move early in the process, so they are thinking of you when the need arises.

Let me put it to you in the form of a question: When is the best time to let people know you have a snow shoveling business?

In the summer when there is not a drop of snow on the ground.

Let them know about your business in the summer. Then ask them if it is okay to keep in touch with them until the need arises. Then you want to spend the entire fall season cultivating and nurturing the relationship. As a result, when the winter comes around, they already know who is going to shovel their snow.

If you want to set yourself apart from your competition, start throwing out those feelers before the need arises. Then you will be ahead of your competition who waited until the snow fell to start canvasing the neighborhood.

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Learn about networking here: How to Network So You’ll Get Way Ahead in Your Professional Life

3. Believe It Is Possible

One of the greatest mistakes people make when they want to try something new, is they never talk to people living the life they want.

If you only talk to friends who have not changed their career in 30 years, what kind of advice do you think they will give you? They are going to give you the advice that they live by. If they have spent 30 years in the same career, they most likely feel stability of career is essential to their life.

In life, your actions often mirror your beliefs. Someone who wants to start a business should not ask for advice from someone who never started one.

A person who never took the risk of starting a business is most likely risk adverse. Consequently, they are going to speak on the fact that most businesses fail within the first five years.

Instead, if you talk to someone who is running a business, they will advice you on the difficulties of starting a business. However, they will also share with you how they overcame those difficulties, as well as the benefits of being a business owner.

If you want to overcome your fears and self-doubt associated with changing your career at 40, you are going to need to talk to people who have successfully managed a career change.

They are going to provide you a realistic perspective on the difficulties surrounding the endeavor, but they are also going to help you believe it is possible.

Studies show the sources of your beliefs include,[2]

“environment, events, knowledge, past experiences, visualization etc. One of the biggest misconceptions people often harbor is that belief is a static, intellectual concept. Nothing can be farther from truth! Beliefs are a choice. We have the power to choose our beliefs.”

By choosing to absorb the successes of others, you are choosing to believe you can change your career at 40. On the other hand, if you absorb the fears and doubts of others, you have chosen to succumb to your own fears and self-doubt.

4. Put Yourself Out There

You are most likely going to have to leave your comfort zone to make a career change at 40.

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Reason-being, your comfort zone is built on the experiences you have lived thus far. So that means your current career is in your comfort zone.

Even though you may be feeling stagnant and unproductive in your career, it is still your comfort zone. This helps explain why so many people are unwilling to pursue a career change.

If you want to improve your prospects of launching your new career, you are going to need to attend industry events.

Whether these events are local or a large conference that everyone attends, you want to make it a priority to go. Ideally you want to start with local events because they may be a more intimate setting.

Many of these events have a professional development component where you can see what skill-sets, certification, and education people are looking for. Here you can find 17 best careers worth going back to school for at 40.

You can almost survey the group and build your plan of action according to the responses you receive.

The bonus of exposure to your new industry is you may find yourself getting lucky (when opportunity meets preparation) and creating a valuable relationship or landing an interview.

Final Thoughts

Whatever the reason, if you want to change your career, you owe it to yourself to do so. You have valuable in-sight from your current career that can help you position yourself above others.

Start sharing your story and desire to change your career today. Attend industry events and build a mindset of belief. You have everything you need to accomplish your goal, you only need to take action.

More Resources About Career Change

Featured photo credit: https://unsplash.com/photos/HY-Nr7GQs3k via unsplash.com

Reference

[1] News Gallup: Employee Engagement In US, Stagnant In 2015
[2] Indian J Psychiatry: The Biochemistry Of Belief

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